Circular No. 351, Series of 2005 is hereby amended:

 

x x x x

 

7. RULES ON GUARANTEE

 

x x x

 

7.7 Payment of Guarantee Claim

 

x x x

 

QUEDANCOR shall include all guarantee claims due for payment in its request for budget allocation from the national government.

 

8. SPECIAL PROVISIONS

 

x x x

 

8.4 Pursuant to R.A. 7393, the Republic of the Philippines shall answer for the payment of guarantee obligations duly incurred by QUEDANCOR. Provided however, the latter ™s assets shall have been first fully exhausted to satisfy its guarantee obligations.

 

x x x

 

9. EFFECTIVITY

 

This amendment shall take effect upon its approval.

Adopted: 22 Oct. 2005

(SGD.) NELSON C. BUENAFLOR
President and CEO