GTEB CIRCULAR NO. 17, S. OF 1999, December 14, 1999
EQ/EAS SURRENDER WITH RESTORATIONS AND NON-UTILIZATION OF EAS WITHOUT PENALTY UNDER CAT. 338/9, 347/8, 638/9, 647/8, 3/651, 3/642 AND 345.
National Administrative Register December 14, 1999
In view of the extraordinary situation in 1999, the Board in its
meeting of December 13, 1999, approved and confirmed the grant of
consideration for EQ/EA surrenders/non-utilization of awards for the
period October 22 to December 31, 1999. Surrenders/unutilized awards
during this period under above categories shall be:
meeting of December 13, 1999, approved and confirmed the grant of
consideration for EQ/EA surrenders/non-utilization of awards for the
period October 22 to December 31, 1999. Surrenders/unutilized awards
during this period under above categories shall be:
1. Exempt from any monetary penalty.
2. Fully restored in year 2000 of surrendered quantity in the
same nature (i.e. EQ and CEA). Guarantee allocation will only be
exempted from monetary penalties and disqualification provision;
3. EQ surrendered shall not be subject to the 50% forfeiture provision for three consecutive years surrender; and
4. EQ surrender shall not be considered for purposes of computation of growth factor for the said categories.
For information and guidance.
Adopted: 14 Dec. 1999
(SGD.) FELICITAS R. AGONCILLO-REYES
Executive Director