The President has issued Memorandum Order No. 15, on May 9, 2011, authorizing advance payment equivalent to 15% of the contract amount of goods and services procured by government entities. The advance payment is allowed within 60 calendar days from signing of the contract provided the winning supplier shall submit to the procuring entity an irrevocable letter of credit or bank guarantee issued by a universal or commercial bank equivalent to the 15% advance payment. MO 15 amends Item 4.5, Annex "D" of the Contract Implementation Guidelines for Procurement of Goods and Services of the IRR of RA 9184. Download/View