Re: Class "A" Financial Documents

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Re: Class "A" Financial Documents

Post by sunriser431 on Wed May 27, 2009 4:55 pm

Hello Forum good afternoon

The eligibility envelope shall contain the following
Class "A" Legal Documents
xxx
Class "A" Technical Documents
xxx
Class "A" Financial Documents
1. The prospective bidder's Audited Financial Statements stamped "received" by the BIR or its duly accredited and authorized institutions, for the immediately preceding calendar year, showing among others the prospective bidder's total assets and liabilities.

During the post qualification(examination, verification, validation) of the bidder audited financial statement it was found, these documents not bearing the stamped "received" by the BIR, inquiry with the agency(BIR), they replied, this happens cause of last minute of filing(Cut off date or due date, last date of filing) the business tax return and their supporting documents.
My question can the procuring agency post disqualify the bidder even if its not his fault? Very Happy Sad
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Re: Re: Class "A" Financial Documents

Post by engrjhez® on Wed May 27, 2009 9:18 pm

I like the way Atty.Shobe answered on a similar query on BIR documents:
shobe wrote:x x x
Fourth: Under the rules on statutory construction:
Intent of law paramount; too literal interpretation discouraged.
The spirit, rather than the letter of a law determines its construction; hence, a statute must be read according to its spirit and intent. The too literal interpretation of the law leads to absurdity which the Court cannot countenance. A too-literal reading of the law constrict rather than fulfill its purpose and defeat the intention of its authors. That intention is usually found not in ‘the letter that killeth but in the spirit that vivifieth’.
x x x
If the alleged mistake was through NO FAULT of the bidder, they should not be disqualified. Please see the discussion and additional details of this topic here.
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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Wed May 27, 2009 10:33 pm

Thank you sir, Very Happy
For those bidders who complied with the BIR requirements
Which lead me to another question, Will each and every page of prospective bidders audited financial documents have to be stamped "received" by the BIR or the first page will suffice. Wink
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Re: Re: Class "A" Financial Documents

Post by engrjhez® on Thu May 28, 2009 1:36 am

sunriser431 wrote:Thank you sir, Very Happy
For those bidders who complied with the BIR requirements
Which lead me to another question, Will each and every page of prospective bidders audited financial documents have to be stamped "received" by the BIR or the first page will suffice. Wink
The requirement under sub-section 23.6.1.(j) is as follows:

  • j) The prospective bidder’s audited financial statements, stamped
    “received” by the BIR or its duly accredited and authorized institutions
    ,
    for the immediately preceding calendar year, showing, among others,
    the prospective bidder’s total and current assets and liabilities
Since there is no specific description in the GPRA on how it must be stamped/received, it is on how the BIR would stamp/receive the documents filed on them. But most likely. one page received (on the front or summary page) is enough Smile

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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Thu May 28, 2009 11:21 am

In my humble opinion, I believe all pages of the audited financial statement must be stamped "received" by the BIR, for control purposes and to prevent the bidders from modifying/inserting documents to make it appear they are viable etc. likewise this documents provide valuable information about the bidder business cheers Smile
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Re: Re: Class "A" Financial Documents

Post by venom.0420 on Thu May 28, 2009 10:29 pm

sunriser431 wrote:Hello Forum good afternoon

The eligibility envelope shall contain the following
Class "A" Legal Documents
xxx
Class "A" Technical Documents
xxx
Class "A" Financial Documents
1. The prospective bidder's Audited Financial Statements stamped "received" by the BIR or its duly accredited and authorized institutions, for the immediately preceding calendar year, showing among others the prospective bidder's total assets and liabilities.

During the post qualification(examination, verification, validation) of the bidder audited financial statement it was found, these documents not bearing the stamped "received" by the BIR, inquiry with the agency(BIR), they replied, this happens cause of last minute of filing(Cut off date or due date, last date of filing) the business tax return and their supporting documents.
My question can the procuring agency post disqualify the bidder even if its not his fault? Very Happy Sad

His Sunriser431,

I see two issues in your case. One is that during opening and evaluation of bids, all documents submitted will be subjected to the "non-discretionary" pass/fail criteria. I wonder why it passed in the first place. Second, proving who's fault why the AFS weren't stamped received by the BIR is no longer the task of the BAC of the procuring entity. That would be unfair to the BAC. It is their task though to validate the veracity of the contents of the bid documents submitted. The AFS is submitted for two reasons, one as a supporting document for the Annual Income Tax Return of the bidder, second as a basis for the computation of the bidder's NFCC. If the ITR is duly received by the BIR it means that the bidder also submitted to the same agency an AFS. The real question would be is whether the AFS in the bid docs is the same AFS received by the BIR together with the bidder's ITR. To determine, the BAC only need to look at the "Net Income before Income Tax"; "Provision for Income Tax" and "Net Income" items in the Income Statement and compare it the the figures reported in the Income Tax Return duly received by the BIR. For further validation, the BAC could also examine the difference between accumulated depreciation of the current and preceding years and compare it with the reported depreciation expense item in the income statement. (BTW, if this is a bit complicated, the BAC could seek for the assistance of their internal finance department) If both shows the same amount, then it means the AFS submitted to the BIR together with the ITR of the bidder is the same AFS in the bid docs.

Hope this helps. Very Happy


Last edited by venom.0420 on Thu May 28, 2009 10:31 pm; edited 1 time in total (Reason for editing : typo error)
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Re: Re: Class "A" Financial Documents

Post by venom.0420 on Thu May 28, 2009 10:39 pm

sunriser431 wrote:In my humble opinion, I believe all pages of the audited financial statement must be stamped "received" by the BIR, for control purposes and to prevent the bidders from modifying/inserting documents to make it appear they are viable etc. likewise this documents provide valuable information about the bidder business cheers Smile

As mentioned in my previous post, the AFS served only two purposes. One, as a supporting document to the Income Tax Return, second as a basis for the computation of the bidder's NFCC. Having said that, do we really need to impose that kind of requirement?

Anyway, there is no problem if the procuring entity would require the marking of all pages of the AFS for as long as they indicate it in the "instructions to bidders" in the IAEB.

Peace! Very Happy
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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Fri May 29, 2009 10:28 am

venom.0420 wrote:
sunriser431 wrote:In my humble opinion, I believe all pages of the audited financial statement must be stamped "received" by the BIR, for control purposes and to prevent the bidders from modifying/inserting documents to make it appear they are viable etc. likewise this documents provide valuable information about the bidder business cheers Smile

As mentioned in my previous post, the AFS served only two purposes. One, as a supporting document to the Income Tax Return, second as a basis for the computation of the bidder's NFCC. Having said that, do we really need to impose that kind of requirement?

Anyway, there is no problem if the procuring entity would require the marking of all pages of the AFS for as long as they indicate it in the "instructions to bidders" in the IAEB.

Peace! Very Happy

I do believe yes, a system of controls must be set up to carry out in an orderly and efficient manner to safeguard the BAC and the procuring entity. This measures employs to ensures that opportunities for fraud or misfeasance are minimized. cheers
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Re: Re: Class "A" Financial Documents

Post by chike on Mon Jun 15, 2009 4:25 pm

hi, i am new here. ours is quite different. we are a public utility and the problem is the BIR cannot cope up with the stamping of the financial statements (fs) "received" due to the volume of taxpayers. is it ok for our BAC to check with the BIR if indeed the submitted fs is the same replica as that submitted to BIR during post qua? we want to award projects to a contractor due to the nature of our reponsibility. (water) thanks

chike
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Re: Re: Class "A" Financial Documents

Post by RDV @ GP3i on Tue Jun 16, 2009 9:14 pm

chike wrote:hi, i am new here. ours is quite different. we are a public utility and the problem is the BIR cannot cope up with the stamping of the financial statements (fs) "received" due to the volume of taxpayers. is it ok for our BAC to check with the BIR if indeed the submitted fs is the same replica as that submitted to BIR during post qua? we want to award projects to a contractor due to the nature of our reponsibility. (water) thanks

chike

Certainly, you can do the verification during the post-qualification process of the LCB/HRB to determine if The FS submitted in the bidder's eligibility envelope is indeed the duplicate/reproduced copy of the FS submitted to the BIR.
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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Tue Jun 16, 2009 11:40 pm

RDV wrote:
chike wrote:hi, i am new here. ours is quite different. we are a public utility and the problem is the BIR cannot cope up with the stamping of the financial statements (fs) "received" due to the volume of taxpayers. is it ok for our BAC to check with the BIR if indeed the submitted fs is the same replica as that submitted to BIR during post qua? we want to award projects to a contractor due to the nature of our reponsibility. (water) thanks

chike

Certainly, you can do the verification during the post-qualification process of the LCB/HRB to determine if The FS submitted in the bidder's eligibility envelope is indeed the duplicate/reproduced copy of the FS submitted to the BIR.


For purpose of Discussion:
Case scenario 1
Sir RDV, If the FS submitted by the contractor is indeed the duplicate/reproduced copy can the procuring entity ask a confirmation/Certification letter in writing from BIR stating among other the reasons why they(BIR) not able to stamped "Received" the FS. The reason I ask this question, because this document (Confirmation/Certification letter) will serve as supporting/attachment to the post qualification evaluation report.
Case scenario 2
If case scenario 1 not feasible, is it okay for the procuring entity to declare the bidding a failure?
Case scenario 3
If the FS submitted during the eligibility checking, is not same as the one submitted to the BIR, can the procuring entity institute blacklisting of the contractor?
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Re: Re: Class "A" Financial Documents

Post by RDV @ GP3i on Wed Jun 17, 2009 10:38 am

sunriser431 wrote:[For purpose of Discussion:
Case scenario 1
Sir RDV, If the FS submitted by the contractor is indeed the duplicate/reproduced copy can the procuring entity ask a confirmation/Certification letter in writing from BIR stating among other the reasons why they(BIR) not able to stamped "Received" the FS. The reason I ask this question, because this document (Confirmation/Certification letter) will serve as supporting/attachment to the post qualification evaluation report.
If the FS was not stamped "received" by the BIR, outright you disqualify the bidder. If the bidder has justification why it was not stamped received by BIR, let him file an MR, but instead of the BAC getting the confirmation/certification from BIR, the burden of getting that certification is now with the bidder. It will only after you received the MR with the BIR certification can you request BIR for some kind of validation as basis for your action on the MR.

sunriser431 wrote:Case scenario 2
If case scenario 1 not feasible, is it okay for the procuring entity to declare the bidding a failure?
Yes, not a failure of bidding outright, but for the disqualification of the bidder. If he is the lone bidder, then you later on declare a failure of bidding.

sunriser431 wrote:Case scenario 3
If the FS submitted during the eligibility checking, is not same as the one submitted to the BIR, can the procuring entity institute blacklisting of the contractor?
Yes, definitely, for submitting falsified documents.
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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Thu Jun 18, 2009 5:39 pm

Thanks Sir RDV, for taking time to answer our queries and our doubts. Very Happy cheers
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Re: Re: Class "A" Financial Documents

Post by sunriser431 on Wed Jun 24, 2009 8:29 pm

sunriser431 wrote:Hello Forum good afternoon

The eligibility envelope shall contain the following
Class "A" Legal Documents
xxx
Class "A" Technical Documents
xxx
Class "A" Financial Documents
1. The prospective bidder's Audited Financial Statements stamped "received" by the BIR or its duly accredited and authorized institutions, for the immediately preceding calendar year, showing among others the prospective bidder's total assets and liabilities.

During the post qualification(examination, verification, validation) of the bidder audited financial statement it was found, these documents not bearing the stamped "received" by the BIR, inquiry with the agency(BIR), they replied, this happens cause of last minute of filing(Cut off date or due date, last date of filing) the business tax return and their supporting documents.
My question can the procuring agency post disqualify the bidder even if its not his fault? Very Happy Sad

Clarification purpose Re: AFS stamped "received" by the xxxx or its duly accredited and authorized institutions, xxxx. Who are these accredited/authorized institutions? Anybody from the BIR here.Favorable clarification would be greatly appreciated. bounce
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Re: Re: Class "A" Financial Documents

Post by jcolas on Thu Jul 02, 2009 10:05 am

Good morning forum,

I am a new member and I would like topresent this issue. The ITB we prepared required that the Bid Security should be issued by a commercial bank; and during the pre-bid conference, it was impressed on the bidders that the security should come from a commercial bank. During the openning of which I was absent, the BAC rated pass a bidder which submitted a bid security issued by a rural bank and the bidder was declared the LCB. To me, this should have been a valid ground for the biiders' disqualification. The aggrieve second bidder has submited a protest. May I solicit your opinion on the issue at bar?
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Re: Re: Class "A" Financial Documents

Post by RDV @ GP3i on Thu Jul 02, 2009 10:29 am

jcolas wrote:Good morning forum,

I am a new member and I would like topresent this issue. The ITB we prepared required that the Bid Security should be issued by a commercial bank; and during the pre-bid conference, it was impressed on the bidders that the security should come from a commercial bank. During the openning of which I was absent, the BAC rated pass a bidder which submitted a bid security issued by a rural bank and the bidder was declared the LCB. To me, this should have been a valid ground for the biiders' disqualification. The aggrieve second bidder has submited a protest. May I solicit your opinion on the issue at bar?

Welcome to the forum jcolas, but your query is out-of-topic. You are asking regarding Bid Security under the topic Class A, Financial Documents.

But, at any rate, let me try to answer your question.

If, as you mentioned, during the pre-bid conference, it was impressed by the BAC that the bid security should be issued by a commercial bank, the BAC should have issued a Supplemental/Bid Bulletin for the purpose. If it was not done or if the ITB/BDS did not also indicate that the bid security should be issued by a commercial bank, then the provision of Sec. 27.2(a) which only provides for a "reputable local bank" should apply, which does not necessarily disallows a rural bank.
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Re: Re: Class "A" Financial Documents

Post by jcolas on Thu Jul 02, 2009 10:49 am

Sir;
It was too late when I realized my querry was misplaced. Yes it was included in the ITB and the BDS so I did not bother to draw a Bid bullettin for this. The other bidder has submitted a protest already. What should be our recourse?
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Re: Re: Class "A" Financial Documents

Post by RDV @ GP3i on Thu Jul 02, 2009 11:05 am

jcolas wrote:Sir;
It was too late when I realized my querry was misplaced. Yes it was included in the ITB and the BDS so I did not bother to draw a Bid bullettin for this. The other bidder has submitted a protest already. What should be our recourse?
.

If it was indicated in the BDS that the bid security (cashier's check, manager's check, bank draft/letter of credit, bank guarantee) should be issued by a commercial bank, and it was explained during the pre-bid conference, then the bidder which complained against the BAC decision not to disqualify a bidder which got its bid security from a rural bank, has a cause of action.

If it has submitted a written protest (which, I assume, is just a motion of reconsideration submitted to the BAC), the BAC should resolve it in 7 c.d. If the BAC decides to reconsider its action, then the bidder which has been considered the LCB will be disqualified. The BAC shall then consider the 2nd LCB for post-qualification.
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Re: Re: Class "A" Financial Documents

Post by engrjhez® on Thu Jul 02, 2009 6:58 pm

jcolas wrote:Good morning forum,

I am a new member and I would like topresent this issue. The ITB we prepared required that the Bid Security should be issued by a commercial bank; and during the pre-bid conference, it was impressed on the bidders that the security should come from a commercial bank. During the openning of which I was absent, the BAC rated pass a bidder which submitted a bid security issued by a rural bank and the bidder was declared the LCB. To me, this should have been a valid ground for the biiders' disqualification. The aggrieve second bidder has submited a protest. May I solicit your opinion on the issue at bar?

Please examine carefully the Bidding Documents especially the ITB. Does it categorically require ALL bid securities be issued by a COMMERCIAL BANK. The minimum requirements set forth by the IRR is as follows:

  • Sec. 27.2 The Bid Security shall be in an amount at least equal to, and not lower than, a percentage of the approved budget for the contract to be bid, as advertised by the concerned procuring entity, in any of the following forms:

    a) Cash, certified check, cashier’s check/manager’s check, bank draft/guarantee confirmed by a reputable local bank or in the case of a foreign bidder, bonded by a foreign bank;

    b) Irrevocable letter of credit issued by a reputable commercial bank or in the case of an irrevocable letter of credit issued by a foreign bank, the same shall be confirmed or authenticated by a reputable local bank;

    c) Surety bond callable upon demand issued by a reputable surety or insurance company;

    d) Any combination thereof; or
    x x x

In the case where generic procurement manuals and the standard PBDs are used, the above must be consistent. Unless of course they have "personalized" the bidding requirements. In a general case, only if a bidder had submitted an "irrevocable letter of credit" shall they be required to be issued by a commercial bank. Else, any reputable bank or surety company (in case of "c") will do. Very Happy
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Re: Re: Class "A" Financial Documents

Post by misty on Thu Jul 02, 2009 9:02 pm

good pm.

may i know if the BAC can limit the form of bid security to only
a) Cash, certified check, cashier’s check/manager’s check.

thank you.
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Re: Re: Class "A" Financial Documents

Post by engrjhez® on Fri Jul 03, 2009 12:13 am

misty wrote:good pm.

may i know if the BAC can limit the form of bid security to only
a) Cash, certified check, cashier’s check/manager’s check.

thank you.
Yes you may.

However, you cannot do that unless you customize your own procurement manual, specifying that limitation in the definition and applicability of Bid Security, and have it approved by the GPPB.
Very Happy
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Re: Re: Class "A" Financial Documents

Post by riddler on Fri Jul 03, 2009 9:29 am

engrjhez wrote:
misty wrote:good pm.

may i know if the BAC can limit the form of bid security to only
a) Cash, certified check, cashier’s check/manager’s check.

thank you.
Yes you may.

However, you cannot do that unless you customize your own procurement manual, specifying that limitation in the definition and applicability of Bid Security, and have it approved by the GPPB.
Very Happy

I dont think we need to customize it engrjhez, kasi the PBD has already given the PE 3 choices. It is up to the Procuring Entity to choose.
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Re: Re: Class "A" Financial Documents

Post by misty on Fri Jul 03, 2009 9:47 am

thank you for your replies.

we prefer to limit the forms of bid security to only those i mentioned because the other forms can be tampered with. besides, we are not familiar which surety companies are reputable or not reputable.

so, if it is within the authority of the BAC to impose the limitation, then we might consider doing it. we just want to avoid any misunderstandings with the bidders later on, should our BAC decide to put such limitation.

again, thank you for all your inputs.
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Re: Re: Class "A" Financial Documents

Post by engrjhez® on Fri Jul 03, 2009 8:52 pm

ruel wrote:
I dont think we need to customize it engrjhez, kasi the PBD has already given the PE 3 choices. It is up to the Procuring Entity to choose.
Not the PBDs but a Customized Procurement Manual for the procuring entity, just like what NGAs do (DPWH, etc.) and LGUs (Marikina). In the DPWH, the option of using bidders bond from surety companies are removed as an option. But it still has to be GPPB approved to avoid future complications. Smile
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Re: Re: Class "A" Financial Documents

Post by RDV @ GP3i on Sat Jul 04, 2009 10:57 am

ruel wrote:
engrjhez wrote:
misty wrote:good pm.

may i know if the BAC can limit the form of bid security to only
a) Cash, certified check, cashier’s check/manager’s check.

thank you.
Yes you may.

However, you cannot do that unless you customize your own procurement manual, specifying that limitation in the definition and applicability of Bid Security, and have it approved by the GPPB.
Very Happy

I dont think we need to customize it engrjhez, kasi the PBD has already given the PE 3 choices. It is up to the Procuring Entity to choose.

Tama yan, engr ruel. You just have to indicate in the BDS the form and amount fo Bid Security that you will allow to be submitted.

At any rate, kung ma-approve na bagong IRR, wala na yata ang surety bond sa acceptable form of bid security at pare-pareho na ang amount for the different forms which is 2% of the ABC.
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