REVENUE MEMORANDUM CIRCULAR NO. 38-2015 issued on July 10, 2015 publishes the full text of Circular Letter No. 2015-7 dated June 3, 2015 issued by the Secretary of the Department of Budget and Management (DBM), entitled “Updated Guidelines for Issuance of Multi-Year Obligational Authority (MYOA)”.
     Prior to the bidding of multi-year contract for Multi-Year Project (both capital and non- capital projects), national government agencies must first secure a MYOA from the DBM. Capital expenditures or outlays requested for issuance of MYOA shall be included by the agencies in the Comprehensive Integrated Infrastructure Program or in the Three-Year Rolling Infrastructure Program (TRIP), as reinstituted by the Committee on Infrastructure. The DBM and National Economic and Development Authority will jointly issue the guidelines for the TRIP.
     Notwithstanding the issuance of a MYOA, the annual requirement of the program or project shall be included in the proposed National Expenditure Program subject to Congressional Approval. Agencies shall include in their budget proposals, to be submitted to DBM for succeeding budget year, the requirement of the program or project covered with MYOA. Obligation to be incurred in any given year shall in no case exceed the allotment released for the purpose during said year.