Section 23.4.2.

6 of the RIRR, provides for the computation of the NFCC of a bidder for
Infrastructure Contract, to wit:

“The computation of a bidder’s NFCC must be at least equal to the

ABC to be bid, calculated as follows:

NFCC = [(Current assets minus current liabilities) (15)] minus the

value of all outstanding or uncompleted portions of the projects under
ongoing contracts, including awarded contracts yet to be started,
coinciding with the contract to be bid. The values of the domestic
bidder’s current assets and current liabilities shall be based on the
latest Audited Financial Statements submitted to the BIR. xxx”

2.3 In addition, Section 30.1 of the said Rules and Regulation provides for the
procedure to be undertaken in the examination of the bids submitted to wit;

“The BAC shall open the first bid envelopes in public to determine
each bidder’s compliance with the documents required to be submitted
for eligibility and for the technical requirements, as prescribed in this
IRR. For this purpose, the BAC shall documents to ascertain if they are
all present, using a non-discretionary “pass/fail” criterion, as stated in
the Instructions to Bidders. If a bidder submits the required document,
it shall be rated “passed” for that particular requirement. In this
regard, bids that fail to include any requirement or are incomplete or
patently insufficient shall be considered as “failed.” Otherwise, the
BAC shall rate the said first bid envelope as “passed.””