1. The National Irrigation Administration (NIA), through the Government of the Philippines (GOP), Fund 501-LFPs, Project OD-EMD intends to apply the sum of Seven Hundred Seventy-Six Million Pesos Only (Php776,000,000.00) to payments under the contract for the Supply and Delivery of Various Type of Brand-New Excavator, Invitation to Bid No. NIACO-S-15. Bids received in excess of the ABC per item shall be automatically rejected at bid opening.