1. The National Irrigation Administration, through the Government of the Philippines (GOP), Fund – 501 LFPs, Project – CCAWNIS intends to apply the sum of Two Hundred Forty Two Million Five Hundred Nine Thousand Six Hundred Ninety Two and 98/100 Pesos (Php242,509,692.98) being the Approved Budget for the Contract (ABC) to payments under the contract for Refrofitting of Magat Dam Concrete Structures under Magat River Integrated Irrigation System, Invitation to Bid No. R2-MARIISD-C-1. Bids received in excess of the ABC shall be automatically rejected at bid opening.