Section 40
SEC. 40. Conditions for Lease-Purchase Agreement— Ministries, bureaus, offices or agencies may enter into agreements or contracts for lease-purchase of equipment subject to the approval of the Ministry of the Budget and to the pertinent accounting and auditing regulations. The details of payment shall be indicated in the lease-purchase agreement and accompanied with certification of availability of funds to cover the full contract cost: Provided, That lease-purchase agreements may be entered into only for specialized equipment with high unit costs and not for such equipment as typewriters, adding machines, automobiles, motorcycles: and Provided, further, That all lease-purchase agreements of equipment with a total value in excess of P100,000 shall be subject to the approval of the President (Prime Minister). Personal Services and Benefits