The Bid Security which shall be included as part of the technical envelope/proposal shall be in the form of cash, certified check, manager's check, letter of credit, or a bank draft/guarantee issued by a reputable bank, or a surety bond callable on demand issued by the GSIS or by an entity duly registered and recognized by the Office of the Insurance Commissioner and acceptable to the LGU or any combination thereof.
In case the bid security is issued by a foreign bank, said security has to be confirmed and validated by its local branch in the Philippines or by a bank that is duly registered and authorized by the BSP.