December 4, 1995
SEC-IRD * MEMORANDUM CIRCULAR NO. 03-95
| TO | : | All Issuers of Pre-Need Plans |
| RE | : | Appraisal of Real Estate Properties |
For the information and compliance by all issuers of pre-need plans, it is advised that appraisal of real estate properties may not be allowed to cover any deficiency or future deposit requirement of the trust fund. If revaluation of property results in an upward valuation, it shall be treated as growth in trust fund and not as gain to replenish the deficiency. cdlex
This circular takes effect immediately.
(SGD.) PERFECTO R. YASAY, JR.
Acting Chairman
