June 17, 2003

BSP MEMORANDUM

TO : All Banks/NBQBs

The Monetary Board, in its Resolution No. 771 dated June 5, 2003, approved the following procedures for banks/NBQBs that intend to transfer/sell their non-performing assets (NPAs) to a Special Purpose Vehicle (SPV) or to an individual that involves a single family residential unit, or transactions involving dacion en pago by the borrower or third party of a non-performing loan (NPL), for the purpose of obtaining the Certificate of Eligibility (COE) which is required to avail of the incentives provided under R.A. No. 9182.

1. Prior to the filing of any application for transfer/sale of NPAs, a bank/NBQB shall coordinate with the Bangko Sentral ng Pilipinas (BSP) through the Supervisory Reports and Studies Office (SRSO) and the appropriate Supervision and Examination Department (SED) to develop a reconciled and finalized master list of its eligible NPAs. TDCAIS

For this purpose, banks/NBQBs were requested to submit a complete inventory of their NPAs in the format prescribed under Circular Letter dated January 7, 2003 (Attachments 1-1 to 1-6). Only NPAs included in the master...

AIC Grande Tower Garnet Road
Ortigas Center, Pasig City
Metro Manila Philippines

Mobile No. +639451244898
digestph@gmail.com
Please read our FAQ before contacting us.