Guidelines on the Submission of the Disclosure Statement on SPV Transactions

February 4, 2008BSP MEMORANDUM NO. M-2008-005TO:All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs)   SUBJECT:Guidelines on the Submission of the Disclosure Statement on SPV Transactions The following set out the guidelines for the disclosure of information on the sale of non-performing assets (NPAs) to special purpose vehicles (SPVs) and to qualified individuals for housing under "The Special Purpose Vehicle (SPV) Act of 2002" pursuant to Memorandum dated 26 September 2003, as amended by Memoranda dated 16 February 2004 and 2 December 2005, respectively: DHITSc(a) Submission of Disclosure StatementThe disclosure statement (Annex A), attached as Annex 2 of Memorandum dated 2 December 2005, shall be submitted on a quarterly basis, within 15 banking days after the end of the reference quarter, to the Supervisory Data Center. The said disclosure statement shall be submitted in hard copy duly notarized and signed by the authorized official of the reporting bank.(b) Publication/Posting RequirementsThe following additional information shall be incorporated in the prescribed form for the Published/Posted Balance Sheet (BS) provided in Circular No. 576 dated 8 August 2007...