Issuance of Certificate of Eligibility (COE) under the Special Purpose Vehicle (SPV) Act of 2002

March 4, 2005BSP MEMORANDUMTO  :All Banks and Non-Bank Financial Institutions Performing Quasi-Banking Functions (NBQBs)   SUBJECT : Issuance of Certificate of Eligibility (COE) under the Special Purpose Vehicle (SPV) Act of 2002 Relative to the implementation of R.A. No. 9182, also known as "The Special Purpose Vehicle (SPV) Act of 2002", please be reminded that unless a law extending the effectivity of the SPV Act of 2002 is passed, the following transactions enumerated as items 1 to 6 of Section 15 of the Implementing Rules and Regulations (IRR) of said Law shall be entitled to the tax exemptions and fee privileges under the same Section only if such transactions occur not later than 12 April 2005: (1) The transfer of the NPL by the FI to an SPV;(2) The transfer of the ROPOA by the FI to an SPV;(3) The dacion in payment (dacion en pago) of the NPL by the borrower to the FI;(4) The dacion in payment (dacion en pago) of the NPL by a third party, on behalf of the borrower, to the...