March 17, 2008
BSP MEMORANDUM NO. M-2008-014
| TO | : | 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 2nd phase implementation of the "Special Purpose Vehicle (SPV) Act" (R.A. No. 9182, as amended by R.A. No. 9343), please be reminded that 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 14 May 2008: ADaSEH
1. The transfer of the non-performing loans (NPL) by the financial institution (FI) to an SPV;
2. The transfer of the real and other properties acquired (ROPA) 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...
