MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2808.12.31(1) the assets to be sold/transferredare NPAs as defined under the SPV Act of2002;(2) the proposed sale/transfer of saidNPAs is under a true sale;(3) the notification requirement to theborrowers has been complied with; and(4) the maximum ninety (90)-dayperiod for renegotiation and restructuringhas been complied with.Items (3) and (4) above shall not applyif the NPL has become a ROPA after30 June 2002.e. In the case of dacion en pago bythe borrower or a third party to a QB, theapplication for COE on the NPL beingsettled shall be accompanied by a Deedof Dacion executed by the borrower, thethird party, the registered owner of theproperty and the QB.f. The appropriate department of theSES may conduct an on-site review of theNPLs and ROPAs proposed to betransferred/sold. After the on-site review,the application for transfer/sale shall besubmitted to the Deputy Governor, SESfor approval and for the issuance of thecorresponding COE.g. Upon the issuance of the SPVApplication Number by the BSP, a QBshall be charged a processing fee, asfollows:(1) 1/100 of one percent (1%) of thebook value of NPAs transferred or the transferprice, whichever is higher, but not belowP25,000 if the transfer is made to an SPV;(2) 1/100 of 1% of the book value ofthe NPL but not below P5,000 in case of adacion en pago arrangement by anindividual or corporate borrower;(3) P5,000 if the transfer involves asingle family residential unit to anindividual.h. An SPV that intends to transfer/sellto a third party an NPA that is covered bya COE previously issued by the BSP shallfile an application for such transfer/salewith the SEC which shall issue thecorresponding COE based on the data baseof COEs maintained at the BSP.An individual who intends to transfer/sell an NPA that involves a single familyresidential unit he had acquired that iscovered by a COE shall file an applicationfor the another COE with the BSP throughthe QB from which the NPA was acquired.The individual shall indicate in hisapplication the previous COE issued forthe NPA he had acquired and the name,address and TIN of the transferee/buyer ofthe NPA. A processing fee of P5,000 shallbe collected by BSP upon issuance of theSPV Application Number by the BSP.(As amended by M-2006-001 dated 11 May 2006)Q RegulationsAppendix Q-28 - Page 2Manual of Regulations for Non-Bank Financial Institutions