MORNBFI Vol. 1 - Planters Development Bank

APP. Q-28b08.12.31SIGNIFICANT TIMELINES RELATIVE TO THE IMPLEMENTATION OFR.A. NO. 9182, ALSO KNOWN AS THE “SPECIAL PURPOSE VEHICLE ACT”,AS AMENDED BY R.A. NO. 9343[Appendix to Sec. 4394Q.10 (2008 - 4396Q]A. Filing of Applications with the SEC forEstablishing an SPVUnder Section 6 of R.A. No. 9182,as amended by R.A. No. 9343,applications for the establishment andregistration of an SPV shall be filed withthe SEC within eighteen (18) months fromthe effectivity of the amendatory Act (i.e.,up to 14 November 2007).B. Sale/Transfer of NPAs Entitled to TaxExemptions and Fee PrivilegesThe following transactions enumeratedas Items “1” to “6” of Section 15 of the IRRof the SPV Law are entitled to the taxexemptions and fee privileges under thesame Section only if such transactions occurwithin two (2) years from the effectivity ofthe amendatory Act or from 14 May 2006to 14 May 2008: 11. The transfer of the NPL by the FIto an SPV;2. The transfer of the ROPA by the FIto an SPV;3. The dation in payment (dacion enpago) of the NPL by the borrower to the FI;4. The dation in payment (dacion enpago) of the NPL by a third party, on behalfof the borrower, to the Fl;5. The transfer of the NPL (secured bya real estate mortgage on a residential unit)by the FI to an individual; and6. The transfer of the ROPA (single familyresidential unit) by the FI to an individual.For purposes of determining whether atransaction occurred within the two (2)-yearperiod or from 14 May 2006 to 14 May 2008,relevant documents to support the application(e.g., Asset Sale and Purchase Agreement,Deed of Assignment, Deed of Dation, etc.)should be notarized within the said two (2)-year period.(M-2007 -013 dated 11 May 2007 as amended by M-2008-014dated 17 March 2008)1The Monetary Board authorized the SES to accept applications for Certificate of Eligibility (COE) until 13 June 2008, orup to 30 days after the 14 May 2008 deadline.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-28b - Page 1