[ Manila Bulletin Online ] March 1, 2008
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved a memorandum that will allow banks with applications under the Special Purpose Vehicle (SPV) Law to submit papers 30 days after the law expires on May 14, 2008.
BSP Deputy Governor Nestor A. Espenilla Jr. said that the memo will be issued to remind banks of the May 14 deadline.
"(And) also to inform the banks that the BSP will continue to accept SPV applications up to June 13 but there’s a condition," said Espenilla. "The underlying sales document or the agreement or deed of assignment should be notarized by May 14. (So in other words) it should be a done deal and the rest are paperwork." > > > [ full story ]
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