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PHL banks, BSP, LRA assure housing lenders and borrowers are protected

Housing credit continues to rise, prompting the Philippine banking industry and the Land Registration Authority (LRA) to create a system streamlining loans and mortgages documentation to protect both borrowers and financial institutions. The final version of the uniform loan and mortgage agreement (ULAMA) is coming up this week, Chamber of Thrift Banks (CTB) president Rommel …

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BSP Circular Letter No. CL-2015-015: Credit Consciousness Week

CIRCULAR LETTER NO. CL-2015-015 TO: ALL BANKING INSTITUTIONS Subject: Credit Consciousness Week Pursuant to Proclamation No. 658 dated April 25, 1995 (copy attached) designating April 24 to 30 as Credit Consciousness Week, all banking institutions and their branches are enjoined to undertake during the period such promotional and publicity-generating activities as advertising, window and counter …

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New system to help verify land titles

THE LAND Registration Authority (LRA) is set to implement a “trace-back” feature for its automated land titling system, allowing users to identify computerized records that were issued prior to the current title and verify property records’ authenticity. LRA Circular No. 04-2015, dated March 3 and published in a major newspaper on Wednesday, said the features …

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PDIC Regulatory Issuance No. 2015-01: Computerized Records of Bank Deposits

REGULATORY ISSUANCE NO. 2015-01 TO : Member Banks SUBJECT : Computerized Records of Bank Deposits Pursuant to Section 9(d)(1) of Republic Act No. 3591, as amended (the “PDIC Charter”), the Board of Directors of PDIC, by virtue of Resolution No. 2014-12-293 dated January 8, 2015, approved the promulgation of the following Rules and Regulations Governing …

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