OCA Circular No. 126-09, issued on September 15, 2009, directs judges and clerks of court in the Philippines to implement a 50% discount on filing fees for foreclosures initiated by Special Purpose Vehicles (SPVs). This discount applies specifically to foreclosures related to non-performing assets acquired from financial institutions, as clarified by the Supreme Court in a resolution dated July 7, 2009. The circular mandates that this discount be applied to both judicial and extrajudicial foreclosure petitions submitted by SPVs. The directive aims to facilitate the handling of non-performing assets and support the financial sector.
September 15, 2009
OCA CIRCULAR NO. 126-09
| TO | : | All Judges and Clerks of Court of the First and Second Level Courts |
| SUBJECT | : | Discount on Filing Fees in Foreclosures Initiated by All Special Purpose Vehicles |
Quoted hereunder is a portion of the Resolution of the Supreme Court En Banc dated 7 July 2009 in A.M. No. 09-6-250-RTC (Re: Request of Atty. Anna Rosario Paner for Clarification on the Applicability of Sec. 15 of R.A. 9182 as Amended by R.A. 9343), n to wit:
"(b) GRANT all Special Purpose Vehicle a fifty percent (50%) discount on the filing fees for any foreclosure initiated by the Special Purpose Vehicle in relation to any non-performing assets (NPA) acquired from any financial institutions (FI), as prescribed by the Rules of Court on Filing Fees."
You are therefore directed to apply the grant of discount to all Special Purpose Vehicles on their petitions for judicial and extrajudicial foreclosures.
(SGD.) JOSE P. PEREZCourt Administrator
n Note from the Publisher: Written as "R.A. 3343" in the original document.