Discount on Filing Fees in Foreclosures Initiated by All Special Purpose Vehicle
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.
Law Information
- Reference Number
- OCA Circular No. 126-09
- Date Enacted
- Category
- Supreme Court Issuances
- Subcategory
- Office of the Court Administrator Circulars
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
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.
Cite This Law
Discount on Filing Fees in Foreclosures Initiated by All Special Purpose Vehicle, OCA Circular No. 126-09, Sep 15, 2009 (Philippines)
Discount on Filing Fees in Foreclosures Initiated by All Special Purpose Vehicle, OCA Circular No. 126-09 (Phil. 2009)
Related Laws
- Clarifications on Filing FeeOCA Circular No. 106-2021 • Jul 28, 2021 • Supreme Court Issuances
- Guidelines on Reporting and Filing of Applications for a Certificate of Eligibility Under the Special Purpose Vehicle Act, as AmendedSEC Memorandum Circular No. 08-11 • Oct 14, 2011 • Implementing Rules and Regulations
- Special Purpose Vehicle (SPV) Act of 2002Republic Act No. 9182 • Dec 23, 2002 • Statutes
- Guidelines on Grant of 20% Discount to Senior Citizens on Health Related Goods and ServicesDOH Administrative Order No. 2012-0007 • May 28, 2012 • Other Rules and Procedures
- Implementing Rules and Regulations of the Special Purpose Vehicle (SPV) Act of 2002IRR-RA 9182 • Mar 19, 2003 • Implementing Rules and Regulations
- On the Full Implementation of Twenty Percent (20%) Discount of PWDs on Domestic AirfareHuman Rights Advisory No. CHR A2014-009 • Dec 12, 2014 • Other Rules and Procedures
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