The Department of Finance (DOF) is soliciting comments on the draft Administrative Order (AO) on the proposed fees to be imposed in connection with the use of the Personal Property Security Registry (PPSR). Please email comments and suggestions to: firstname.lastname@example.org. DOF will receive comments until 22 April 2021.
Section 38 of the Republic Act (RA) No. 11057, otherwise known as the “Personal Property Security Act (PPSA),” mandates that the fees for registering a notice and for requesting a certified search report shall be by regulation issued by the DOF for the recovery of reasonable costs of establishing and operating the PPSR. Consistent with this purpose, a single rate structure of fee is adopted, allowing users to have the same cost of service irrespective of the amount of security interest being registered and/or certified. This is in line with the mandate of the law to allow the recovery of the cost of establishing and operating the PPSR, but at the same time, ensuring that the fees to be imposed shall not be burdensome to either lender or grantor.
PPSA aims to strengthen the secured transactions legal framework in the Philippines, and provides for the establishment of a centralized notice registry, and enforcement of security interests in personal property, among others.
For comments and suggestions on the draft Administrative Order of the Rates of Fees of the PPSA Electronic Registry, email us on: email@example.com