[flexy_breadcrumb]
Appraisal Companies and Professional Services Organization
Schedule of Availability of Service:
Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who May Avail of the Service:
Appraisal companies and Professional Services Organization (PSO)
What Are the Requirements:
| 1. | Notarized application for accreditation; |
| 2. | Board or partners’ resolution approving the filing of the application and the designation of authorized signatory on behalf of the company/firm; |
| 3. | Profile showing the history, scope of services, list of employees and their corresponding profession, and the bio-data of executive/certifying officers or partners, and certifying property appraisers or valuation specialist; |
| 4. | Document showing compliance with the prescribed qualifications for the applicant appraisers or valuation specialists, i.e., professional license, CPE certificates, working experience record; |
| 5. | Certificate of good standing issued by Professionals Regulation Commission (PRC) recognized to Accredited of Professional Organization (APO); |
| 6. | List of clients showing current and previous clients; |
| 7. | Certifications from at least two (2) banks or two (2) public companies or secondary licensees or two (2) large corporations that they have been engaged the services of the appraisal company/PSO; |
| 8. | Notarized certification of the applicant signed by its President or Managing Partner that it meets all the qualification requirements under Par. II(3) of the Guidelines on Asset Valuations; that it has not been declared liable by the Commission or by any competent court for violation of the Corporation Code or the Securities Regulation Code or any relevant laws and regulation, and that the applicant and/or any of its directors/executive officers or partners, or property appraisers or valuers have no adverse judgement against them on any administrative, civil or criminal case involving its appraisal business. The adverse judgement must be final and executory; |
| 9. | List of any pending administrative, civil or criminal case filed against the company or any of its officers and employees; |
| 10. | Copy of professional liability insurance policy and sworn undertaking to provide professional liability insurance as required by its clients; |
| 11. | Copy of two (2) Appraisal or Valuation Report issued; |
| 12. | Copy of the company’s framework of internal control procedures; |
| 13. | Notarized certification that the company adopts and complies with the current edition of International Valuation Standards; |
| 14. | Signed certification confirming that all communications regarding the application for accreditation may be sent or transmitted by the OGA through electronic mail (e-mail) address and shall be considered as official transmittal by said Office pursuant to e-Commerce Act of 2000. |
How to avail of the service:
| STEP | APPLICANT/CLIENT | SERVICE PROVIDER | DURATION OF ACTIVITY | PERSON IN CHARGE | FEES | FORM |
| 1 | Secures checklist of requirement from the OGA | Provides client a checklist of requirements with instructions. | 5 minutes | Officer of the Day | None | Notarized application letter duly signed by authorized officer |
| 2 | Presents application and supporting documents | 1) Pre-evaluates application and supporting documents. a) If application and supporting documents are not complete, the same are returned to applicant with list of requirements not complied with b) If application and supporting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No. 2) |
4 hours | Officer of the Day | ||
| 2) Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and issue O.R | 10 minutes | Executive Assistant | ||||
| 3 | Presents the PAF at the Cashier and settles the required fee | Processes payment and issues O.R. | 10 minutes | Cashier | Filing Fee: P10,000 UPLRF: P100 TOTAL: P10,100 Annual Fee: Documentary Stamp** ** Deferred until further notice |
|
| 4 | Submits the machine-validated PAF to the OGA with the application and its supporting documents |
1. Checks contents and stamps receive the three (3) sets of application documents 2. Returns one (1) copy of the application documents to the client. |
5 minutes | Executive Assistant | ||
| 5 | Inputs application to Index Tracking System and forwards the same to the Assistant Director for assignment | 10 minutes | Executive Assistant | |||
| 6 | Forwards documents to assigned personnel with attached copy of completed Pre-Evaluation Sheet. | 5 minutes | Assistant Director | |||
| PROCESSING PROCEDURES | ||||||
| 1 | Prepares comment letters or Memorandum to Commission En Banc and Evaluation Sheet (through Supervising Commissioner) | 5 days | Assigned Personnel | |||
| 2 |
Reviews comment letters or Memorandum and Evaluation Sheets and returns to Assigned Personnel to effect corrections. If comment letter or Memorandum and other documents are already acceptable, forwards the same to General Accountant for approval and signature. |
20 minutes | Supervising Accountant | |||
| 3 | Approves and signs comment letter or Memorandum and Evaluation Sheets. Forwards application folder together with Memorandum and Evaluation Sheet to Supervising Commissioner for approval/clearance for presentation to Commission En Banc | 20 minutes | General Accountant | |||
| 4 |
Reviews Memorandum / Evaluation Sheet. If application is already acceptable, signs document for presentation by General Accountant to Commission En Banc |
3 days | Supervising Commissioner | |||
| 5 | Presents Memorandum to the Commission En Banc for consideration (after clearance from Supervising Commissioner) | 50 minutes | General Accountant | |||
| 6 | Receives advice of the resolution of the Commission En Banc on the application If approved, GO TO STEP 9. |
|||||
| 1. If denied/deferred: If draft letter is already acceptable, forwards the same to General Accountant for approval and signature. • Denial: Notifies the applicant of the denial and reasons thereof • Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency. |
3 days | Assigned Personnel | ||||
| 2. Reviews letter and returns to Assigned Personnel to effect corrections. If draft letter is already acceptable, forwards the same to General Accountant for approval and signature. |
20 minutes | Supervising Accountant | ||||
| 3. Approves and signs letter | 20 minutes | General Accountant | ||||
| 4. Prepares letter for mailing | 20 minutes | Index Tracking Personnel | ||||
| 7 | Submits letter explanation on noted findings in receiving department | Acknowledges receipt of letter explanation and forwards the same to the Assistant Director for assignment | 10 minutes | Executive Assistant | ||
| 8 |
Forwards documents to assigned personnel. A. If compliance is not fully compliant with the requirements: |
10 minutes | Assistant Director | |||
| 1) Prepares a letter denying the application for failure to comply with the requirements. | 3 days | Assigned Personnel | ||||
|
2) Reviews letter and returns to Assigned Personnel to effect corrections. If draft letter is already acceptable, forwards the same to General Accountant for approval and signature. |
20 minutes | Assistant Director | ||||
| B. If applicant fully complies with the requirements: | ||||||
| 1) Updates Memorandum | 3 days | Assigned Personnel | ||||
| 2) Reviews Memorandum. If draft letter is already acceptable, forwards the same to General Accountant for approval and signature |
20 minutes | Assistant Director | ||||
| 3) Approves Memorandum (GO TO STEPS 4, 5, 6 AND 9) | 20 minutes | General Accountant | ||||
| 9 | Presents authority to receive the certificate | Prepares Certificates of Accreditation: | ||||
| a. Prints two (2) copies | 10 minutes | Executive Assistant | ||||
| b. Checks details and Initials on copies | 5 minutes | Assigned Personnel | ||||
| c. Checks details and Initials on copies | 5 minutes | Assistant Director | ||||
| d. Signs certificates | 5 minutes | General Accountant | ||||
| e. Notifies applicant that the Certificate may be picked up (in case of representative, subject to presentation of authorization letter) | 5 minutes | Executive Assistant | ||||
| f. Releases Certificate of accreditation and forwards duplicate file to clerk | 10 minutes | Executive Assistant | ||||
| g. Logs in registry of Accredited Appraisal Companies; informs Index Tracking Personnel of the issuance of the certificate. | 10 minutes | Executive Assistant | ||||
| h. Provides MIS with updated list | 30 minutes | Executive Assistant | ||||
| i. Updates tracking system | 30 minutes | Index Tracking Personnel | ||||
| Duration: | |
| Pre-evaluation of application: | 5 hours |
| Processing of application: | 20 days |
| Total duration: | 20 days |
* The above processing time commences upon actual receipt of application documents and payment of processing fee. It however excludes the response period to comment letters and request for extensions of applicants.