Today is July 5, 2020

Credit Rating Agencies

Accreditation of Credit Rating Agencies

Schedule of Availability of Service:
Monday to Friday, 7:00 AM to 6:00 PM (no noon break)

Who May Avail of the Service:
Credit Rating Agencies

What Are the Requirements:

1. Notarized application for accreditation;
2. Applicant should be a stock and have a minimum paid-up capital of at least Ten Pesos (P10,000,000.00);
3. List of shareholders and their corporate affiliations;
4. List of other business activities,, if any;
5. Copies of its Articles of and By-Laws;
6. Sworn statement on the following:
 a. Ownership structure and possible conflicts of interest;
 b. Names, professional and of the staff in the rating decision ("rating specialist");
 c. Disclosure of training, assistance or support receives from international rating agencies, if any;
7. Written code of conduct that can ensure the of the rating specialists and the rating agency from the Issuers it is rating;
8. Rating scales symbols and related assessment devices it uses;
9. Operating procedures, rating policies, rating criteria and other rationale used in arriving at a rating;
10. Copy of model written agreement with issuers;
11. Manual on Corporate Governance.

How to avail of the service

1 Secures checklist of requirement from the OGA Provides client a checklist of requirements with instructions. 5 minutes Officer of the Day None 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 sup- porting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No. 2)
30 minutes 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:
TOTAL: P50,500

Annual Fee:

4 Submits the machine-validated PAF to the OGA with the application and its supporting documents 1. Checks contents and stamps "Received" the three (3) sets of application documents

2. Returns one (1) copy of the application documents to the client.

5 minutes Executive Assistant
1 Inputs application to Index Tracking System and forwards the same to the Assistant Director for assignment 5 minutes Executive Assistant
2 Forwards documents to assigned personnel 5 minutes Assistant Director
3 Reviews application and supporting documents using the OGA’s Evaluation Sheet. If complete and qualified, GO TO STEP 9. 2 days Assigned Personnel
4 If not compliant, prepares comment letter to the applicant 1 hour Assigned Personnel
5 Reviews comment letter and returns to Assigned 30 minutes Assistant Director
6 Approves and signs comment letter 10 minutes General Accountant
7 If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter):
1) Prepares a letter denying the application for failure to comply with the requirements. 30 minutes Assigned Personnel
2) Reviews letter 20 minutes Assistant Director
3. Approves and signs letter 10 minutes General Accountant
8 If there is a submission but still not fully compliant with the requirement, GO TO STEP 4 but with a written warning that shall result to the denial of the application 1 hour Assigned personnel
9 If applicant fully complies with the requirements and presents all original docu- ments for authentication against submitted photo- copies with application, prepares Memorandum to Commission En Banc, Evaluation Sheet and other supporting documents (through Supervising Com- missioner) 2 hours Assigned personnel
10 Reviews Memorandum, Evaluation Sheets and other supporting documents and returns to Assigned Personnel to effect corrections.

If Memorandum and other documents are already acceptable, forwards the same to General Accountant for approval and signature.

30 minutes Supervising Accountant
11 Approves and signs Memorandum, Evaluation Sheets and other supporting documents. Forwards application folder to Supervising Commissioner for approval/clearance for presentation to Commission En Banc 10 minutes General Accountant
12 Reviews Memorandum and other documents.

If with inquires/comments, returns the application folder to OGA for further evaluation (GO TO STEP 4).

If application is already acceptable, signs document for presentation by General Accountant to Commission En Banc

1 day Supervising Commissioner
13 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
14 Receives advice of the resolution of the Commission En Banc on the application

If approved, GO TO STEP 15.

If denied/deferred:

• 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.

GO TO STEP 4 and onwards.

30 minutes Assigned Personnel
15 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
Pre-evaluation of application: 1 hour
Processing of application: 4 days
Total duration: 4 days and 1 hour

* Exclusive of mailing and response period. The above processing time commences upon actual evaluation of the application documents and not on receipt of documents. Processing of application is dependent on the number of comment/ supplemental letters sent which are contingent on the completeness of responses/documents and additional inquiries/comments received from Supervising Commissioner/Commission En Banc.

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