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Asset Valuer
To increase reliance on the report of appraisal companies or professional services organizations and their property valuers or valuation specialists.
| Division & Department/Office: |
Office of the General Accountant (OGA) | ||
| Classification: | Highly Technical (20 days) | ||
| Type of Transaction: | G2C – Government to Citizen G2B – Government to Business |
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| Type of Service: | External Service | ||
| Who may avail: | Appraisal companies Professional Services Organization (PSO) |
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| Guidelines During Pandemic: |
No | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| 1. Pre-evaluation notice and notarized letter endorsing the application (1 original) | Securities and Exchange Commission official website (https://www.sec.gov.ph/forms-and-fees/accreditation/) (https://www.sec.gov.ph/accountants-information/forms/) |
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| 2. Board or partners’ resolution approving the filing of the application and the designation of authorized signatory on behalf of the company/firm (1 original) | Applicant | ||
| 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 (1 original) | Applicant | ||
| 4. Document showing compliance with the prescribed qualifications for the applicant appraisers or valuation specialists, i.e., professional license, notarized certification of compliance with the required CPD units by the PRC, working experience record (1 original) | Applicant | ||
| 5. Certificate of good standing issued by Professionals Regulation Commission (PRC) recognized to Accredited of Professional Organization (APO) (1 original) | Professionals Regulation Commission (PRC) | ||
| 6. List of clients showing current and previous clients (1 original) | Applicant | ||
| 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 (1 original) | Applicant | ||
| 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 (1 original) | Applicant | ||
| 9. List of any pending administrative, civil or criminal case filed against the company or any of its officers and employees (1 original) | Applicant | ||
| 10. Copy of professional liability insurance policy and sworn undertaking to provide professional liability insurance as required by its clients (1 original) | Applicant | ||
| 11. Copy of two (2) Appraisal or Valuation Report issued (1 original) | Applicant | ||
| 12. Copy of the company’s framework of internal control procedures (1 original) | Applicant | ||
| 13. Notarized certification that the company adopts and complies with the current edition of International Valuation Standards (1 original) | Applicant | ||
| 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 (1 original) | Securities and Exchange Commission | ||
| For online applications, the applicant may submit the scanned application documents with physical/wet signatures, supporting documents and Pre-Evaluation Notice via electronic mail to secoga@sec.gov.ph | |||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 1. Submits fully accomplished pre-evaluation notice and complete documentary requirements to the Officer of the day or electronically to secoga@sec.gov.ph | 1. Pre-evaluates and authenticates application and supporting documents. | None | ||
| 1.1. The Officer of the Day will forward the accomplished pre-evaluation notice to the Assistant Director for review and returns to the Officer of the Day to effect corrections. | 2 hours | Officer of the day Assistant Director |
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| 1.1.1. If the application and supporting documents are not complete the same are returned to the applicant with the accomplished pre-evaluation notice to the applicant or its authorized representative or through the applicant’s electronic mail. | ||||
| 1.1.2. If application and supporting documents are complete, the Officer of the day clears application for payment of the prescribed fees (proceeds to No. 3) The accomplished pre-evaluation notice is returned to the applicant or its authorized representative or sent to the applicant’s electronic mail for their signature. | ||||
| 1.2. Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and present a copy of O.R. | 10 minutes | Executive Assistant | ||
| 2. Receives the PAF and settles the required fee. The client may choose to pay via Electronic System for Payment to the SEC (eSPAYSEC) or over the counter payments at any Landbank branch nationwide. |
2. Processes payment and issues O.R. | Filing Fee: PHP10,000.00 UPLRF: PHP100.00 Total: PHP10,100.00 Annual Fee: PHP2,000.00 |
20 minutes *Subject to the prescribed processing of the eSPAYSEC or any Landbank branch |
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| If paid via eSPAYSEC, an electronic official receipt is generated which will serve as the official copy of the Client. | eSPAYSEC | |||
| If paid via Landbank branch, the bank will issue a machine-validated onColl Payment slip which serve as the proof of payment of the Client. | Landbank | |||
| 3. Submits a copy of proof of payment via eSPAYSEC or Landbank to the OGA with the application and its supporting documents | 3. Checks contents and stamps “Received” the one (1) set of application documents. (For walk-in application) Receives electronic mail containing scanned copy of application documents. |
None | 5 minutes | Executive Assistant |
| 3.1. Inputs application to Index Tracking System and forwards the same to the Assistant Director for assignment. | 10 minutes | Executive Assistant | ||
| 3.2. Forwards documentary requirements to assigned personnel with attached copy of completed Pre-Evaluation Sheet. | 5 minutes | Assistant Director | ||
| 3.3. Review the Appraisal or Valuation report and its supporting documents. Prepares comment letters or Memorandum to Commission En Banc and Evaluation Sheet (through Supervising Commissioner) if without findings. | 5 days | Assigned Personnel | ||
| 3.4. Reviews comment letters or Memorandum and Evaluation Sheets and returns to Assigned Personnel to effect corrections. | 40 minutes | Assistant Director | ||
| 3.4.1. If a comment letter or Memorandum and other documents are already acceptable, forward the same to the General Accountant for approval and signature. | ||||
| 3.5. Approves and signs comment letter or Memorandum and Evaluation Sheets. Forwards the same along with the documentary requirements to the Supervising Commissioner for approval/clearance for presentation to Commission En Banc. | 30 minutes | General Accountant | ||
| 3.6. Reviews Memorandum/ Evaluation Sheet. | 3 days | Supervising Commissioner Office of the Supervising Commissioner |
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| 3.6.1. If application is already acceptable, sign the document for presentation by General Accountant to Commission En Banc. | ||||
| 3.7. Presents Memorandum to the Commission En Banc for consideration (after clearance from Supervising Commissioner). | 1 hour | General Accountant | ||
| 3.8. Receives advice of the resolution of the Commission En Banc on the application. | 3 days | Assigned Personnel | ||
| 3.8.1. If approved, GO TO STEP 5. | ||||
| 3.8.2. If denied/deferred: | ||||
| 3.8.2.1. Denial: Notifies the applicant of the denial and reasons thereof. | ||||
| 3.8.2.2. Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency. | ||||
| 3.9. Reviews letter and returns to Assigned Personnel to effect corrections. | 40 minutes | Assistant Director | ||
| 3.9.1. If the draft letter is already acceptable, forward the same to the General Accountant for approval and signature. | ||||
| 3.10. Approves and signs letters. | 20 minutes | General Accountant | ||
| 3.11. Prepares a letter for mailing. | 20 minutes | Index Tracking Personnel | ||
| 4. Submits letter explanation on noted findings in receiving department | 4. Acknowledges receipt of letter explanation and forwards the same to the Assistant Director for assignment. | None | 10 minutes | Executive Assistant |
| 4.1. Forwards documents to assigned personnel. | 10 minutes | Assistant Director | ||
| 4.2. If the submission and explanation is not fully compliant with the requirements: | ||||
| 4.2.1. Prepares a letter denying the application for failure to comply with the requirements. | 3 days | Assigned Personnel | ||
| 4.2.2. Reviews letter and returns to Assigned Personnel to effect corrections. | 30 minutes | Assistant Director | ||
| 4.2.3. If the draft letter is already acceptable, forward the same to the General Accountant for approval and signature. | ||||
| 4.3. If applicant fully complies with the requirements: | ||||
| 4.3.1. Updates Memorandum. | 3 days | Assigned Personnel | ||
| 4.3.2. Reviews Memorandum. | 30 minutes | Assistant Director | ||
| 4.3.3. If draft Memorandum is already acceptable, forward the same to the General Accountant for approval and signature. | ||||
| 4.4. Approves Memorandum (GO TO STEPS 3.7, 3.8, 3.9 AND 5) | General Accountant | |||
5. Presents authority to receive the certificate Receives the PAF and pays the filing fees via Electronic System for Payment to the SEC (eSPAYSEC.) or any Landbank branch. Submits copy of proof of payment via eSPAYSEC or Landbank to the OGA. |
5. Prepares Certificates of Accreditation: | Documentary Stamp PHP30.00/application |
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| 5.1. Prints two (2) copies and prepares PAF for the documentary stamp. | 10 minutes | Executive Assistant | ||
| 5.2. Prepares transmittal letters. | 5 minutes | Assigned Personnel | ||
| 5.2.1. For online application, if the applicant has not yet submitted a hard copy of the application documents, they will be informed to submit two (2) copies upon claiming the Certificate of Accreditation. | ||||
| 5.2.2. Reviews letter and return to Assigned Personnel to affect corrections. | 5 minutes | Assistant Director | ||
| 5.2.3. If draft Memorandum is already acceptable, forward the same to the General Accountant for approval and signature. | ||||
| 5.3. Approves and signs certificates | 5 minutes | General Accountant | ||
| 5.4. Notifies applicant that the Certificate may be picked up (in case of representative, subject to presentation of authorization letter) | 15 minutes | Executive Assistant | ||
| 5.5. Receives official receipt or proof of payment on documentary stamp and releases Certificate of accreditation and forwards duplicate file to clerk | 10 minutes | Executive Assistant | ||
| 5.6. Logs in registry of Accredited Appraisal Companies; informs Index Tracking Personnel of the issuance of the certificate. | 30 minutes | Executive Assistant | ||
| 5.7. Provides MIS with updated list | 35 minutes | Executive Assistant | ||
| 5.8. Updates tracking system | 35 minutes | Index Tracking Personnel | ||
| TOTAL: |
Filing Fee: PHP 10,000.00 Annual Fee: PHP 2,000.00 Documentary Stamp: PHP 30.00/application |
20 days |
Notes:
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, request for extensions of applicants and additional procedures/documents that the Supervising Commissioner/Commission en banc may require as deemed necessary.