Exemptive Relief

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

Who May Avail of the Service:
Corporations or other interested parties with request for Exemptive Relief

What Are the Requirements:

1. Request letter for Exemptive Relief; and
2. Supporting documents, if any

How to avail of the service:

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
PRE-EVALUATION PROCEDURES
1 Presents letter-request for Exemptive Relief and supporting document Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier 10 minutes Executive Assistant Letter duly signed by authorized officer/person  
2 Presents the PAF at the Cashier and settles the required fee Processes payment and issues O.R. 10 minutes Cashier Filing Fee:
P50,000 (perissue and per company)
 
PROCESSING PROCEDURES
1 Submits the machine-validated PAF to the OGA with the application and its supporting documents, if any Inputs Letter-Request for Exemptive Relief or Memorandum referred by the Operating Department to Index Tracking System and forwards the same to the Assistant Director for assignment. 3 minutes Executive Assistant    
2   Forwards document to assigned personnel 2 minutes Supervising Accountant    
3   Evaluates the request.        
In case of complete supporting documents and justification, prepares a Memorandum for presentation to the Commission En Banc containing the results of evaluation and recommendation 4 hours Assigned personnel    
In case of incomplete justification with supporting documents, prepares Advisement Letter to the requesting party that the subject matter is under evaluation and may require additional submission of documents. 16 hours      
4   Reviews Advisement Letter or Memorandum for presentation to Commission En Banc 30 minutes Supervising Accountant    
5   Reviews and signs Advisement Letter or Memorandum 10 minutes General Accountant    
6   If there is a submission of additional documents, GO TO STEP 3 1 hour Assigned personnel    
7   Presents Memorandum to the Commission En Banc for consideration 10 minutes General Accountant    
8  

Receives advice of the Resolution from Commission En Banc

Prepares Advisement Letter containing the resolution of the Commission En Banc, notifying the party whether the request has been approved or denied

30 minutes Assigned personnel    
9   Reviews Advisement Letter 30 minutes Supervising Accountant    
10   Reviews Advisement Letter 10 minutes General Accountant    
11   Logs/Updates Index Tracking System 2 minutes Executive Assistant    
Duration:
Pre-evaluation of application: 20 minutes
Processing of application: 1-3 days
Total duration: 1-3 days and 20 minutes

* 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.