Amendment to IRR of BP 220 on Registration Rules

After two weeks from the completion of publication, and upon submission of an affidavit of publication executed by the publisher, the Board shall issue a Certificate of Registration for the project.
The issuance is contingent on the absence of opposition to the registration.

No sale of any disposable subdivision lot or condominium unit in a registered project is allowed without a valid License to Sell issued by the Board within two (2) weeks from project registration.
Requirements for obtaining the License to Sell include:
- A proper application.
- Submission of a work program.
- Posting a performance bond.
- Payment of the prescribed license fee.
The License to Sell covers lots or units corresponding to the portion of the project secured by the performance bond.
The registration statement and other pertinent documents must establish that the sale is not fraudulent.

The performance bond secures the unfinished portion of the project and ensures the developer's compliance.
Acceptable forms of performance bond include:
- A surety bond callable on demand amounting to 10% of the development cost, issued by an accredited bonding company acceptable to the Board.
- A real estate mortgage executed in favor of the Republic of the Philippines over a lien-free property other than the project, with value at least 10% of the total development cost.
- Other forms of security equivalent to 5% of the development cost, such as:
  1. Cash bond.
  2. Fiduciary deposit with the Board's cashier/disbursing officer.
  3. Certificate of guaranty from a reputable bank or financing institution.
  4. Bank letter certifying reserved funds that may be withdrawn upon non-compliance by the developer.
  5. Irrevocable credit line from a recognized bank and a refinancing/restructuring program with accredited funding sources.

The amendments harmonize the IRR provisions with Batas Pambansa Blg. 220 and PD 957 to ensure consistency.
The amendments comply with Executive Order 45 Series of 2001, which simplifies and expedites housing project approvals via simultaneous processing protocols among agencies.

The resolution amending Sections 15, 16, and 17 of the IRR was approved on 19 May 2004 and published legally on 01 July 2004.
It took effect 15 days after publication, binding developers and the Board to the new rules.
Non-compliance with notice of publication leads to the need to re-file registration, ensuring transparency and public cognizance.

The Board members, including representatives from HUDCC, DOJ, DILG, NEDA, DPWH, and the Board's Chief Executive Officer, formally adopted the resolution.
The Board Secretary attested to the document, ensuring official and legal standing.