Scope of Revised Policies
- The amendments specifically revise Section VII-C, Subsections 2 and 3 of HDMF Circular No. 259.
- These revisions concern the release of retention fees and loan documents when converting CTS accounts to REM accounts.
Release of Retention Fee to Developers
Retention fees previously withheld under Section 1-C (3), Subsection 3.3.2 of HDMF Circular No. 259 and its amendments shall be processed for release upon submission of required documents.
The release is structured as follows:
- Portion allotted for Bureau of Internal Revenue (BIR) expenses: Released upon submission of:
- Notarized Deed of Absolute Sale (DOAS).
- Updated Real Estate Property Tax (REPT).
- Balance allotted for Local Government Unit (LGU) and Registry of Deeds expenses: Released upon submission of the Certificate Authorizing Registration (CAR).
- Portion allotted for Bureau of Internal Revenue (BIR) expenses: Released upon submission of:
Release of Checks Pending Before Guideline Issuance
- All checks pending release at the time these revised guidelines take effect may be released to developers who:
- Are currently active.
- Have good track records in title conversion and consolidation.
Release of Titles to Developers
- Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) shall only be released upon:
- Submission of a duly notarized Trust Receipt and Deed of Undertaking by the developer.
- Confirmation that the loan account related to the titles is updated and in current status.
Repeal or Amendment of Conflicting Provisions
- All other terms and conditions under Pag-IBIG Fund Circular Nos. 259, 287, 297, and 298 inconsistent with these revised policies are hereby repealed, amended, or modified accordingly.
Effectivity
- The revised guidelines take effect immediately upon issuance.
Signatory
- Signed by Atty. Darlene Marie B. Berberabe, Chief Executive Officer.