(NAR) VOL. 16 NO. 1 / JANUARY - MARCH 2005
Relative to the implementation of the subject program, please be informed that Real Estate Mortgage (REM) is not among those required under Section 6.4.2 d of Circular No.258, as amended by Circular No.298, on Security Requirements for Individual Borrowers.
Other acceptable collateral mentioned under the said section may include Cash Bond, Chattel on Machinery/Equipment directly related to the project and Deed of Assignment of Liquid Risk Free Assets.
Also, you are advised to follow/abide with the loan procedures on the said program to hasten approval and release of loan. Attached for your reference is the program's Schematic Diagram of Activities*.
For your guidance and strict compliance.
Adopted: 29 Oct. 2004
(SGD.) NELSON C. BUENAFLOR
President and CEO
* Text Available at the Office of the National Administrative Register, U.P. Law Center, Diliman, Q.C.