(NAR) VOL. 10 NO. 4 / OCTOBER - DECEMBER 1999
i. For commercial banks, a loan benchmark is set at P5 million, such that loans beyond this amount will require an independent appraiser.This Circular shall take effect immediately.
ii. For thrift banks, the loan benchmark is set at P1 million such that loans beyond this amount will require an appraiser provided that the appraisal company contracted to do the appraisal is not a subsidiary or an affiliate of the thrift bank.
A thrift bank may be allowed to use a commercial bank or another thrift bank to do the appraisal for it, provided the thrift bank requesting the appraisal is not a subsidiary or affiliate of the commercial bank/other thrift bank contracted to do the appraisal.
iii. For rural banks, the benchmark is set at P500 thousand such that loans beyond this amount will require an appraiser provided that the appraisal company contracted to do the appraisal is not a subsidiary or an affiliate of the rural bank.