Department of Finance sets fees for services of the PPSA Registry
The Finance Department of the Philippines sets the fees and charges for the use of the PPSA Registry, created pursuant to the Personal Property Security Act (PPSA).
In its recent Administrative Order, the Department prescribes that no fee of any kind shall be charged or collected for electronic searches of the Registry records or for the registration of termination notices. There shall also be no fees collected for the migration or transfer of security interests from the existing Chattel Mortgage Registry to the PPSA Registry, if the security interests were both created and registered in the CM Registry during the transitional period, which is from the date of effectivity of the PPSA on December 3, 2019 until such time when the Registry becomes established and operational.
The PPSA is the centralized and nationwide electronic registry established in the Land Registration Authority (LRA) where notice of a security interest and a lien in personal property may be registered. Under the law, the Department may set fees for registering a notice and for requesting a certified search report in order to recover the reasonable costs of establishing and operating the Registry. However, the law further provides that the fee structure or any change thereof shall not be burdensome to either lender or grantor.
In the regulation released by the Department, the fees for the services of the PPSA are as follows: Php 380.00 for registration of new notice and Php 30.00 each for registration of amendment notice and request for certified true copies and certifications.
The re-registration of security interests created before the transitional period and registered in the Chattel Mortgage Registry either before or during the transitional period shall follow the fees indicated in the previous paragraph.
To know more about the fees, read here.