February 2, 2010
DAR MEMORANDUM CIRCULAR NO. 02-10
SUBJECT : Amendments to Memorandum Circular No. 5 Series of 2007, Entitled "Guidelines and Procedures for the Disposal/Lease of Foreclosed Properties/Assets
Memorandum Circular (MC) No. 5, series of 2007, was issued prescribing the guidelines and procedures for the following activities:
a) Disposal of acquired personal properties, and
b) Lease administration of foreclosed real properties.
In the course of the implementation of MC 5, it was deemed necessary that some provisions are amended and/or clarified to facilitate the disposal and/or lease of acquired/foreclosed properties.
In view of the foregoing, amendments in bold letters are hereby incorporated in the MC 5, series of 2007:
1. The last sub-paragraph of Section No. I is hereby amended to read as follows: AHECcT
"This Memorandum Circular (MC) prescribes the guidelines and procedures for the following activities: (a) disposal of acquired personal properties and (b) lease administration and immediate disposal of the foreclosed and voluntarily surrendered real properties.
2. Item No. 2 of Section II is hereby amended to read as follows:
"Proper administration of lease and lease-to-own foreclosed/voluntarily surrendered/acquired real properties"
3. A new sub-section in Section III shall be added to read as follows:
"III-C — DISPOSITION OF FORECLOSED/ACQUIRED/VOLUNTARILY SURRENDERED REAL PROPERTIES. CTDacA
a) The Acquired Asset Disposal Committee (ADCOM) constituted by the AMT-P may dispose of, subject to approval by the Task Force Collection (TFC), any or all assets acquired through foreclosure and/or voluntary surrender. The ADCOM shall observe and adhere to the established mechanics and procedures of the COA Rules and Regulations on public bidding and negotiated sale of acquired real properties.
b) In all cases of disposal of real properties, prior approval of the Asset Management Team-Central (AMT-C) must be obtained in addition, contract to sell involving Three Hundred Thousand Pesos (Php300,000.00) and below may be signed by the AMT-P Chairman (PARO II) while contracts above Php300,000.00 must be signed by the Secretary or his duly authorized representative.
Nothing herein contained shall be construed as amending or modifying other terms and conditions of DAR Memorandum Circular No. 5, series of 2007. cCSDaI
These amendments shall take effect immediately and shall form part of MC 5, series of 2007.
February 2, 2010, Diliman Quezon City, Philippines.
(SGD.) NASSER C. PANGANDAMAN