Republic Act 11057, or the Personal Property Security Act (the “PPSA”), is a new law that provides for the creation, perfection, determination of priority, establishment of an online notice registry (the Personal Property Security Registry or the “PPSR”), and enforcement of security interests in personal/movable property. Under the PPSA, the Land Registration Authority (the “LRA”) is tasked to establish and administer the online notice-based registry.
The PPSR shall replace the existing Chattel Mortgage Registry (the “CMR”) which is currently being used to register such security interests. The PPSA provides that the transactions in the CMR have to be registered in the PPSR so that the creditors shall continue to enjoy priority over these secured interests, which retroact to the date when registered in the CMR.
To aid in the migration or re-registration of instruments recorded in the CMR to the PPSR, the LRA shall publish the list of these mortgagee names as encoded in the CMR, correspondingly, creditors are requested to inform LRA of the various names referring to their respective banks or financial institutions, following the procedure below:
- Click this link to view or download the list of creditor names as encoded in the CMR.
- Confirm the names referring to your bank, financial institution or organization through this Online Form. If you have more than 50 alternate names, you may skip the Alternate Names section in the Online Form and fill up the Entity Names Template which shall be submitted through the Online Form.
- Download the Deed of Undertaking that you have to execute and submit through the Online Form.
- Download the LTCP Form 0071 that needs to be signed and submitted through the Online Form.
- LRA Clients may create User Accounts from the PPSR, which can be accessed through www.philppsr.lra.gov.ph. They may also request LRA to have the User Accounts created in the backend. The accomplished User Account Details Template shall be submitted to LRA through the Online Form.
- For more details, you may view or download this Guide.
- Prospective notice and instructions will be sent to the email address that you have entered in the Online Form.
Please ensure that the correct email address is provided as LRA shall send details to the address provided, including data on existing CMR transactions corresponding to the names indicated and the PPSR Template that has to be filled out and updated by the responding entity.
For queries, you may send an email to the PPSR Secretariat. You may also visit the PPSR Information Center at https://sites.google.com/lares.com.ph/ppsr-information-center/home.
For your guidance.
LAND REGISTRATION AUTHORITY
RENATO D. BERMEJO