Escrows

Secure your company’s interests by ensuring trouble-free and secure transactions

Overview

 

An escrow is a deposit of funds held by a third party on behalf of the other two parties in a transaction. Our team will act as a third party to ensure your company’s safety and interest. As your escrow agent, we will hold the funds until you’re ready to complete the transaction. This service is for:

  • Those who want protection from deceitful buyers/sellers.
  • Real Estate developers who want to start operations as
    soon as possible.
  • Companies who want to list securities on the Philippine
    Stock Exchange.

Features

 

Minimum Escrow Amount PHP 10,000,000
Minimum Set-up Fee PHP 10,000.00
Turn Around Time 3 banking days*

*For the drafting of the escrow agreement in line with the deed of sale and other documentary requirements and the preparation of account opening documents

Types of Escrows

 

Sale of Real Estate and Shares of Stock

Pending the sale of real estate or shares of stocks, we will hold on to the purchase price until the sale is registered.

Listing of Securities with the PSE

Our team can set-up an escrow agreement prescribed by the PSE for companies who want to list securities on the exchange.

Sales by Real Estate Developers

Any proceeds of sales made during the Temporary Licence to Sell will be deposited in the escrow account.

Documentary Requirements

From the Client
From the Bank
Individual Client

  1. Government Issued IDs
  2. Notarized Special Power of Attorney (if necessary)

Corporrate Client

  1. Articles of Incorporation
  2. By-laws/ Amended By-laws
  3. General Information Sheet
  4. Certificate of Registration with SEC
  5. Secretary’s Certificate
  6. Government Issued IDs
  1. Escrow Agreement
  2. Universal Specimen Signature Card
  3. Customer Information File
  4. Risk Disclosure Statement

Benefits

 

Professional and prudent asset administration, custody of escrow properties, and investment management.

Protection of the parties’ interest and funds by strict compliance to the terms and conditions of the agreement.

Assured compliance with the different regulatory bodies (i.e. HLURB, PSE, among others).

Efficient liquidity and timely remittance of amounts withdrawn from the account.

Want to learn more about about Escrows?

FAQ

What is a Temporary License to Sell?
Pending submission of necessary permits and licenses, the House and Land Use Regulatory Board (HLURB) can issue a Temporary License to Sell (TLS) provided that an escrow agreement between HLURB and the bank is executed with the developer.

What are the requirements for companies who want to list securities on the Philippine Stock Exchange?
The PSE requires applicant companies to instruct their stockholders, who own 10% of the issued and outstanding shares of stock or securities of the company, to enter into an agreement with the PSE not to sell, assign, or dispose of their shares for 180 days after listing. This can be done through an escrow agreement.

What is the role of an escrow agent in a transaction?
The Escrow Agent acts merely as a depository of the funds and is tasked merely with ministerial functions specified under the agreement. The Escrow Agent is under no obligation to determine the performance or non-performance of any term or condition of any other agreement that may be executed between the parties.

List of Valid IDs
PRIMARY ID SECONDARY ID
Passport Company ID
Driver's License NBI Clearance
PRC ID Police Clearance
Digitized Voter's ID Postal ID (Paper-based card)
GSIS e-Card Barangay Certification
SSS Card OWWA ID
Senior Citizen Card OFW ID
Unified Multi-purpose ID Seaman's Book
ACR / ICR GOCC ID [e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)]
Integrated Bar of the Philippines DSWD Certification
School ID PhilHealth Insurance Card ng Bayan (PHICB)
NCDA ID City Health Card / Health Certificate Card
Postal ID (PVC Plastic Card) Tax Identification Number (TIN)
Eligibility

ID/DOCUMENT REQUIREMENTS

For Resident Citizen, Non-Resident Citizen and Resident Alien:
  • 1 primary valid ID or 2 secondary valid IDs
For Non-Resident Alien
  • Passport and Alien Certification of Registration (ACR) I – Card or Alien Employment Permit (AEP)**

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