juvy_ann-palma
Community Guru
Juvy Ann P Member Since: Oct 29, 2015

Updates:

 

Two days after the advanced signing of Pag-IBIG loan documents, I got notified about the submission of the lacking documents.  It looks like the process has gone quite fast. 

 

I tried to comply with the remaining requirements as fast as I could.  I prepared updated versions of the bank statement, CPA-audited Financial Statement of Business, Pag-IBIG verification slip, list of Pag-IBIG monthly contributions, barangay business clearance and a certified true copy of the latest ITR.

 

  • Updated bank statement (reflecting inward remittances)

My bank statement has been updated up to August 10, 2017.  My bank charged Php 50.00 for every  quarter stated in the bank statement.

 

  • Updated and audited Financial Statement of Business

The accountant said that there is a need to plot all income statements and balance sheets per year for Php 7,500.00 per year for 2015, 2016 and 2017.  The package consists of income statement, balance sheet, financial statement of business, CPA-certified audit report on the Financial Statement of Business.  For auditing purposes, I was told that the required documents include invoices, bank statements, ITRs, and Books of Accounts among all others.  I decided to go for a second opinion (as if accountants are physicians).

 

Last August 16, 2017 I had the Financial Statement of Business, Income Statement and Balance Sheet submitted to an accountant.  The accountant agreed with the other accountant’s assessment for the need to have a three-year comparative financial statement but after assessing my documents (those that I have mentioned above), I was allowed to pay for the CPA-certified Auditor’s Report of my Financial Statement of Business for years 2015-2017.  He asked me to photocopy three sets of my Income Statement and Financial Statement of Business. 

 

The next day, I was able to get three sets of documents including an Independent Auditor’s Report signed by a Certified Public Accountant.  The Accountant and the CPA did not find errors in my Financial Statement of Business as well as the Income Statement.  The CPA signed the Auditor’s Report that the accountant prepared.  In addition to the Auditor’s Report, the accountant prepared the “Statement of Management’s Responsibility for Annual Income Tax Return” for me to sign.

 

  • Certified True Copy of the 2017 ITR

A certified true copy of the 2016 ITR has been acquired already.  The certification together with the documentary stamp costs Php 115.00.  The process of having the document certified was very fast since all pages of income tax returns have been stamped by the bank teller already.  The 2017 ITR may be prepared as early as the second week of January of next year.

 

The accountant said that if the ITR has already been received by the bank then there will be no need for the certificate receipt derived from BIR.  I had to explain it to him that the certificate is required for filing purposes.

 

  • Updated Pag-IBIG verification slip

Remittance errors have been committed in the system as I paid at Bayad Centers and these establishments remitted to the Head Office of Pag-IBIG.  The system has records for up to 06/29/2017 only when I have been paying on time.

 

I decided to make a request for the transfer of my records from the Head Office to my home branch.  I was reminded not to pay at Bayad Centers and payment kiosks inside malls anymore as they complicate matters concerning the database. 

 

I paid for all my remaining monthly contributions (September-December, 2017) to cover the whole year of 2017.  It was established by the officer that the transfer of records is a must for Principal Buyers and that the database will update itself after payment entries has been encoded.

 

  • List of Pag-IBIG monthly contributions (updated)

I already submitted my request for the transfer of my records from the Head Office to Marikina branch.  I submitted a photocopy of the invoice showing that I already paid for all my monthly Pag-IBIG fund contributions for the year 2017.  It looks like what matters is the total accumulated value and the certainty that the Principal Buyer is, indeed, a member of Pag-IBIG Fund.

 

  • Barangay Business Clearance

In order to secure a copy of the Barangay Business Clearance (which has a validity of one year only), the following have been required for submission:

 

a) Certificate of Membership to the homeowner’s association with dues amounting to Php 20.00. This will cover the community's financial response to solicitations for anyone’s burial needs, activities linked to the basketball league in the community, calamity-associated donations, and etcetera.

 

b) Official Receipt attached to the Certificate of Membership to the homeowner’s association

 

c) Community Tax Certificate that covers basic and additional community taxes or voluntary taxes

 

d) Official Receipt of the payment fee amounting to Php 500.00 (for the Barangay Business Clearance)

 

e) Application Form for the Barangay Business Clearance

 

f) Photocopy of a Government-issued ID

 

I got the certificate after around one hour of transaction.  Everyone in the office was very attentive to my concerns.  The last requirement in this list looked like a bridal shower (which I never experienced before).  Needless to say, I am grateful to everyone who have been and are very supportive of this dream, no matter how crazy this is.