Published on Sunday, 03 March 2013 23:00
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Malaya Business News Online - Philippine Business News | Online News Philippines
PSBank President Pascual M. Garcia III and LRA Administrator Eulalio Diaz III formally inaugurate the LRA extension office at the PSBank Head Office in Makati City.
PSBank recently opened a Land Registration Authority (LRA) extension office at the 8th floor of the PSBank Head Office in Makati City. The office will enable the Bank to receive, process, and issue certified true copies of certificates of titles to PSBank Home Loan clients.
PSBank is the first thrift bank to establish an LRA extension office.
“The opening of this LRA extension office is a testament to PSBank’s continued commitment to provide our clients with simple and convenient ways to acquire property. This new facility will further enhance our fast home loan processing procedures,” said PSBank President Pascual M. Garcia III.
The launch follows a memorandum of agreement signing between PSBank and LRA last June 2012. Under the agreement, PSBank will have direct access to LRA’s database through its Land Titling Computerization Project (LTCP) which allows electronic data to be shared among LRA offices. The project aims to declog Registry of Deeds offices nationwide which keep all records of registered and unregistered lands as well as chattel mortgages.
With the LRA extension office, PSBank’s title verification processing will be reduced from an average of 15 working days to 1 to 3 days.
“We’re very pleased that PSBank was chosen to support LRA in the registration and authentication of land titles. I commend LRA for this progressive initiative which puts in place a more secure system in establishing land ownership,” he added.
For LRA, the automation project is an innovative solution borne out of its desire to serve the public better. “What prompted us to have the LTCP was to simplify the process and promote transparency. We wanted to eliminate manual processing that often results in errors and misunderstandings among parties. We were happy to find advocates in the banking industry, such as PSBank,” LRA Administrator Eulalio C. Diaz III said.