Published on Sunday, 03 March 2013 23:00
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design Company
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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.
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