Meeting with Chairman Suratos
Lessons learned:1. Courtesy calls do expedite processes.
2. He trusts the judgement of his staff.
3. Forward request for review before you hold a meeting with them.
Atty. Armando Suratos is the Chairman of the Inter-Agency Committee for the Review of Foreign Loan Documents (IAC-FLRD). He is also a member of the Monetary Board. The core members of the IAC include BSP, Department of Justice(DOJ) and Department of Finance (DOF).The Secretariat of IAC is the BSP ID.
How does the process with IAC flow?
After the request for approval in principle of your transaction has been granted, you begin negotiating for improvements on terms and rest of the agreements. The Issuer, the Guarantor and the Bank should have already resolved all issues before proceeding to the IAC. In document form, a clearance from the Issuer and Guarantor should be attached to request for review and clearance of the IAC.
The IAC is the last authorizing entity that the Issuer would have to deal with. Without the IAC clearance, agreements can't be executed and MB final approval may not be granted.
posted by JD @ 11:41 AM
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