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Repurchase agreement Philippines

Share Repurchase Agreement (Philippines) - Legal Templates

Philippines Share Repurchase Agreement A Share Repurchase Agreement is used when a corporation is buying back shares from one of its shareholders. The agreement outlines the amount, schedule, and method of payment and any representations or warranties of the buyer and seller to each other 283 REPURCHASE AGREEMENTS WITH THE BANGKO SENTRAL. Repo agreements with the Bangko Sentral shall be governed by Sec. 601. Download as PDF. Proudly powered by IT Systems Management Department A Repurchase Agreement (REPO) is a financial contract involving two securities transactions, a sale/purchase of a debt security on a near date and a reversing purchase/sale of the same or equivalent debt security on a future date

283 REPURCHASE AGREEMENTS WITH THE BANGKO SENTRAL - Manual

MART Position Paper - Interbank Repo Market in the Philippines 1. A repurchase agreement or a repo is a contract whereby the seller of securities agrees to buy them back at a specified future date and price usually on a short-term basis Cash-Settled Securities Swap Transaction (CSST) is an agreement entered intobetween financial institutions, and between financial institutions and the BangkoSentral ng Pilipinas (BSP), to simultaneously buy or sell government securities spotand sell or buy comparable securities at a pre-determined future date and price withthe same counter-party. For this purpose, comparable securities refer to anygovernment securities having more or less the following features

REPO Market Program Members PDS Grou

  1. These are on top of the PHP300-billion repurchase agreement with the national government (NG) wherein the BSP will buy a three-month GS from the Bureau of the Treasury for a (BTr) at no cost. The Monetary Board may extend the repurchase period for a maximum of three more months upon due date, if conditions so warrant
  2. On 17 January 1989, Antonio Garcia entered into a Compromise Agreement with Philippine Investments System Organization (PISO), Bank of the Philippine Islands (BPI), Philippine Commercial International Bank (PCIB), Rizal Commercial Banking Corporation (RCBC) and Land Bank of the Philippines (LBP) (collectively known as Consortium Banks)
  3. A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. In the case of a repo, a dealer sells government securities to investors, usually on an..
  4. The accounting for repos depends on whether (1) it is a repurchase-to-maturity transaction and (2) the transfer of the underlying financial asset qualifies for sale accounting under ASC 860-10-40-5. All repurchase-to-maturity transactions, as defined, should be accounted for as secured borrowings, as mandated by ASC 860-10-40-24A
  5. New repurchase agreement with the Treasury The Philippines central bank has revealed it would purchase up to PHP 300 bn worth of short-term securities under a repurchase agreement with the Bureau of the Treasury in a bid to inject a fresh round of liquidity into the market and to keep a lid on interest rates in the process
  6. According to Diokno, the Monetary Board has authorized the BSP to purchase government securities from the BTr under a repurchase agreement in the amount of P300 billion, with a maximum repayment..
  7. Exhibit 10.16 . COMMON STOCK REPURCHASE AGREEMENT . THIS COMMON STOCK REPURCHASE AGREEMENT (the Agreement) is entered into as of [date] by and between Synacor, Inc., a Delaware corporation (the Company), and [name] (the Stockholder). RECITALS. WHEREAS, the Stockholder is the holder of (post-split) shares of the Company's common stock (the Common Stock), which the.

A Reverse Repurchase Agreement (RRP) is defined where the Bangko Sentral ng Pilipinas (BSP) sells securities to a bank or financial institution that has quasi-banking licenses, with a commitment to buy this back on a specified date and specified rate. The RRP serves as a monetary tool of the BSP to control money supply using open market operations In a repurchase transaction, the BSP buys government securities (GS) from a bank with a commitment to sell them back at a specified future date at a predetermined rate, resulting in an expansionary effect on liquidity This follows similar arrangements last year (a short-term repurchase agreement for PHP300 billion was unwound in September, and a PHP540 billion provisional advance to the government was made in October and unwound in December 2020) The right referred to in Article 1601, in the absence of an express agreement, shall last four years from the date of the contract. Should there be an agreement, the period cannot exceed ten years. However, the vendor may still exercise the right to repurchase within thirty days from the time final judgment was rendered in a civil action on the. About Central Bank of Philippines Overnight Reverse Repurchase Agreement RRP Rate A target interest rate set by the central bank in its efforts to influence short-term interest rates as part of its..

MART Position Paper - Interbank Repo Market in the Philippine

  1. As part of its COVID-19 response measures,the BSP slashed interest rates by 200 basis points, lowered the reserve requirement ratios, entered into a P300 billion repurchase agreement with the.
  2. In March, the BSP purchased P300 billion in government securities from the Bureau of the Treasury through a repurchase agreement to support crisis response. Bayanihan II allows the advances to be settled within a year, with maturity allowed for a further one-year extension subject to the Monetary Board's approval
  3. The buy back agreement definition explains that when an item or property is purchased, the vendor agrees to repurchase said item or property at a stated price within a specified period of time if a certain event occurs. A buyback is a provision of a contract

Article 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. A contract of sale may be absolute or conditional. *It is an agreement between two parties whereby one, who is the seller. Bloomberg has unveiled an electronic trading system for repurchase agreements (repos) in the Philippines. The system, which is available through partnership with the Bankers' Association of the Philippines (BAP), the Money Market Association of the Philippines (MART) and the Philippine Depository & Trust Corp (PDTC), will allow trading of repurchase agreements to be fully electronically. One alternative is that BSP allows them to contract an Overnight Repurchase Agreement (O/N RP) at the interest rate of the BSP lending rate plus 600bp on that date. This agreement provides that ON/Repo must be paid to BSP before 11:00 a.m. of the following morning

BSP undertakes extraordinary measures to boost liquidity

  1. Re-introduction of a repurchase market in the Philippines based on the international standard Global Master Repurchase Agreement. This instrument will link the financing activities of domestic and global banks operating in and outside the Philippines and allow banks to make active 2-way quotes as market-makers
  2. • GMRA = Global Master Repurchase Agreement • produced & maintained by ICMA & its European Repo & Collateral Council (ERCC) in co-operation with SIFMA • intended for cross-border repo in Europe but now used in many domestic markets around the world • designed to document: • short-term • repurchase transaction
  3. Republic of the Philippines. Congress of the Philippines. Metro Manila. Twelfth Congress. That for purposes of this exemption, repurchase agreements and reverse repurchase agreements shall be treated similarly as derivatives. (i) Interbranch or interdepartmental advances within the same legal entity. (j) All forebearances arising from sales.
  4. Over in the Philippines, with the BSP getting the green light to increase the size of cash advances to the national government we can expect a possible second round of debt monetisation of up to Php812 bn as soon as the initial repurchase agreement settles at the end of the month

In September, the Philippines announced it would issue $1.9 billion in Eurobonds to finance a repurchase of outstanding Philippine Brady bonds, the securities acquired by banks in the Philippines debt restructuring under the Brady Plan in 1992. The Brady Plan was a program of debt reduction partially financed by official institutions to allow highly indebted countries to repurchase debt. KNOW ALL MEN BY THESE PRESENTS: This Deed of Sale with Right of Repurchase, made and executed by and between: (NAME OF SELLER), Filipino, of legal age, single/married to (Name of Spouse), with residence at (Place of Residence), Philippines, hereinafter referred to as the SELLER; - and -

5.5 Repurchase agreements. Publication date: 30 Sep 2020. us Transfers of financial assets guide 5.5. Repurchase agreements (often referred to as repos) are transactions in which a transferor transfers a financial asset (typically a high-quality debt security) to a transferee in exchange for cash. Simultaneously, the transferor enters into an. An individual co-owner cannot adjudicate to himself or claim title to any definite portion of the land or thing owned in common until its actual partition by agreement or judicial decree. Prior to that time, all that the co-owner has is an ideal or abstract quota or proportionate share in the entire thing owned in common by all the co-owners Under prior rules, the repo leg of the agreement was handled as a sale; now such agreements will likely result in secured borrowing accounting for most repurchase financings. To explain the difference between sale accounting and secured borrowing, consider the example of Lehman Brothers, which made extensive use of repo programs before it.

G.R. No. 168134 - FERRO CHEMICALS, INC., PETITIONER, VS ..

Stock Repurchase Agreement by Documatica Legal Forms Inc. _____ THIS STOCK REPURCHASE AGREEMENT (the Agreement) is hereby executed this 12th day of September, 2009 (the Execution Date) BETWEEN: Roy Jameson of 65 Dewey Drive Dallas, Texas 59384 (the Seller) OF THE FIRST PART - AND - TyCorp Inc. of 1837 Cougar Ridge Dallas, Texas 24532 (the. Transaction 3 (repurchase agreement): Entity Alpha and Entity Beta enter into a repurchase agreement (the 'Repo Agreement'). The trade date of the Repo Agreement is the same as the settlement date of the Bond and also the maturity date of the Repo Agreement matches the maturity date of the Bond The BSP and the Treasury renewed their repurchase agreement after the initial P300-billion borrowing at the onset of the pandemic, at zero interest, was repaid in September. The Philippines. A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of short-term borrowing, mainly in government securities.The dealer sells the underlying security to investors and, by agreement between the two parties, buys them back shortly afterwards, usually the following day, at a slightly higher price

Repurchase Agreement (Repo) Definitio

5.5.1 Accounting for repurchase agreement

Philippines Share Repurchase Agreement. The shareholders' agreement should define, ahead of time, what constitutes a deadlock (eg. When would I need to use a job offer letter? When you are planning to have a baby in Hong Kong, there are a lot of things going through your mind. This necessary provision is only binding on the people who sign it. The BSP's repurchase agreement with the Bureau of the Treasury offset the sharp contraction of nonresident flows such as foreign direct investments (FDI) and portfolio investments or hot. On top of the new foreign borrowings, government also received in March a whopping P300 billion from the Bangko Sentral ng Pilipinas (BSP) through a so-called repurchase agreement. Government also. These instruments may include, but need not be limited to bankers' acceptances, promissory notes, repurchase agreements, including reverse repurchase agreements entered into by and between the Bangko Sentral ng Pilipinas (BSP) and any authorized agent bank, certificates of assignment or participation and similar instruments with recourse. Repurchase Agreement (Repo) A repurchase agreement is a short-term loan that is structured as the sale of securities, with the seller agreeing to buy them back at a later date. In a repurchase agreement, the borrower (i.e. the seller) sells securities to the buyer (the lender) for a predetermined price higher than what the securities were sold.

Philippines: BSP ramped up stimulus - UOB (USD5.9bn) worth of government securities under a repurchase agreement with a maximum repayment period of six months. Funds raised from the said. Philippines, holding roughly three-fifths of total financial system assets, as is shown in table 5.1. In 1985 there were thirty commercial banks operating in the country. The government-owned Philippine National Bank (PNB) was by institutions, repurchase agreements, and certificates of assignment and. By: Tax and Accounting Center Philippines. Documentary stamp tax in the Philippines is imposed upon documents, instruments, loan agreements and papers, and upon acceptances, assignments, sales and transfers of the obligation, right or property incident thereto, and shall be paid by the person making, signing, issuing, accepting, or transferring the same wherever the document is made, signed. On a day-today basis, the Bangko Sentral ng Pilipinas adjusts the level of base money through open-market operations, mainly comprising short-term repurchase and reverse repurchase agreements. The interest rates on short-term repurchases and reverse repurchases are the key policy interest rates determined by the Bangko Sentral ng Pilipinas SECTION 173. Stamp Taxes Upon Documents, Loan Agreements, Instruments and Papers. - Upon documents, instruments, loan agreements and papers, and upon acceptances, assignments, sales and transfers of the obligation, right of property incident thereto, there shall be levied, collected and paid for, and in respect of the transaction so had or accomplished, the corresponding documentary stamp.

Philippines central bank pledges to buy government

On Aug. 19, 2020, Intel Corporation announced it was entering into accelerated share repurchase agreements to repurchase $10 billion of its common stock 5. Inventory Repurchase. Volcano Japan agrees to repurchase from Fukuda Volcano Products in Fukuda's inventory pursuant to the terms and conditions of an Inventory Repurchase Agreement between Volcano Japan and Fukuda, of even date herewith (the Inventory Repurchase Agreement). 6. Transition. (a) Accounts IPMS-HAMS. The Houston Automotive Modelers Society (HAMS) is a diverse group of individuals in the Houston, Texas, area who enjoy the hobby of building model cars, trucks and motorcycles. We meet once a month on the near west side of Houston, just outside Loop 610, to show off our latest creation, talk modeling, and just have a good time This agreement is a contract that contains provisions involving the transfer of shares of a partner who has left. Typically, a buy and sell contract requires available shares to be sold to surviving partners. You usually use this agreement in corporations, partnerships, and sole proprietorships to ease the transfer of ownership when a partner.

Northrop Grumman Corporation NOC recently announced an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC, a subsidiary of The Goldman Sachs Group, Inc. GS, for $2 billion. SAFEs. SAFEs, or simple agreements for future equity, were introduced by Y Combinator in late 2013 as a replacement for convertible debt.They are a popular way for early-stage start-ups to raise capital and are often preferred over convertible debt because they bear no interest, have no maturity date, and convert into equity only if certain predetermined criteria are met ANGELA LEONOR C. AGUINALDO ATENEO LAW 2010 fINCOME TAX REVIEWER AND CASE DIGESTS PAGE- 30 - (3) Income subject to final tax; and (4) The amount of net operating loss carry-over deducted; And reduced by the sum of: (1) Dividends actually or constructively paid; and (2) Income tax paid for the taxable year

BSP announces P300 billion stimulus to fight virus

The main goal of the Incubator for Digital Farming is to create a meeting place for professionals, regional and national project team members including students that are having ideas, PoC, start-ups or acting as freelancers to move scientific results into practice. We would like to establish a regional incubator that supports start-ups from all. 5. Maybank Philippines. Interest: 1.75% (for an initial deposit of P50,000) Minimum initial deposit: P50,000 Terms: 1 and 2 years. Maybank's ADDvantage Flex Time Deposit comes with tiered rates of 1.75% for 1-year term, and 2.125% for 2-year term. It's important to note that while Maybank guarantees a base, interest may increase or decrease. Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. Also called a repo, it represents a collateralized short-term loan for which, where the collateral may be a Treasury security, money market instrument, federal agency security.

Low rates likely until 2022 – BSP | Philstar

Form of Common Stock Repurchase Agreemen

The agreement details the terms of the sale, the removal of any assets by the seller before the sale, and whether or not the agreement is related to real estate. Simply, a stock purchase agreement is a contract between a privately held firm and the buyer to transfer the firm's shares. The agreement describes different conditions, such as Choose the date when the agreement will be signed. If this date is not yet know, leave the space blank. a stock corporation duly organized and validly existing under and by virtue of the laws of the Philippines, with principal address at repurchase the existing Products in Distributor's inventory from Distributor or may require. O/N Reverse Repurchase Operation Overnight(O/N) Lending Facility Term Deposit Facility Some Notes Fo r m o r e det ai l s , s ee ht t p: / / www. bs p. g o v. ph/ do wnl o ads / publ i cat i o ns / FAQ s / IRC . pdf Acts as safety valve for banks needing short-term liquidity Absorbs residual o Gov't ready to repay P300-B repurchase deal with BSP. MANILA - The national government is prepared to repay the PHP300 billion that the Bangko Sentral ng Pilipinas (BSP) extended through a repurchase agreement to help fund the coronavirus disease 2019 (Covid-19) response program. Asked by a journalist if the government is ready to pay the. Should there be an agreement, the period cannot exceed ten years. However, the vendor may still exercise the right to repurchase within thirty days from the time final judgment was rendered in a civil action on the basis that the contract was a true sale with right to repurchase. (1508a) Art. 1607

money for the repurchase of the subject property. On October 20, 1986, the bank sent Atty. Roman Cuison, Jr. (Atty. Cuison), as the president and general manager of CLCI, a letter informing CLCI of the bank's board of directors' resolution of October 10, 1986 (TRB Repurchase Agreement), laying down the conditions for the repurchase o

BANGKO SENTRAL NG PILIPINAS | Repurchase Agreement | CoreBangko Sentral to buy P300 billion in gov't securities to

Sun Life of Canada Philippines, the country's second-largest life insurer by assets, hopes it will finally be able to increase its exposure to risky assets by the end of the year following the introduction of a new regulation to loosen strict investment restrictions. such as repurchase agreements, and to be permitted to use more types of. Stock Repurchase Agreement Form. A stock repurchase agreement form is a template used by corporations to explain their position when it comes to repurchasing company stock. This template includes space for the price of the stocks, the date of the original sale, when the company may repurchase the stock, and other important factors Procedures. BIR FORM 2000 - (DOCUMENTARY STAMP TAX DECLARATION RETURN) Who Shall File. The return shall be filed in triplicate by the following: 1. In the case of constructive affixture of documentary stamps, by the person making, signing, issuing, accepting, or transferring documents, instruments, loan agreements and papers, acceptances, assignments, sales and conveyances of the obligation. 5.5 Repurchase agreements 151 5.6 Consignment arrangements 156 5.7 Bill-and-hold arrangements 159 5.8 Customer acceptance 161 6 Scope 162 6.1 In scope 162 6.2 Out of scope 163 6.3 Partially in scope 165 6.4 Portfolio approach 171 7 Contract costs 173 7.1 Costs of obtaining a contract 173 7.2 Costs of fulfilling a contract 17

GMRA Global Master Repurchase Agreement GOCC Government Owned and Controlled Corporations GSIS Government Service Insurance System H2OPE Water Program for Everyone Development Bank of the Philippines (DBP) also extend loans to LGUs under various financing programs for infrastructure projects covering the following sectors: transpor The first provisiona­l loan was ₱300 billion last March 2020, which was undertaken as a repurchase agreement with the Bureau of the Treasury (BTr). The BTr fully settled the loan by end-September 2020 as this was payable after three months but can be renewed for another term of three months Philippines Civil Code period for the action arising from the result of the accounting runs from the date when said result was recognized by agreement of the interested parties. (1972) but the instrument states that the property is sold absolutely or with a right of repurchase, reformation of the instrument is proper..

HELP FOR INVESTORS - MART Money Market Association of

Disclaimer: The information on this site is intended as a general reference for internet users. It is made available on the understanding that The Bureau of The Treasury (BTr), as a result of providing this information Yrdsb Ot Collective Agreement; Why Are Free Trade Agreements Necessary For The Philippines; What Is The Point Of Repurchase Agreements; What Is A Section 75 Partnership Agreement; What Are Subject Verb Agreement Rules; Violation Of Confidentiality Agreement; Us State Department Sofa Agreements; Ufcw 1518 Collective Agreement; Trading Partner.

Monetary Operations - Overnight RRP Facilit

7.10 Classification of Cash Flows for Repurchase Agreements and Reverse Repurchase Agreements 82 7.11 Assets Held for Sale 83 7.12 Cloud Computing Arrangements 83 7.13 Supplier Finance Programs 84 Appendix A — Implementation Guidance and Illustrations 85 Appendix B — Selected ASC Glossary Terms 98. Yoli Philippines Policies and Procedures July 1, 2019 Page 6 1.4 Policies and Provisions Severable If any provision of the Agreement, in its current form or as may be amended, is found to be invalid, o

Fitch Revises Philippines' Outlook to Negative; Affirms at

We entered into a repurchase agreement with the national government through the Bureau of the Treasury (BTr). We remitted dividends amounting to ₱20 billion to support the national government's programs, even if the BSP is no longer required under our new Charter to remit cash dividends to it Repurchase agreements. Repurchase agreements are widely available with maturities ranging from one day to three months. Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam). The Philippines is also a member of the ASEAN Free Trade Area (AFTA) and is committed to reducing and eliminating tariffs between members.

(i) 23 March 2020, To further support the Filipino people during the COVID-19 pandemic, the Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of Treasury (BTR) under a repurchase agreement in the amount of PHP300 billion with a maximum repayment period of 6 months The BSP purchased 300 billion Philippine pesos ($5.9 billion) of government bonds under a repurchase agreement, which we can increase to 500 billion pesos if necessary A Purchase Agreement is a legal document between two parties, the Seller who wishes to sell a piece of personal property and the Buyer who wants to buy that property. The Agreement describes the terms and conditions of the sale and ensures that both parties will follow through on their promises regarding that sale 42 Printable Vehicle Purchase Agreement Templates. After finally deciding what car you have chosen to buy, the last step that will ensue will be the paper works. This process usually includes signatures on the car purchase contract or the car purchase agreement. Contained in this document are all the necessary information relevant to the car.

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The IRS recently ruled that it would ignore certain provisions of a stock repurchase agreement between an S corporation and its shareholders when determining whether the S corporation had more than one class of stock outstanding. The ruling provides welcome assurance for S corporations with buy-sell agreements whose provisions mirror those in the ruling, but it also serves as a useful reminder. Buying real estate in the Philippines. A list of key things to check before you buy. You have to be very careful when making real estate investments in the Philippines. The market for Philippine real estate is quite illiquid. Once you have bought your property, you may have a hard time selling it repurchase agreement (repo) - A form of short-term borrowing for dealers in government securities. The dealer sells the government securities to investors, usually on an overnight basis, with an agreement to repurchase them at a set term for a set purchase price, which includes repurchase interest 6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines. Trunklines: 832-5554, 832-5556, 832-555

IPMS-HAMS

6. Contract-to-Sell or similar agreement between the buyer and seller. 7. Vicinity Map/Sketch of the Property REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE 1. TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner's Duplicate Copy) 2 A copy of any lease or exclusive use agreement on the partial possession of the corporation's common or real property (including a parking stall or storage unit) * A list of names and addresses for service of board members * The text of ordinary and special resolutions voted on by the corporation and th The Bangko Sentral ng Pilipinas (BSP) has authorised the use of a repurchase agreement with the Bureau of the Treasury, of PHP300 billion of government securities since March. Fitch understands the facility has been authorised on an exceptional and short-term basis to help meet the government's urgent COVID-19-related financing needs Repurchase agreements are also common in the Philippines. Taxation Corporate Taxation An income tax rate of 30% is imposed on a company's taxable income. Domestic companies are taxed on their worldwide income. Resident foreign companies and branches of foreign companies are taxed on their income derived from sources within the Philippines

Overnight Reverse Repurchase Agreements. The interest rate on reserves is a crucial tool for managing the federal funds rate. However, some financial institutions lend in overnight reserve markets but aren't allowed to earn interest on their reserves, so they are willing to lend at a rate below the interest on reserves rate Repurchase Agreements—Under existing guidance, an obligation or option (held by either the seller or the buyer) to repurchase a property that is the subject of a sales agreement would preclude the seller from recognizing profit by using the full accrual method and instead would require the seller to account for the transaction as a financing. * A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price. Retail and institutional prime and municipal money market funds A repurchase agreement (repo) is a financial instrument through which the buyer provides cash liquidity to the seller against the securities the latter holds, and after a specific period, the seller will repurchase the securities at a pre-agreed rate at the time of the transaction The undersigned hereby certifies that he/she is the duly elected and qualified Secretary and the custodian of the books and records and seal of COMPANY NAME,a corporation duly formed pursuant to the laws of the state of YOUR STATE and that the foregoing is a true record of a resolution duly adopted at a meeting of the DIRECTORS/MEMBERS and that said meeting was held in accordance with state.

The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on June 24th 2021, as expected, citing lingering downside risks to the economy as the country continues to struggle to curb the pandemic domestically. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively Exempt Repurchase transaction P20, when the amout does not exceed P5,000 The transfer of collateral securities from the rep seller/cash borrower to the repo * DST Additional P10, on each P5,000 buyer/cash lender shall not be subject to CGT but subject to DST as pledge under or fractional part thereof in Section 195, NIRC. excess of P5,000. The meeting was attended from the Philippines side by Joselito Elijado, ambassador of the Republic of the Philippines to the Sultanate and the delegation accompanying the guest, while it was attended from the Omani side by Dr