Philippines - LTO recently published a memorandum Administrative Order N0. 2024-046 last August 30, 2024 where the seller and the buyer of any vehicle must take responsibility of informing the agency of successful transfer of ownership failure to comply will face associated punishment starting in September 16, 2024.
As soon as the memorandum broadcasted by TV personality Ted Failon in his TV and Radio Program last October 21st, 2024, questioning the legality of LTO new guidelines with LTO Executive Dir. Atty., Greg Guillermo Pua Jr. in an interview, Failon make it difficult for Atty. Pua Jr. to answer important question that leads to Atty. Pua Jr. promised of furthermore study on the memorandum which eventually suspended until prior notice.
As soon as the memorandum broadcasted by TV personality Ted Failon in his TV and Radio Program last October 21st, 2024, questioning the legality of LTO new guidelines with LTO Executive Dir. Atty., Greg Guillermo Pua Jr. in an interview, Failon make it difficult for Atty. Pua Jr. to answer important question that leads to Atty. Pua Jr. promised of furthermore study on the memorandum which eventually suspended until prior notice.
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According to the memorandum, all vehicle Sellers must inform the LTO, 5 days after having all the requirements such as Affidavit of Deed of Sale, Original OR/CR, valid ID's of the seller and valid ID's of the buyer failure to report will be penalized of worth Php 20,000.00.
While the vehicle Buyer must transfer the ownership to him/her upon completion of the requirements such as Affidavit of Deed of Sale, Original OR/CR, valid ID's of the seller and others, failure to report within 20 working days will be penalized of worth Php 20,000.00.
Failon, also question the effectivity of the guidelines which set no date meaning all transactions of previous selling or buying of vehicle from the past, whether it's a motorcycle or 4-wheeled vehicles are covered from the memorandum which later called by Failon as "Retro Active".
Aside from that the amount of penalty is too much Php 20,000.00 for the seller and the buyer which lead to a combine penalty of Php 40,000.00 and also with a corresponding imprisonment if proven guilty.
As of now, the memorandum is suspended but not abolished thanks to many motorists who disagree with the memorandum and to Ted Failon exposed of the guidelines where many motorist, seller and buyer that did not know of the memorandum until Failon's broadcast.
So we wait until LTO revised their memorandum and hopefully this favor more motorist than LTO?
While the vehicle Buyer must transfer the ownership to him/her upon completion of the requirements such as Affidavit of Deed of Sale, Original OR/CR, valid ID's of the seller and others, failure to report within 20 working days will be penalized of worth Php 20,000.00.
Failon, also question the effectivity of the guidelines which set no date meaning all transactions of previous selling or buying of vehicle from the past, whether it's a motorcycle or 4-wheeled vehicles are covered from the memorandum which later called by Failon as "Retro Active".
Aside from that the amount of penalty is too much Php 20,000.00 for the seller and the buyer which lead to a combine penalty of Php 40,000.00 and also with a corresponding imprisonment if proven guilty.
As of now, the memorandum is suspended but not abolished thanks to many motorists who disagree with the memorandum and to Ted Failon exposed of the guidelines where many motorist, seller and buyer that did not know of the memorandum until Failon's broadcast.
So we wait until LTO revised their memorandum and hopefully this favor more motorist than LTO?
