How to Get Special Power of Attorney in the Philippines
Obtaining a special power of attorney (SPA) in the Philippines is a crucial step for individuals who need to grant someone legal authority to act on their behalf. This document is particularly useful when the principal is unable to attend to their legal or financial matters due to illness, travel, or other reasons. In this article, we will guide you through the process of obtaining a special power of attorney in the Philippines.
1. Understand the Purpose of SPA
Before proceeding with the application, it is essential to understand the purpose of a special power of attorney. An SPA grants the attorney-in-fact the authority to perform specific legal acts on behalf of the principal. These acts may include selling property, managing investments, or handling legal disputes. It is crucial to clearly define the scope of authority in the SPA to avoid any misunderstandings or legal issues in the future.
2. Draft the SPA
The next step is to draft the special power of attorney. This document should include the following information:
– Full legal names and addresses of the principal and the attorney-in-fact.
– The scope of authority granted to the attorney-in-fact.
– The duration of the SPA, if applicable.
– Any specific conditions or restrictions on the authority granted.
It is advisable to consult with a lawyer or legal expert to ensure that the SPA is properly drafted and complies with the laws and regulations in the Philippines.
3. Notarization
Once the SPA is drafted, it must be notarized. This process involves having the document signed and acknowledged by a notary public. The notary will verify the identities of the principal and the attorney-in-fact and ensure that the document is properly executed.
To notarize the SPA, you will need to bring the following documents:
– Original and photocopy of the principal’s valid identification card (e.g., driver’s license, passport).
– Original and photocopy of the attorney-in-fact’s valid identification card.
– Original SPA document.
The notary public will charge a fee for their services, which may vary depending on the location and the complexity of the document.
4. Registration with the Securities and Exchange Commission (SEC)
If the SPA involves the management of securities or investments, it must be registered with the Securities and Exchange Commission (SEC). This step is necessary to ensure that the attorney-in-fact is authorized to act on behalf of the principal in matters related to securities.
To register the SPA with the SEC, you will need to submit the following documents:
– Original and photocopy of the SPA.
– Original and photocopy of the principal’s and attorney-in-fact’s identification cards.
– Proof of payment of the SEC registration fee.
The SEC will issue a certificate of registration upon successful completion of the registration process.
5. Keep a Copy of the SPA
After obtaining the special power of attorney, it is crucial to keep a copy of the document in a safe place. This copy will serve as proof of the attorney-in-fact’s authority to act on behalf of the principal in legal and financial matters.
In conclusion, obtaining a special power of attorney in the Philippines involves drafting the document, notarizing it, and registering it with the appropriate authorities, if necessary. By following these steps, individuals can ensure that their legal and financial matters are handled effectively and efficiently in their absence.
