Presidential Decree No. 114, also known as the “Pawnshop Regulation Act,” sets forth a series of regulations for a pawnshop auction. These regulations are in Section 15, which is titled “Public auction of pawned articles.” Among the regulations is one that requires all pawnshop auctions to be “…under the control and direction of an auctioneer with license duly issued by the corresponding authorities…” In other words an auction sale must be conducted by an Auctioneer. Set of books are required by the BSP called ” AUCTION SALE REGISTERED BOOK ” to which must be certified and signed after the sale. MIM Pawnshop Skills and Services offers auction services to pawnbrokers conducting auctions at the most competitive price in the Philippines.
Auctioneer’s fee is P500 per pawnshop branch (books to certify and sign) If you are having trouble with pawnshop auction compliance at a reasonable price – contact MIM Pawnshop Skills and Services for help.