philippine real estate laws

Rules dispute holding back REITs

2012-02-07T10:48:00.000-08:00

Posted on February 07, 2012 11:00:39 PM [ BusinessWorld Online ]

BY DIANE CLAIRE J. JIAO, Reporter

THE ESTABLISHMENT of real estate investment trusts (REITs) in the Philippines remains uncertain as the Finance department insists on disputed requirements, but officials are optimistic a compromise will be reached as negotiations continue.

"The private sector is working with the DoF (Department of Finance) and the BIR (Bureau of Internal Revenue) to address concerns on REITs and arrive at a joint resolution," Capital Market Development Council (CMDC) Chairman Eduardo V. Francisco said on Monday.

The options up for consideration, he said, include the amendment of stringent tax rules governing REITs, the offer of more incentives and even changes to the REIT law.

Republic Act 98501, passed into law in 2009, allows for the formation of stock corporations that will pool investor funds and manage real estate assets. Hopes for its implementation rose last year after the BIR finally released related revenue regulations.

But property giants that had earlier expressed interest, such as SM Prime Holdings, Inc., Robinsons Land Corp. and Ayala Land, Inc. (ALI), balked given objections to the BIR’s REIT rules.

One of the unpopular provisions states that the initial transfer of real property into the REIT vehicle will be subject to the 12% value-added tax (VAT). The private sector wants an exemption, saying that levying the tax immediately places a cost on REITs before these even start making money.

Another pressing concern is the stringent minimum public float requirement. REIT companies must have a 40% minimum public ownership, to be increased to 67% within three years from its listing.

This put off many real estate firms that were unwilling to dilute ownership. The private sector has lobbied for the requirement to be brought down to just 33.33%.

More importantly, tax incentives earlier promised to REIT holders were tied to compliance with the minimum public float.

REIT firms will enjoy a 50% discount on their documentary stamp taxes, but they must set up an escrow equivalent to the other 50%.

REITs are also required to distribute at least 90% of their income to their shareholders, bringing down their income tax obligations. This benefit is again matched with an escrow, equivalent to the income tax due if dividends haven’t been taken out.

The escrows will only be released after three years, when the REIT complies with the 67% minimum public ownership requirement.

Finance Secretary Cesar V. Purisima last week said he was staying pat on the controversial float rules, stressing that REITs should encourage more people to invest in order to deepen the country’s capital markets.

"We should look at the substance of REITs, why it was conceptualized in the first place. It was meant to accelerate the recycling of capital by selling more of the shares of the company," he said in a chance interview.

"The private sector asked for tax incentives through REITs, and that’s fine with us, but we must get the benefit because we are paying the price. You want me to give up more taxes? For nothing?"

Mr. Purisima brushed aside the lack of private sector interest, saying: "If they don’t need REITs, what can I do? It’s their money."

Pamela Ann T. Perez, ALI investment manager, yesterday said critical elements in the REIT framework needed to be reviewed.

"The imposition of VAT on the transfer of the properties and the minimum public ownership requirement may be the most critical issues for the industry," she said in a text message.

Should any changes be made to sweeten the deal, Ms. Perez said ALI could reignite its interest in the alternative investment vehicle.

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SM group may reconsider REIT bid

2012-01-23T13:11:00.001-08:00

Published : Tuesday, January 24, 2012 00:00 [ manilatimes.net ]

Written by : Krista Angela M. Montealegre Reporter

The SM group may revisit its plan to issue a real estate investment trust (REIT) following the move of the Philippine Stock Exchange (PSE) to revive talks with the government on easing its provisions on taxation and the minimum public float requirement.

“We are open to reconsider the REIT. It’s good for our capital market both from viewpoint of local and foreign investors,” Jose Sio, SM Investments Corp. chief finance officer, said in a text message.

SM Prime Holdings Inc., the country’s biggest mall developer, had planned to raise $500-million from the offering, but it became the first casualty of the stringent rules that the Aquino administration had imposed to limit revenue lesions caused by laws that grant generous tax perks.

Robinsons Land Corp. had shelved its $300-million REIT plan, while Ayala Land Inc. had said it remained committed to pursue a REIT offering but the contentious issues should be addressed first.

Hans Sicat, PSE president and chief executive said that the bourse is moving to restart talks with the Department of Finance (DOF) and the Bureau on Internal Revenue (BIR) to “minimize” the current levels of the minimum public float and relax taxation rules.

“At the end of the day, there’s a huge market out there, not just a new asset class, but clearly a lot of capital is to flow into the country if we get it right. The analysis is that the structure we have put it, in terms of implementing rules, we have a structure that is not market friendly,” Sicat said.

Under the amended implementing rules of the REIT, the SEC requires issuers to offer at least 40 percent of their outstanding capital stock at the initial year. Most developers were amenable to this, but refused to give up control following the requirement to sell down 67 percent within three years from listing.

Under the revenue regulation endorsed by the –IR to the DOF, REITs would have to distribute at least 90 percent of their earnings to shareholders before they can enjoy tax incentives. The regulation also imposes value-added tax on a REIT’s gross sales from the disposal of real property or receipts from the rental of the same.

Sicat added that amending the REIT Law may be an “option” amid earlier statements of the BIR that revisions to the law can only happen if it is amended.

“That’s also a tough way to do it. Again, you could’ve handled it more easily with the IRR. It’s a unique situation here in the Philippines where we deal with things using a law and the law has been passed and it’s fairly straightforward,” he said.

The REIT Act lapsed into law in December 2009 but its implementation has been put on hold as fiscal authorities and corporate regulators took long in agreeing to the minimum public ownership of REITs and rules on tax incentives.

The DOF estimates foregone revenues of at least P10 billion in the first year of implementing the law.

REITs are companies that own and operate income-generating real estate assets, which include offices, apartment buildings, hotels, warehouses, shopping centers and highways.

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Robinsons Land drops plan to form Reit firm

2011-09-30T14:38:00.001-07:00

[ manilastandardtoday.com ] September 30, 2011

by Jenniffer B. Austria

Robinsons Land Corp., the property unit of conglomerate JG Summit Holdings Inc., has joined other listed companies that have abandoned plans to list their assets through a real estate investment trust because of unattractive rules.

Robinsons Land vice chairman Lance Gokongwei said in an interview at the sidelines of the Asean 100 Forum held at the Makati Shangri-La Hotel that it did not make financial sense to do a Reit given the current rules approved by the government.

“Given the constraints, given the current implementing rules, I think it does not make financial sense to do a Reit,” Gokongwei said. “Definitely we are not pushing with our Reit plans,” he added.

SM Prime Holdings Corp., the Philippines’ biggest mall developer, in August said it was no longer pushing through with its plan to raise $500 million through Reit after the government doubled the public ownership requirement for property trusts.

The rules require a minimum public float of 40 percent for a Reit company and 67 percent within three years after listing.

Most real estate companies, however, want to retain majority ownership of the Reit.

Ayala Land Inc., meanwhile, is open to possible talks with the government in amending some of the rules on Reit law.

“The private sector is always willing to dialogue so we can get this thing implemented and moving as soon as possible,” Ayala Land president Antonino Aquino said.

Aquino said he expects “some tension” given the government’s drive to increase revenue collection and the incentives to be given to real estate firms under the Reit.

Aquino said the Reit was one program that could spur the growth and development of the country besides the public-private-partnership projects of the Aquino administration.

Robinsons Land, Ayala Land and SM Prime are three of the biggest real estate companies that earlier expressed interest in Reits for listing in the Philippine Stock Exchange.

PSE president Hans Sicat said the exchange had not received any single application for Reit listing. Bloomberg, AP

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Robinsons Land balks at REIT minimum float

2011-08-14T09:36:00.001-07:00

Posted on August 14, 2011 10:13:53 PM [BusinessWorld Online ]

ROBINSONS LAND Corp. may be the next developer to shelve plans for setting up a real estate investment trust (REIT), with a ranking official hinting last week that recently passed rules for the investment vehicles were deterring big industry players.

Robinsons Land’s REIT sentiments reflect the general mood of the real estate industry at present, Robinsons Land President and Chief Operating Officer Frederick D. Go said at the sidelines of the two-day 20th National Retail Conference and Stores Asia exposition.

Top developers SM Investments Corp. and Ayala Land, Inc. had already deferred their own REIT plans this month, citing difficulties in meeting the mandated 40% public minimum float, the world’s highest, to be raised to 67% in three years.

He described the rules as not conducive to investment, adding he is not surprised major players are “not keen” to invest in REITs. Robinsons Land previously disclosed that it intended to raise $500 million via REIT.

“When the rules are created that way, you do not attract the big players to create REITs,” Mr. Go said, explaining that major industry players with clear expansion goals are the firms that should be investing and benefiting from REITs.

In a press statement last week, the Asia Pacific Real Estate Association (APREA) has similarly hit the Finance department’s insistence to implement REIT rules despite industry assessments deeming them be “unworkable,” adding that potential economic benefits to the country are largely at risk.

“There seems to be a failure to understand the economic benefit, what it takes to create a successful REIT market and how global institutions allocate funds to listed real estate,” said APREA Chief Executive Officer Peter Mitchell. “The benefits that REITs bring to the broader economy are well documented and it is therefore very disappointing that the regulators in the Philippines are continuing to delay their introduction,” he said.

In the meantime, the Gokongwei-led developer has so far posted a strong performance with net income for the nine months ending June this year increasing by 18% to P3.048 billion, data from a financial report filed with the local bourse on Friday showed.

Combined real estate and hotel revenues were up by 17% to P9.269 billion from P7.947 billion recorded in the same period last year.

The commercial centers division, which account for nearly half of total revenues, posted an 8% growth to P4.6 billion from P4.274 billion last year from new Robinsons malls in Dumaguete, Ilocos Norte, General Santos City, Tacloban, and Davao City.

Residential revenues, which account for 32% of total revenues, jumped by 33% to P3.111 million from P2.331 million due to “an increase in completion level of existing projects.”

Higher rentals from office complexes Cybergate Center 3 and Cybergate Plaza brought in P976.3 million in revenues for the office buildings division, up 15% from P865.6 million last year.

As such, costs similarly rose 17% to P5.768 billion.

Robinsons Land shares were up by 0.50% to P12.28 on Friday versus P12.22 from its previous close. -- FJGDLF

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Group says Reit rules ‘unworkable’

2011-08-10T14:15:00.000-07:00

by Jenniffer B. Austria

[ manilastandardtoday.com ] August 10, 2011

A group of real estate companies on Tuesday criticized the Aquino administration for drawing up impractical rules on the Real Estate Investment Trust law.

The Asia Pacific Real Estate Association, which promotes and represents the real estate sector on a regional basis, said in a statement the 40-percent minimum public float in the initial offering and increasing it to 67 percent on the third year could make Reit unsuccessful.

“The 33 percent [the minimum public offering proposed by real estate companies] is already high by international standards and the sliding scale proposed has been widely criticized as being unworkable and risks killing off the Reit idea in the Philippines,” Aprea said.

SM Prime Holdings Inc., the country’s largest shopping mall operator and developer, last week said it would no longer pursue a $500-million Reit offering because of the unfavorable rules.

Ayala Land Inc. said it remained committed to doing a Reit offering provided that the government would come up with “acceptable and mutually beneficial” rules.

“We remain hopeful a productive dialogue will continue with regulators to address the issue that surfaced and come up with an acceptable and mutually beneficial rule so we can proceed with the offering,” Ayala Land chief finance officer Jaime Ysmael said.

“At this point we still believe in the [Reit] product. But for now, we will continue to manage and operate malls as efficiently as possible so they remain in Reit-ready mode,” Ysmael added.

The Bureau of Internal Revenue last month issued rules regulating the establishment of Reits, stock corporations that pool investor funds to manage income-generating real estate assets. Among others, it required Reits to have a 40-percent minimum public float and increase it to 67 percent within three years after listing.

“The minimum public ownership condition, even if accepted by a sponsor, would result in very sub-optimal products being offered, to the detriment of investors. Either way, if insisted upon it will ensure that Reits won’t successfully get under way in the Philippines,” Peter Mitchell, chief executive of Aprea, said.

“To be sure, there are aspects of the new law that won’t be perfect, but the experience of other countries shows that it is best to get it under way and consider enhancements on the basis of performance,” he added.

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BIR comes out with REIT rules

2011-07-26T10:19:00.001-07:00

BY RUELLE ALBERT D. CASTRO

[ Malaya.com.ph ] July 27, 2011

Real estate investment trust (REIT) will be subject to 30 percent income tax, 12 percent value-added tax, and a 50 percent discount on documentary stamp tax (DST), the Bureau of Internal Revenue has ruled.

The decision is embodied in the revenue regulation covering REIT which the BIR yesterday issued after a lengthy debate and lobbying from the private sector.

The BIR said income tax for REITs will be computed after the deduction of allowable deductions and dividends paid. The regular tax rules require companies to pay 35 percent on income, less the allowable deductions.

REITs, however, are required to have their public ownership set at 40 percent in the first two year, and increase this to 67 percent in the third year to continuously avail of the incentive.

"Provided however, the REIT shall place in escrow in favor of the Bureau with an Authorized Agent Bank acceptable to the Bureau the income tax collectible from the REIT on the dividend it declared and deducted from its taxable income for the first and second year of the REIT prior to its attaining the minimum ownership of 67 percent had it been disallowed," the BIR said.

"The escrowed income tax amount shall be released to the REIT only upon showing of proof of compliance to the increase of minimum ownership to 67 percent within three years from its listing, otherwise, it shall be released in favor of the government…. By the end of the third year from its listing, at the latest and thereafter, the REIT shall maintain the minimum public ownership of 67 percent. Otherwise, dividend payment shall not be allowed as a deduction from its taxable income," the bureau added.

REITs will be subjected to 50 percent of the applicable documentary stamp tax for all the transfer of real property to REITS.

The "transfer" refers to real property, the BIR said, with the DST imposed on the document transferring the real property NIRC at P7.50 for every P1,000.

In transactions involving shares of stocks representing interest in the real property, the DST shall be at P0.375 for every P200 and fractional part thereof of the par value of the stock.

"In case the stock transferred is without par value, the amount of the DST prescribed shall be equivalent to 12.5 percent of the DST paid upon original issuance of said stock," the BIR said.

DST on the assignment of mortgage or pledge meanwhile shall be based on the outstanding balance of the original loan at the time of the transfer particularly: P10 for the first P5,000; and P5 for the fractional excess of the initial P5,000.

In transferring properties to REIT, the transaction shall be subject to income tax/ capital gains tax and value-added tax, the BIR said.

Disposal of assets shall likewise be subject to VAT.

"A REIT shall not be considered as a dealer in securities and shall not be subject to VAT on its sale, exchange or transfer of securities forming part of its real estate-related assets," the BIR said.

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BOI eyes compromise on socialized housing

2011-06-20T10:21:00.001-07:00

BY IRMA ISIP [ Malaya.com.ph ] June 21, 2011

The Board of Investments (BOI) is poised to ease the low-cost mass housing component of vertical projects for developers to be entitled to incentives, BOI managing head Cristino Panlilio said recently.

Panlilio said that from the current 20 percent, the BOI is planning to lower to 10 percent the minimum allocation for socialized housing.

But he said the BOI bent on reducing the price of units to be deemed socialized housing from the current P3 million to P2.5 million.

Panlilio said the changes in the rules will be incorporated in the general guidelines on housing in the 2011 Investment Priorities Plan (IPP).

Panlilio said developers found the 20 percent allocation too stringent. They claimed the requirement takes away whatever incentives they are supposed to enjoy.

He added that the BOI may introduce alternative modes of compliance by allowing donation of land to non-government organizations (NGOs), which would in turn undertake the socialized housing component of the project.

Under the general guidelines of the 2010 IPP, all low-cost mass housing projects must comply with the socialized housing requirement by developing an area for socialized housing equivalent to at least 20 percent of the total subdivision area or total subdivision project cost for horizontal housing and 20 percent of the total cost of building construction and site preparation for vertical housing projects whether within or outside the same city or municipality.

Compliance may be done through any of the following modes: development of a new settlement; slum upgrading or renewal of areas for priority development either through zonal improvement programs or slum improvement and resettlement programs; and joint-venture projects with either the local government units or any of the housing agencies.

Under the proposed guidelines, Panlilio said, either the developer itself builds the socialized housing as long as it is outside the metropolitian area, or donates the land to BOI-accredited NGOs such as Gawad Kalinga, Habitat for Humanity, Angkop Pabahay, Maryville Urban Development, and the Rotary Club.

"Definitely, we will not agree to bond issuance as an alternative compliance," said Panlilio, referring to a proposal by the Subdivision and Housing Developers Association.

Panlilio said most developers, including the big ones, are able to comply with the requirements but the BOI is nonetheless looking at ways to ease the rules in the face of a debate on the hurdle cost of a low-cost mass housing unit.

In insisting on a lower hurdle cost of P3 million, the BOI said 90 percent of units sold are below P2.5 million anyway.

Panlilio said developers can afford the lower hurdle because their return on investments (ROI) is very good at 20 percent or better.

Panlilio supports the grant of income tax holidays to housing developers as these enable them to bring down the cost of a housing unit by as much as 5 percent to 10 percent.

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2 landmark bills approved

2010-03-21T11:09:00.001-07:00

[ manilastandardtoday.com ] March 19, 2010

PRESIDENT Gloria Arroyo has signed into law two landmark measures—one allowing 39 million Filipinos to acquire title to the land they have been occupying for at least 10 years, and another empowering the Bureau of Internal Revenue to exchange information with its foreign counterparts to help fight international tax evasion.

Mrs. Arroyo signed into law Republic Act 10023, or the Free Patent Act that eases the requirements and procedures in titling residential land.

Landowners could only acquire the title to their land through a court proceeding before the new law was signed. Now they may apply with the Environment Department to acquire a title to it through a free patent.

The new law cut down the period of eligibility for titling to 10 years from 30, but only alienable land not needed for public service or public use may be given a free patent.

The land should not exceed 200 square meters if it is in a highly urbanized city, 500 meters in other cities, 750 meters in first- and second-class municipalities, and 1,000 meters in third-class municipalities.

Local government units may also apply for a free patent for public land being used for public schools, municipal halls, public plazas or parks, and other government institutions for public use.

Meanwhile, Republic Act 10021 allows Internal Revenue to exchange tax information to “pursue a tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration.

“The government shall comply with internationally-agreed tax standards required for the exchange of tax information with its tax treaty partners to help combat international tax evasion that affect international trade and investment.”

RA 10021 amended some provisions of the National Internal Revenue Code of 1997, and authorizes Internal Revenue to inquire into bank deposits and other information held by financial institutions to supply information to a requesting foreign tax authority.

It also allows requesting foreign tax authorities to study the income tax returns of taxpayers on the President’s order and on the recommendation of the Internal Revenue commissioner. Joyce Pangco Pañares

Homeowners, Homeowners Associations' Rights Protected in Magna Carta - Zubiri

2010-01-20T11:09:00.001-08:00

Press Release [ Senate of the Philippines ]
January 13, 2010

"The rights of homeowners and homeowners associations are well-protected and will cut conflicts now experienced in many communities with the enactment of the Magna Carta for Homeowners and Homeowners Associations or Republic Act 9904," according to its main author Senate Majority Leader Juan Miguel F. Zubiri.

"In very clear and specific language the law laid down the rights and responsibilities of homeowners and the guidelines on the operations of homeowners associations," said Zubiri, past chairman of the Committee on Housing, Urban Planning and Resettlement now chaired by Senator Rodolfo Biazon.

"From now on, homeowners and homeowners association members will be supported by the law's clear provisions and guidelines ensuring their right to avail of basic community services and facilities due them. There will be less frustrations on both sectors."

"The Magna Carta will be the vehicle to bring peace and comfortable living conditions in many communities," he said.

"This law will benefit all homeowners from the different socio-economic classes. We made sure that the benefits will be encompassing. Homeowners are defined as 'not only those living in titled homes and lots in subdivisions but to lessees, awardees, beneficiaries, or occupants in government socialized or economic housing or relocation projects, and even underprivileged and homeless citizens while they are in the process of being accredited as beneficiaries or awardees of ownership rights under the CMP, LTA, and other similar programs.' "

Zubiri clarified that "contrary to earlier perceptions, this law was not made for rich residents of gated subdivisions only. Lessees in government socialized housing projects or urban estates and those in communities of underprivileged and homeless citizens are also considered as homeowners for the purpose of qualifying as a member of a homeowners' association without need of any written consent or authorization."

"We tried our best not to leave gray areas to prevent conflicts and confusion." Zubiri said the rights and benefits of homeowners, both members and non-members of homeowners associations, are enumerated in the law. The rights of a member are as follows: "(1) to avail of and enjoy all basic community services and the use of common areas and facilities; (2) to inspect association books and records during office hours and to be provided upon request with annual reports, including financial statements; (3) to participate, vote and be eligible for any elective or appointive office of the association subject to the qualifications as provided for in the bylaws; (4) to demand and promptly receive deposits required by the association as soon as the condition for the deposit has been complied with or the period has expired; (5) to participate in association meetings, elections and referenda, as long as his/her bonafide membership subsists."

On the other hand, members have the following duties: "(1) to pay membership fees, dues and special assessments; (2) to attend meetings of the association; and (3) to support and participate in projects and activities of the association." The bylaws shall contain the definition and procedure of determining who are delinquent and administrative sanctions even as it guarantees their right to due process.

The rights and powers of the association are provided for, such as:

"- regulate the use, maintenance, repair, replacement and modification and modification of common areas and cause additional improvements to be made part of the common areas: Provided, That the aforementioned do not contradict the provisions of the approved subdivision plan;

- regulate access to, or passage through the subdivision/village roads for purposes of preserving privacy, tranquility, internal security, safety and traffic order;

- ensure the availability of quality water services at a reasonable price and, at its option, administer and manage the waterworks system of the subdivision;

- impose or collect reasonable fees for the use of open spaces, facilities and services of the association to defray necessary operational expenses, subject to the limitations and conditions imposed under the law, the regulations of the board and the association's bylaws;

- subject to consultation and with the approval of a simple majority of the association members, allow the establishment of certain institutions such as, but not limited to, schools, hospitals, markets, grocery stores and other similar establishments that will necessarily affect the character of the subdivision/village in terms of traffic generation, and/or opening the area to outsiders � Provided, That such prior approval shall not be necessary for the establishment of sari-sari stores; and,

- suspend privileges of and services to and/or impose sanctions upon its members for violations and/or noncompliance with the association's bylaws, rules and regulations," among others.

Zubiri also stressed that the Magna Carta strengthens the accountability of association directors, trustees and Board. "Through a signed petition of a simple majority of the association members in good standing, subject to verification and validation of the HLURB, a director/trustee may be removed for causes provided in the bylaws of the association: Provided, That if a majority of the members of the board is removed, it shall be considered a dissolution of the entire board, in which case, Section 14 hereof shall govern. a signed petition of two-thirds (2/3) of the association members subject to verification and validation of the HLURB, the board of the association may be dissolved for causes provided in the bylaws of the association."

"Until the new board members shall have been elected and qualified, the HLURB shall designate an interim board: Provided, That, such board shall be composed of association members in good standing: Provided, further, That such interim board members shall not be eligible to run in the election called for the purpose of replacing the members of the dissolved board."

The Magna Carta also provided for the duties and responsibilities of the HLURB. Among which are as follows: "Regularly conduct free orientation for officers of homeowners' associations or deputize another competent agency to conduct the orientation; Formulate and publish a Code of Ethics and Ethical Standards for board members detailing prohibited conflicts of interest; Hear and decide intra and/or inter-association controversies and/or conflicts, without prejudice to filing civil and criminal cases by the parties concerned before the regular courts: Provided, That all decisions of the HLURB are appealable directly to the Court of Appeals."

The HLURB is also authorized to ask the assistance of the Philippine National Police and other law enforcement agencies and instrumentalities of the government if necessary to rightfully enforce its functions.

Zubiri stressed the Magna Carta would "hopefully put an end to the confusion on where to register homeowners' associations. All homeowners' association shall register with the Housing and Land Use Regulatory Board (HLURB), instead of listing with the Securities and Exchange Commission (SEC). This will immediately lessen future conflicts and unify fractured homeowners belonging to different associations in one community."

He explained that while existing associations previously registered with the Home Insurance Guarantee Corporation (HIGC) or SEC would still be recognized, the associations could opt to register anew to the HLURB without penalty after the law becomes effective.

As to the activities of local governments such as zone reclassification, the law mandates the LGU to first get the consent of the homeowners in the area targeted for reclassification before these are undertaken.

The Magna Carta also provided for prohibited acts, among them: To deprive any homeowner of his/her right to avail of or enjoy basic community services and facilities where he/she has paid the dues, charges and other fees for such services; To prevent any member in good standing from participating in association meetings, elections and referenda. Violations of the Magna Carta shall be punished with a fine of not less than P5,000 but not more than P50,000 and permanent disqualification from being elected or appointed as members of the board, officer or employee of the association.

Zubiri turned over a signed copy of the Magna Carta for Homeowners and Homeowners Associations in simple ceremony at the Senate of the Philippines. Homeowners and homeowners associations were in attendance, among them Danilo Mendoza representing Alliance of Quezon City Homeowners Association; Bonifacio Dazo, Federation of Las Piñas Village Associations; Atty. Mario Jalandoni, FORA; and Atty. Ed Magpantay, Parañaque Federation of Homeowners Associations.

The turn-over was witnessed by the Housing and Land Use Regulatory Board represented by Romulo Fabul, HLURB Commissioner. The Village Voice, a community paper in Makati City the Village Voice also sent their representative Sigmund Tesorero,Ms. Nelia Estrevencion of SSANGKAP and Marie Allanosa also of the Federation of Las Pinas Village Association, Mr. Anto Ocampo, and Ms. Andrea Rebustillo, Manolo Dayrit.

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2010-01-10T21:20:00.001-08:00

Press Release [ Senate of the Philippines ]
January 5, 2010

NEW LAW SOLVES INHERITANCE PROBLEM OF MINORS' KIDS

Senator Bong Revilla today expressed optimism that the issue of inheritance of children born to underage parents will be addressed by the new law on their legitimacy.

According to the senator, he is proud that the legislative measure which he authored for the legitimacy of children born to underage parents finally became a law after it was signed by President Gloria Arroyo last December 20 as Republic Act 9858.

He said that because of the said law, children of minor parents would finally have the benefits of being a legitimate child, particularly on the issue of inheritance. "Under the Family Code, illegitimate children can only inherit half of what a legitimate child can get. Because of our new law, children of minor parents would be considered legitimate once the parents marry. Hence, they will have a fair share in the inheritance," Revilla pointed out.

He further explained that under Article 177 of the present Family Code, only children conceived and born outside of wedlock of parents who, at the time of the conception of the former, were not disqualified by any impediment to marry each other, may be legitimated."Underage parents cannot be married, not until they reach legal age of eighteen years old. This is considered as an impediment under the present Family Code. This contradicts the Child and Youth Welfare Code that guarantees that the State shall promote the welfare and wellbeing of every child, and safeguard their rights, dignity and personality," Revilla said.

The lawmaker stressed that the new law will also relieve the minor parents from the costly and lengthy adoption process. "To deny them such right by reason of the minority of their parents upon their birth, thereby preventing their legitimation, appears to be unreasonable in light of the stigma and difficulties that illegitimate children have to hurdle during their lives," he added.

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2009-02-26T07:05:00.001-08:00

Laws Governing Subdivisions and Condominiums

Rules and Regulations on Bulk Buying

R-546, S.1994 - adopting the rules and regulations on bulk buying

Rules and Regulations for Industrial Subdivision

Full text

Locational Guidelines for Base Stations of Cellular Mobile Telephone Service, Paging Service, Trunking Service, Wireless Local Loop Service and Other Wireless Communication Services

Rules and Regulations Governing Columbarium Projects

Rules and Regulations for Commercial Subdivision and Commercial Condominium Development

Full text

Rules and Regulations Implementing Farmlot Subdivision Plan

Full text

Implementing Rules and Regulations Governing the Processing of Applications for Locational Clearance of Funeral Establishments

Amending the Rules and Regulations for Memorial Parks and Cemeteries

Amendments to the Implementing Rules and Regulations Governing the Processing of Applications for Locational Clearance of Markets

Amending Article 5 Sections 13, 14, 18 and 19 of the Model Zoning Ordinance (MZO) to Include Slaughterhouse/Abattoir as an Allowable Use

R-650 s. 1999

Amendments to the Implementing Rules and Regulations Governing the Processing of Applications for Locational Clearance of Poultry and Piggery

Amending the Schedule of Fines Imposed by the Housing and Land Use Regulatory Board in the Performance of its Functions

R-675 s. 2000

The 2010 Revised Schedule of Fees

Magna Carta for Homeowners' Association

Full text

Homeowners Association Schedule of Fees

Full text

2011 Revised Rules of Procedure

Full Text

Framework for Governance

Full text

Rules on Registration

Full text

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2009-02-17T10:57:00.014-08:00

Sorry, this page is still undergoing construction . . .

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Act Authorizing the Issuance of Free Patents to Residential Lands

2009-02-17T10:55:00.015-08:00

Act Authorizing the Issuance of
Free Patents to Residential Lands
REPUBLIC ACT NO. 10023

ARTICLES/ NEWS ARCHIVES

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Real Estate Service Laws and Regulations

2009-02-17T10:55:00.013-08:00

REAL ESTATE SERVICE
LAWS AND REGULATIONS

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2009-02-17T10:55:00.011-08:00

LAND REGISTRATION LAWS

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2009-02-17T10:55:00.009-08:00

The FAMILY CODE of the PHILIPPINES

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2009-02-17T10:55:00.007-08:00

The General Banking Act

REPUBLIC ACT NO. 8791

May 23, 2000

AN ACT PROVIDING FOR THE REGULATION OF THE ORGANIZATION AND OPERATIONS OF BANKS, QUASI-BANKS, TRUST ENTITIES AND FOR OTHER PURPOSES

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2009-02-17T10:55:00.005-08:00

The LOCAL GOVERNMENT CODE OF 1991

AN ACT PROVIDING FOR A LOCAL GOVERNMENT CODE OF 1991

REPUBLIC ACT No. 7160

Real Property Taxation

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2009-02-17T10:55:00.003-08:00

The Philippine Constitution

The 1987 Constitution

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2009-02-17T10:55:00.001-08:00

LAWS AND REGULATIONS RELATING TO
REAL ESTATE FORECLOSURE

ACT No. 3135

Rule 68, Rules of Court on Foreclosure

SC Administrative Circular No. 99-10-05-0

SC Administrative Circular 3-98

SC Additional Rules on Foreclosure

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