The Right-of-Way Act (Rep. Act No. 10752), enacted in 2016, faced challenges in land acquisition for infrastructure projects in the Philippines. Senate Bill No. 2821, the ARROW Act, aims to amend this law by streamlining processes, expanding its scope to include public-private partnerships, and mandating a Right-of-Way Action Plan. This act enhances transparency, improves compensation standards, and fosters community engagement, while ensuring rights for informal settlers and indigenous peoples. Overall, it aims to expedite infrastructure development nationwide.
Buying Real Estate in the Philippines While Living Abroad: A Filipino-American’s Step-by-Step Guide
Buying real estate in the Philippines from abroad is complex, particularly for Filipino-Americans. It requires legal due diligence and understanding citizenship implications. Dual citizens enjoy full rights to purchase property, while U.S. citizens face limitations on land ownership. The buying process includes verifying titles, hiring licensed professionals, preparing essential documents, and understanding tax obligations. Common pitfalls include neglecting legal checks and rushing decisions. Strategic planning is crucial for making wise investments aligned with individual goals of ownership or financial security.
The 99-Year Lease Law: Boon for Investments or Threat to Filipino Land Ownership?
On December 16, 2024, the Philippine Senate and House passed amendments to the Investors Lease Act, proposing a 99-year lease for foreign investors, replacing the original 50-year term. This change prompts concerns about constitutional violations regarding foreign land ownership. Civil society warns that such long leases could effectively bypass land ownership restrictions. Key amendments require registration of lease contracts, proof of investment, and conditions ensuring that social and economic contributions are made.
Essential Guide to Paying Professional Tax Annually
As the new year begins, real estate practitioners in the Philippines must prioritize legal compliance, particularly the payment of the professional tax mandated by Local Government Code. This tax, applicable to all licensed professionals, must be paid annually by the end of January. Compliance ensures the right to practice nationwide without additional penalties. Professionals are also exempted from business permits from the LGU once the professional tax has been paid.
Secure Your Investment: The Benefits of Titled Land
Real estate serves as a key risk mitigation and wealth compounding tool, particularly in the Philippines where property ownership is vital for financial stability. Securing land titles enhances legal security, property value, and access to financing, creating significant advantages for landowners. The Torrens system supports this by providing conclusive evidence of ownership, reducing fraud risks. Titled properties often command higher market values and attract easier loan approvals, making the pursuit of land titles essential for long-term investment and prosperity.
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