Philippines Travel Club

Luxury Cruise in the Philippines

2008-06-14T14:59:00.003+08:00

Do you enjoy taking cruise around the Carribean or along the Gulf of Mexico? This year, Boracay Property Holdings Incorporation will be launching the very first Philippines Luxury Cruise ship around the famous destinations in the Philippines... apparently, this will be called "7107 Islands Cruise", based on the number of islands around the Philippines.

“(The)Ang destination (is)ay from Manila to Puerto Galera. We move to Boracay and then to Coron(Palawan). Coron is the new place to discover," according to Al Borromeo, general manager of 7107 Islands Cruise.

This cruise can accommodate about 400 passengers in its 137 rooms. Each room has its own TV, refrigerator and bathroom. The cruise ship has a gym, spa, piano bar, pool and is internet ready also. You can choose the number of days you want to stay on the cruise. You can get on board or get off at any location where the cruise ship will dock. The cruise ship will be staying for about 1 to 2 days on each island.

As of now, the destination will be directed to Coron, Palawan because of the current weather situation in the country. The management is hoping to start their full operations by September of this year.

Currently, the rate for the cruise is at Php5,500/pax per day with a full board meal

information based from GMA7 News

Mount Pinatubo

2008-06-14T06:43:00.004+08:00

Mount Pinatubo is an active stratovolcano located on the island of Luzon in the Philippines, at the intersection of the borders of the provinces of Zambales, Tarlac, and Pampanga. Ancestral Pinatubo was a stratovolcano made of andesite and dacite. Before 1991, the mountain was inconspicuous and heavily eroded. It was covered in dense forest which supported a population of several thousand indigenous people, the Aeta, who had fled to the mountains from the lowlands when the Spanish conquered the Philippines in 1565.

The volcano's eruption in June 1991 produced the second largest terrestrial eruption of the 20th century.^[2] The 1991 eruption had a Volcanic Explosivity Index (VEI) of 6, and came some 450-500 years after the volcano's last known eruptive activity (estimated as VEI 5, the level of the 1980 eruption of Mount St. Helens), and some 500-1000 years after previous VEI 6 eruptive activity.^[3] Successful predictions of the onset of the climactic eruption led to the evacuation of tens of thousands of people from the surrounding areas, saving many lives, but surrounding areas were severely damaged by pyroclastic flows, ash deposits, and later by lahars caused by rainwater remobilizing earlier volcanic deposits: thousands of houses and other buildings were destroyed.^[2]

The effects of the eruption were felt worldwide. It ejected roughly 10 billion metric tons of magma, and 20 million tons of SO₂, bringing vast quantities of minerals and metals to the surface environment. It injected large amounts of aerosols into the stratosphere—more than any eruption since that of Krakatoa in 1883. Over the following months, the aerosols formed a global layer of sulfuric acid haze. Global temperatures dropped by about 0.5 °C (0.9 °F), and ozone depletion temporarily increased substantially.

The area since 1991

Thick ash deposits from Pinatubo are evident in this 1992 photo from the Space Shuttle Atlantis

Following the climactic eruption of June 15, 1991, activity at the volcano continued at a much lower level, with continuous ash eruptions lasting until August 1991 and episodic eruptions continuing for another month. Activity then remained low until July 1992, when a new lava dome began to grow in the caldera.

This dome appeared to be composed of fresh lava from the deep magma reservoir beneath the volcano, rather than material 'left over' in a shallow reservoir from the 1991 eruption. Thus, volcanologists suspected that further violent eruptions could be possible, and some areas were once again evacuated. However, the eruption did not become violent, perhaps due to outgassing from the deep reservoir reducing the explosivity of the lava reaching the surface. Since 1992, the volcano has been dormant.

The Aeta people were the hardest hit by the eruption. The total destruction of many villages by pyroclasts and lahar deposits meant that many Aeta were unable to return to their former way of life. After the areas surrounding the volcano were declared safe to return to, those whose villages had not been destroyed moved back, but most people moved instead to government-organized resettlement areas. Conditions on these were poor, with each family receiving only small plots of land, which were not ideal for growing crops. Many Aeta found casual labor working for lowland farmers, and overall Aeta society became much more fragmented, and reliant on and integrated with lowland culture.

After eruptions ended, a crater lake formed in the 1991 caldera, with the 1992 lava dome forming an island. At first, the lake was small, hot and highly acidic, with a minimum pH of 2 and a temperature of about 40 °C. Abundant rainfall cooled and diluted the lake, lowering the temperature to 26 °C and raising the pH to 5.5 by 2003.

The lake increased in depth by about 1 metre per month on average, until September 2001, when fears that the walls of the crater might be unstable prompted the Philippine government to order a controlled draining of the lake. 9,000 people were once again evacuated from surrounding areas in case a large flood was accidentally triggered. Workers cut a 5 m notch in the crater rim, and successfully drained about a quarter of the lake's volume.

Ecotourism

As of 2007, Mt. Pinatubo is a popular tourist destination in Central Luzon. Tour operators offer a whole-day package which includes a 4x4 jeep ride that starts off at Capas, Tarlac, taking tourists across the barren plains. A 2-3 hour trek then commences on a trail that leads to the crater lake. There, facilities include a viewdeck, cottages, and kayaks. Swimming in the lake is allowed although it is restricted to the proximal banks.^[7]

article c/o Wikipedia
photos by: JayJay Lucas

Pahiyas festival: Lucban, Quezon -May 15

2008-05-12T15:31:00.005+08:00

The colorful Pahiyas festival that we have known for years dated as far back in the 16th century when Catholicism is on the rise in Quezon province. As many have told, it started as a way of thanksgiving for a good harvest. And the bountiful offers were given to the Franciscan missionaries who brought Catholicism in the 1500s.

Since then, it already begun as a tradition among the Lucbanins until 1595 when the construction of the wooden church paved the way for the locals to bring their harvest to the church. It was believed that this rite must be done by the farmers in order to avoid bad luck, drought and famine. But this is actually done to celebrate the feast of San Isidro, patron saint of farmers. Through the years, they were showered with many blessings and harvest continued to be in uprising. Such time came when people have thought of displaying their harvest in front of their houses where the priest would come and bless them. Each year, the route of the priest blessing the harvest, vary for everyone to get a chance to participate.

So, get ready with your sneakers and rubber shoes as you trek the old streets of Lucban during this season. First thing one would notice is the “kiping.” This is a wafer made of rice and shaped into a tree leaf. It comes in colors of pink, green and yellow matched with richness of their harvested fruits that are then lined-up as decoration in front of a participating house. Another thing that can be made out of “kiping” is a chandelier that is also placed in each house. But what keeps you looking back at these creations is not just the color but the ingenuity and creativity of the people who keep reinventing concepts year after year.

Next best thing are the floats that are also seen in other towns of Quezon in celebration of San Isidro Festival. Fresh fruits and vegetables are everywhere and it has been a tradition that people pick them once they pass along your area.

Presently, the Pahiyas Festival has become the pride not only of Lucbanins but all Quezonians for consistently keeping the culture and religion alive. The bright colors of “kiping” transcend the beauty if this town, not to mention the friendly smiles and greetings you get to receive from one street to another.

Lucban is one of the most-visited places in Quezon Province especially during summer. It has continued to be the undeniable Summer Capital in Southen Tagalog for its inviting and cold weather. It was told in the myth that five men found Lucban Quezon during the 16th century in the persons of Marcos Tigla, Lucas Guimba, Lucas Galandang, Lucas Nanawa and Antonio Manduman. And it was in fact, Marcos Tigla who became the first “kapitan.” A year later, people flocked in this town not only because of its weather but also its places. One particular site is its church. It was built in 1630 by the order of Kapitan Lucas Martin. But in 1732, a huge fire hit this Roman Catholic church and none was left except for the convent. But years later, it was rebuilt and has remained to be sure spot for tourist until now for its nostalgic façade.

c/o Toni de Villa -www.discoverquezon.com

Manila Ocean Park

2008-05-12T08:24:00.001+08:00

Manila Ocean Park has opened it's doors to the public since February 29, 2008. It's the Philippines’ first state-of-the-art Oceanarium, open water marine habitat, boutique mall, restaurant row and function facilities all located in one complex at the back of the Quirino Grandstand. The Oceanarium is open from 10am to 6pm daily; the Mall opens from 10am to 9pm for weekdays and 10am to 10pm for weekends and holidays; while the Open Marine Habitat will be open from 10am to 9pm daily. Though as of now, only the Oceanarium is operational. Here are the ticket prices and contact person:

Admission

Adults : Php 400.00

Kids : Php 350.00

Special rates are available for group and school tours.

For inquiries, please contact:

General Sales : Edwin Ventura

School Sales : Ronnie Pangan

Corporate Sales : Jovi Villote

Manila Ocean Park is dedicated to educate and spread awareness on the conservation and preservation of Philippine marine life. Our Public Education Programs form a most important part of our daily operations here at Manila Ocean Park. Regular facility efforts extend from marine life exhibits and interactive multi-media offerings, to symposiums, workshops, and film-presentations.

MOP brochures and fun facts and other activity books shall be available at the Oceanarium.

c/o ManilaOceanPark official site

2008 World Pyro Olympics

2008-05-12T08:15:00.000+08:00

Message from the Dept. of Tourism

The Department of Tourism, together with La Mancha Pyro Productions, Inc., invites you all to the World Pyro Olympics III, the world’s premier international pyrotechnic competition.

An arena where participating countries from around the globe which include Australia, Canada, China, France, Germany, Italy, Korea, Venezuela and the Philippines assemble to showcase their technical expertise and creative talent in a fabulous display of classical fireworks and pyro-musicals…where people from all walks of life gather to witness a spectacle of science transformed into a dazzling array of visual art that is absolutely beyond the usual.

Come and be part of this amazing and colorful celebration! Mabuhay!

ACE DURANO
Secretary

DATES

The World Olympics III (2008) will be held on the following dates:

May 3, 2008 -China
Germany

May 10,2008 - Canada
France

May 17, 2008 - Italy
Venezuela

May 24, 2008 - Fellowship of Fire - Collaboration of all countries with the Philippines

La Mancha Pyro Productions representing the Philippines - Pyromusical show exihibition

LOCATION

The World Pyro Olympics III will take place once again at the Esplanade behind SM Mall of Asia in Pasay City.

Click to download the Esplanade Map.

Ticket Prices

The World Pyro Olympics offers three kinds of tickets:

1.) General Admission – US$4.00 (PhP150)

The General Viewing area is a free seating area, much more like a picnic area where families usually just bring mats, relax and watch the show as they please. The General Viewing Area provides a good view of the fireworks. There will be several concessionaires around who will provide various kinds of food and drinks.

2) Special Viewing Area (No dinner) – US$24.00 (PhP1,000)

The special viewing area (no dinner) is a free seating area where you can buy food and drinks inside and enjoy a prime view of the fireworks. There will be various food concessionaires in this area. Seats are available on a first come first serve basis.

3) Special Viewing Area (With dinner) - US$36.00 (PhP1,500)

This Special Viewing Area (with dinner) is an area with guaranteed free seating, where dinner is served. Guests can feast on a scrumptious dinner and can enjoy the best and central view of the fireworks as this is the area right next to the seawall of Manila Bay. There are 10 persons to a table. One can reserve a table by purchasing 10 tickets in advance which is what most people did last year. This guaranteed free seating area is the perfect place to have memorable family, class or corporate gatherings. Some have already purchased seats in advance for client gifts, employee bonuses, etc. Don't miss the chance to share this world-class occasion with your loved ones!

FOR TICKET INQUIRIES AND PURCHASES:

CALL 817-3073 (LOC 102)

TICKETS WILL ALSO BE AVAILABLE IN ALL TICKETNET OUTLETS ON APRIL 19, 2008 - CALL 911 - 5555

TICKETNET WILL ACCEPT PAYMENTS IN PESOS (PHP) ONLY

c/o WorldPyroOlympics official site

Anyone Considering Philippine Real Estate Investments Should Move Now

2008-05-07T13:18:00.001+08:00

Construction costs in the Philippines are seen to increase by more than 25% this year due to steep global steel, cement and copper prices rises on the back of US Dollar devaluation.

Nearly all construction materials used in the development of Philippine high-rise buildings are imported. The cost of Steel has more than doubled in price over the past 12 months. With continued depreciation of the US Dollar value in South-East Asia, construction materials exported from China, Korea and Taiwan, together with shipping costs, are increasing at a phenomenal rate as exporters of steel, electrical components and cement in the region set upwards of 20% price increases to offset the Dollar’s regional devaluation.

Beth Collingz, PLC International Marketing Networks Sales Director and lead Marketing Partners for Pacific Concord Properties Inc’s Lancaster Brand of Philippine Condotels anticipates substantial increases in construction costs over the next 18-24 months will force developers in the Country to make adjustments to their selling price for new condo developments going up in Manila and other cities.

Now is the time to invest in Philippine Real Estate and lock in at current price levels said Collingz who’s Lancaster Condo Hotel brand offer the security of International Standards of Trust Account Escrow Banking facilities for all buyers payments.

The Lancaster Atrium Suites are available on the very affordable and competitive New Payment Plan that provides for Suites to be purchased on a 12 year Payment Plan that provides for 50% of the purchase price of the unit to be paid over 4 years without interest and the remaining 50% over 8 years which can be partially or fully offset from income on the Condotel rentals. Units may also be purchased on a Six Year No Interest Charge Term of payment or longer term "In-House" financing plans. Turnover of units Lancaster Atrium will be from December 2011

All payments will be made to the Lancaster Suites Manila Atrium Tower A Equitable PCI Bank Escrow Trust Account. It is anticipated, given the track record on sales of Tower I Units that property appreciation for initial buyers of Tower A Atrium Units will be at least 60-70% on turnover of units.

Lancaster Suites Condotel Concept

2008-05-07T13:17:00.001+08:00

The Lancaster Suites Tower I Condotel Manila, located along Shaw Boulevard, a mere 5 mins walk from Ortigas Center is offering Studio, One, Two & Three Bedroom Condo units for sale on 12 month In-House payment terms or up to 15 year payment terms through pre-approved Bank financing.

Great Investment for Fil-Am's whom visit Manila for Vacations or Business as they can earn Rental Incomes of some 12-16% ROI per annum as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. This makes Lancaster Suites one of the Hottest Investment Opportunities in the Philippines.

All units at the Lancaster Suites have kitchen facilities. The standard unit price for the residential unit provides for the suite to be semi-finished and partially fitted but not fully furnished. Included in the current price are the interior finishing’s such as tiled & fitted bathrooms, bedrooms with simulated wood plank flooring, living and dining area tiled floorings and lower kitchen cabinets/work tops installed. Walls and cielings are painted cement finsihes.

A complete optional extra Condotel interior fit-out package including unit enhancements, furnitures and appliances is available.

Monthly condo dues are currently around 80 pesos/square meter of the unit floor area/month..

The Lancaster Suites “Condotel” Concept

Rental Income…….

The Condotel Advantage only at THE LANCASTER SUITES

A Condominium Hotel or “Condotel” combines the convenience of a residential condo with the amenities of a hotel.

Unit owners in a “Condotel” may opt to join the rental pool where he signs with a professional hotel management team who will convert the project into a world class hotel / serviced apartment. A serviced apartment is run just like a hotel but guests usually stay on a long term basis. For the tenant, this means savings since he is not charged a daily rate nor does he have to put up a security deposit like in a regular apartment.

Aside from real estate appreciation, unit owners receive a steady monthly income based on the size of their unit regardless of whether said unit was leased or not. This is because the hotel management will pool together the total income of the entire hotel and distribute this to unit owners net of any expense.

This makes the investment cost efficient and practically risk free.

Unit owners in the rental pool enjoy totally hassle-free CONDOTEL management. They need not worry about unpaid electricity bills, unpaid rent, and other problems so common in conventional leasing. All concerns, down to the payment of electricity bills and utilities are taken cared of by the professional hotel management operator. Lancaster Suites unit owners can sit back, relax, and wait for their monthly rental income from anywhere around the world.

Since Lancaster Suites is a full service Condotel, unit owners also enjoy full hotel services such as 24-hour telephone operator service, a local PABX telephone line in each unit (no need to apply for your own landline), Cable & High Speed Internet connections, 24 hour House Keeping service, Laundry pickup service on demand and Room Service.... even as a resident.

Assured Returns

Pacific Concord Properties’ President & CEO, Mr. Ronald Lim is the author of the professionalized Condotel concept wherein unit owners in the rental pool get equal rental income per square meter; per month. Fairness is assured since all Lancaster Suites unit owners enrolled in the rental pool earn equal rental income based per square meter. All unit owners will earn the same amount per square meter regardless of actual unit usage. This makes the Lancaster Suites a profitable, transparent and fair investment especially for foreigners and overseas based Filipinos.

Lancaster Suites [Manila] is designed and conceptualized as a private residential Condominium Hotel [“Condotel”] or fully serviced private residential condominium building with facilities of a Hotel including full Room Service, Laundry, 24 Hour Security Guards, Full Concierge, 24 Hour Reception, PABX Telephone Operators, High Speed Internet service, Resturants, Coffee Shops, Mini Shopping Mall, Entertainment Center, Private Businessman's Club etc....

The units in the building are all privately owned by the respective buyers. The unit owner has the “option” of enrolling his or her unit in the Lancaster Suites “Condotel” Rental Pool. The building and the rental pool will be managed and operated by Lancaster Hotels & Resorts which is a affiliate company of the Owner/developer Pacific Concord Properties, Inc., If the unit owner opts to enroll a unit in the “Rental Pool” they merely have to do so for a yearly period, however they may still use the unit for 1 month within the calendar year with notice….

The Lancaster Suites will operate as a Private Hotel and will source clientele from Travel Agencies, Advertising, Local Chambers of Commerce, Business Establishments and other prominent organizations in the Ortigas Center area etc as would any other Hotel in Manila…….

The Lancaster rental pool will operate on a “Co-operative” basis. Example: There are 50 units enrolled in the pool with a total floor area of 1,400 square meters. The Hotel room operations derive a monthly rooms rental income of 2,640,000.00 pesos for the calendar month on 80% occupancy. The unit owners will receive a 60% share of the net proceeds as share of the rentals. This however will be paid as a “Dividend” based upon the total floor area of the rental pool. Example: Proceeds in Pesos 2,640,000.00.00 x 60% = 1,584,000.00 divided by the total floor area of the rental pool units [1,400 sqm] = 1,131.00 pesos per square meter which will be paid as the monthly rental dividend.

Hence, if you owned a Studio Unit in the rental pool, you share of the proceeds for the month would be your floor area, example 28 square meters multiplied by the dividend of 1,131 pesos. Ergo: your rental income would be 31,668.00 pesos monthly [USD 750.00].

This is pro-rated whether you own a Studio, 2 Bedroom or even a Penthouse Suite.

On today's cash purchase price for a 28sqm Studio in the Atrium Tower II this represents an approximate net ROI of 12-16% per annum through Rental Incomes with 30 days owner occupation or reciprocal room nights at the Lancaster Cebu Resort Residences.

Moreover, because this is “Cooperative” basis, even if your unit was not actually used during the month you still get a share of rental proceeds because of the pro-rated pool sharing system of dividends…

There are in all Condominiums the “Monthly Condominium Dues” or Homeowners Association Fees payable to cover such recurring expenses as the maintenance of the common areas, security guards etc…. and this will be around 80 pesos per square meter based upon you unit size. Annual Real Estate Taxes are around 8,000 pesos for the Studio units. A complete Condotel enhancement, furnishing, furniture and appliances “Fit-Out” package is available at extra cost, for clients intending to enroll their units in the Condotel Rental Pool…

As with all Real Estate covered by Certificates or Titles Deeds, a 2.5% Final Closing Fee representing transfer and issuance of condo Title Deeds is also payable upon full payment for the unit.

The Lancaster Suites is Full Property Ownership Not Time Sharing

Most real estate “Agents” would seem to have a totally incorrect about Condominium Ownership in the Philippines that a Condo Unit can be only be owned for 50 years. This idea wherever it came from is incorrect. The property held by Pacific Concord Properties, Inc., for the Lancaster Developments is a “Freehold” property. It is free from all loans, mortgages and any other encumbrances. The property is not leased. The land where Lancaster Suites [Manila] is located is fully owned. It is covered by a Land Certificate of Title reproduced in the corresponding owners Transfer Certificate of Title [TCT]. This applies to all Condominiums in the Philippines registered under the Condominium Act [Republic Act 4726]……………

Lancaster Suites [Manila] is fully owned and titles issued and transferred into the name of the Condominium Corporation in accordance with the Condominium Law. The Lancaster Manila Condominium Associations are incorporated and registered with the Housing & Land Use Regulatory Board ….

Each individual unit [as well as all the “Common Areas”] in the building are covered by, and owners will be issued a full Condominium Certificate of Title [CCT] representing their ownership in fee simple of the Condominium Unit.

There is no “time limit” as to ownership of the Lancaster Condominium Units. This [Lancaster] is not a “time sharing” Condominium. However, where the “50 Year Term” is applicable is the charter of Corporations under the Corporation Code. This has nothing to do with ownership of a Condominium Unit per see. However, you must fully understand the mechanics of a Condominium Corporation, that owns and holds freehold titles to the land, of which the unit owners are automatically stockholders and members and the rights and privileges of owning a Condominium Unit covered by Condominium Certificates of Title representing ownership in fee simple of the unit.

As with any Corporation, the Lancaster Suites Manila Condominium Associations will have stockholders and members. The Stockholders and Members will comprise of each and every holder of a Condominium Certificate of Title [CCT] of a unit in the building. This is where the 60% - 40% ownership rule by Filipinos/Non-Filipinos derives and is applicable as it is the Condominium Association that owns the Land and holds “Freehold” title thereto. Each holder of a CCT is automatically a stockholder and member of the Association and has all rights and privileges as a stockholder of any corporation. He has the right to vote [according to the number of units he owns] and he is also entitled to pro-rated share of the assets of the Corporation upon it’s dissolution which can only be done by a majority 2/3rds vote. In this case the “assets” of the Corporation are Freehold Land Titles together with Titles to the “Common Areas” of the building.

Now here’s where the 50 year thing comes from…… A corporation under Philippine Law has for it’s Charter the existence in Law for a period of 50 Years. At the end of the 50 years, the then Stockholders of the Corporation [which are all CCT holding unit owners] may vote to renew the Corporate Charter for another 50 years…. Or vote to dissolve the Corporation in which case the “Assets” of the Corporation may be sold and proceeds equally divided among the stockholders on a pro-rated basis. This means that a unit owner in a building of let’s say 300 units assuming he owns one unit would get a 1/300th share of the proceeds of any sale of the assets….

Philippine Property Ownership

• Foreign Ownership of Philippine Real Estate & Assets

A Foreign National can only own Philippine Real Estate through the purchase of Condominium Units or Townhouses constituted under the Condominium principle with Condominium Certificates of Title [CCT Title Deeds].. [Note* Townhouses covered by a Transfer Certificate of Land Title are not allowed to be owned by Foreign Nationals]. More information on this is provided below, and or contact us by email plcsales@pldtdsl.net for further information. Foreign Nationals can only buy and own condominium units under Republic Act 4726, otherwise known as the Condominium Act, provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation), and no one can buy shares in a condominium corporation without at the same time buying a condominium unit. Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation.

As for Philippine Visa Requirements a 21 day Tourist Visa is granted upon entry for most foreign nationals. A Tourist Visa can be extended for periods up to 6 months once in the country. For Foreign Nationals planning to stay for longer term visits to the Country, a Retirement Visa may be applied through the Philippine Leisure Authority. An inward remittance deposit of either USD50,000 or USD75,000 [depending upon the applicants age] is required to be placed on time deposit for 6 months with a Philippine Bank. After the Visa is granted the deposit can then be used for the purchase of a condominium unit, shares of stock in corporations and proprietary membership shares.

• Right To Own Philippine Real Property

Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines. As an exception to this rule, foreign acquisition of Philippine real estate is allowed in the following cases. Acquisition before the 1935 constitution. Acquisition thru hereditary succession if the foreign national is a legal heir. Purchase of a Condominium unit or not more than 40% interest as a whole in a condominium project or building. Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law. A Filipino who is married to an alien retains their Philippine citizenship, unless by their act or omission they are deemed to have renounced their Philippine citizenship. [Please see notes on the Philippine Dual Citizenship Law].

• Foreign Ownership as a Philippine Corporation

Another way for foreign nationals to invest in Philippine real estate is for the Foreign national or foreign corporation to create a Philippine corporation to hold title. This allows the Philippine corporation of a foreign national or foreign corporation less investment risk and more control of their Philippine real estate investment, and other Philippine investment assets. Foreign nationals, and corporations may 100% own a Philippine condominium or town home.

For private land, residential home with land lot and or commercial building with land lot ownership the foreign national and or corporation forms a Philippine Corporation to take ownership of the property. On paper, a Philippine Corporation by Philippine law will be a maximum of 40% foreign owned, and a minimum of 60% Filipino owned with a minimum of five incorporators. The Philippine corporation by law shall have a main bank account tied to it before and upon incorporation. A foreign national may be the sole person on the Philippine corporation bank account once after the Philippine corporation has been created and power of attorney has been handed over to the foreign investor at the time of incorporation. Thus allowing the foreign national total control over the funds derived and paid out from the Philippine Corporation and from the income or sale of the asset or real estate property.

However, as previously mentioned, care must be taken as a foreign investor and adequate caution should be taken upon considering taking title to real estate in this manner to avoid being accused of using Filipino Citizens as mere "Dummies" to circumvent Constitutional Provisions prohibiting Foreign Nationals from acquiring Land in the Philippines. A typical example of "bona fide" property holdings would be Hotels, Guest Houses, Offices and Commercial Premises, Investments in Condominiums or Condotel Investments in the Philippines as Income Generating Real Estate

• New Dual Citizenship Laws Affecting Property Ownership

Dual citizenship is now newly available under Philippine Law. Dual citizenship means having two citizenships and passports from two different countries. Former Philippine citizens born in the Philippines, but that have immigrated to another country and obtained citizenship of that country. A foreign spouse married to a Philippine citizen. Dual citizenship allows the citizenship holder full rights of possession of Philippine real estate property.

* Philippine's Embraces Dual Citizenship [September 19, 2003]

In a landmark bill, the Philippine Government enacted Citizenship Retention and Reacquisition Act. With this act, the decades-old ban on dual Philippine citizenship was thrown away. The Philippine Congress recognized that in today's world, Filipinos have dispersed around the world and have even taken on the nationality of their new home countries while maintaining their strong ties to the Filipino community, heritage and families.

Unfortunately, prior to this act, a Filipino who naturalized in another country, such as the U.S. lost Filipino citizenship. The Philippine Congress recognized that this seriously affected the unity of Filipinos overseas with those in the Philippines. It also had drastic consequences with prior Filipinos losing interest in investing in the Philippines.

The new act allows all prior Filipinos who lost their Philippine citizenship because they became citizens of another country to regain Philippine citizenship. It also allows Filipinos who want to naturalize in another country, like the United States for example, to keep their Philippine citizenship. Reacquiring and retaining citizenship allows dual national Filipinos to vote and run for elected office.

The children of Filipinos who reacquire citizenship are also affected. Those unmarried children, under the age of 18 will also be considered to be citizens of the Philippines. This includes legitimate, adopted, and illegitimate children.

The reacquisition of Philippine citizenship is not automatic. Filipinos who lost Philippine citizenship when they became citizens of anther country must swear an oath of allegiance. The oath is found in the text of the act, and in the coming months the Philippine Department of Justice will provide rules on the administration of the oath. One can envision that former Filipinos overseas need appear at their local Consulate to take oath and apply for Philippine passport.

The new act accepts back, with open arms, Filipinos who lost their citizenship. It embraces dual citizenship and recognizes that in today's day and age dual citizenship is a desirable factor for Filipinos who maintain their allegiance to their homeland.

• Foreigner Married to a Philippine Citizen

If holding a land title as an individual, a typical situation would be that a foreigner married to a Philippine citizen would hold the land title in the Philippine spouses name. The foreign spouse's name cannot be on the property Land Title and he/she will never have any rights over the property whatsoever but can be on the contract to buy the property. In the event of death of the Philippine spouse, the foreign spouse is allowed a reasonable amount of time to dispose of the property and collect the proceeds or the property will pass to any Philippine heirs and or relatives. As a foreign investor caution should be taken upon considering taking title to real estate in this manner. In the event of divorce or legal separation, a Foreign National will simply walk away without a cent as the property, even if sold, all proceeds will be awarded to the Filipino spouse. However, the purchase of a Condominium Unit may be held, registered and titled under the name of a foreign national and he/she may legally sell or dispose of the property at any time without restriction.

• Condominium Residential Commercial Development Ownership Law

Presidential Decree No. 957, which regulates the sale of subdivision and condominium developments. The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB). Certain conditions are required before a license to sell condominium development units and or subdivision development lots and homes is issued to a Filipino or Foreign owned individual or corporation. The pre-requirements include a project certificate of registration, a performance bond, and an approval of the building plans and specifications.

Welcome to Philippines Travel Club blog site!

2008-05-01T07:31:00.000+08:00

Hi, in the next few days we will be providing you information on where to go and what to do in the Philippines. From time to time we will also give you the rundown on some of the best tourist spots around the 7,107 islands. We will update this site as often as we can so keep us on your bookmark or subscribe to keep yourself posted...