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Saturday, March 20, 2010

on foreign land ownership.....

My friend Jen from Ireland went back to the Philippines last week with her husband Damien not just because she's sick of the cold weather in the Northern Hemisphere but so as to purchase a property here. Yeah, she decided it's about time to own a house.

And so she visited me here in village and asked for my help. Everything went on smoothly and she actually liked it. But on the night that they are about to decide, something snapped. Whilst watching tv, Damien, her husband saw a program about foreign land ownership in our country. To cut it short, they learned that if at any rate Jen dies, Damien cannot own the house and lot.
"Currently the general rule is that only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines."

Jen and Damien

Jen has to give up her dream house and lot for the mean time

Fair enough, for us. Coz that's our law. But I also feel the concern of her husband. We'll that's unfair he said. In Ireland ( a tiny European country) All the things that they share as conjugal properties will be transferred to his wife in case he dies.

So what's with the protectionism? I think our constitution needs a quick fix. It's outdated and backwards. How can a country as poor as ours be so unfriendly to foreign investors? While other countries are trying to lure them to tgheir shore, we are doing everything to boo them out. How's that?

One bright side, Damien can own at least 40% share in a condominium unit purchase. Maybe they will just settle for that. sigh

28 comments:

  1. Kahit ung foreigner ang magbayad? hehehe

    ReplyDelete
  2. it's just fair pusa.The law is just protecting the Phil's territory.Mahirap lng tayong bansa but it doesn't mean dahil mayaman ang mga foreigners eh kayang kaya na nilang bumili ng mga ari-arian sa Pinas.Imagine kung ganun ang kalakaran, baka dumating ang araw mga Pilipino tayo pero ang Pilipinas,sakop at pag-aari na ng mga foreigners. Hope I did make sense. ;-)

    ReplyDelete
  3. Siguro ang maganda nilang gawin, bumili sila ng isang property or house dito then gawin nilang bahay bakasyunan...

    di ko din kasi masyado naiintindihan yung mga laws sa mga ganyan eh. >_<

    ReplyDelete
  4. Fair lang 'yun kasi foreigner siya...


    Okey lang 'yun!

    ReplyDelete
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    ReplyDelete
  6. glentot--uo. pera nga ng asawa nyang foreigner e. it's not the issue. the point is, they can't have the property even if they are rich.

    ReplyDelete
  7. mishi----I really thought that''s old school economics. And it hasn't worked for the past 100 years...or say, since our recorded history. time to change strategy and prosper.

    ReplyDelete
  8. fiel-khun---same din. kung ang issue is yung sinbabi ko sa blog. complicated.or maybe they are just trying to complicate it. hehe

    ReplyDelete
  9. Mangyan---isnt it time to change that? it's too backwards and is against progress.

    ReplyDelete
  10. agree ako kay fiel-kun............kaya nga lang mahirap gawing bakasyunan ang pilipinas kasi madaming kidnapper at mga masasama,hehe..

    ReplyDelete
  11. Sapat lng ang batas n iyon...mabuti n din un kesa ubusin n lng mga dayuhan ang ating mga ari-arian dahil lng sa may kakayahan silang bumili...

    ReplyDelete
  12. I think it's pretty fair. Para maiwasan din yung iba na masama intention, u know, magpayaman lang dito and own our land.

    ReplyDelete
  13. Arvin-- naglipana ba? hehe.depende siguro sa area. lol

    ReplyDelete
  14. Chyng---mukhang unanimous ang decision / opinion ha. hehe

    ReplyDelete
  15. hi, anton. shie here of power1. musta na? i'm also for protecting our land especially that many foreigners abuse our country, natural and human resourceswise. a condo unit is fair enough. but since damian is married to jen, he can consider the process of naturalization. in case something happens to jen (knock on wood), at least he's protected of his rights, as a rightful owner of his property.

    ReplyDelete
  16. I was aware of the 60% Filipino ownership rule for corporations to own Philippine land. Land ownership of a Filipina to pass on to her foreigner spouse however was news to me. The law was passed to protect the domain, I guess, to make sure that Philippine soil is retained by Filipino owners. I guess dual-citizenship would be their best bet to protecting their landed interests.

    ReplyDelete
  17. i didn't know na ganun pala ang pwedeng mangyayari. that's really unfair. i agree na they have to make some adjustments with provisions as stated by the law.

    ReplyDelete
  18. Shi--bat ganun ang multiply account u? Lito ang nakalagay---ate Shi?
    ayaw pa-neutralize ni Damien...I wonder kung sinung foreigner ang may gusto given our sorry situation.

    ReplyDelete
  19. ShatterShards --but come to think of it. can we really put a tagprice on ourselves, like saying---hey---either you become a Filipino citizen or not.....if Thailand can do it, why can't we,,....

    ReplyDelete
  20. lucas---now that's a progressive view mate. thumbs up~~~~

    ReplyDelete
  21. there are pros and cons on this and so i believe that there should be limitations. maybe just a few refurbishment of this law can be done.

    ReplyDelete
  22. Anton,

    nakakatawa naman ung link ko. kanino kaya un? here, sana tama na 'to:
    silverlining0801.multiply.com

    ReplyDelete
  23. ate shi---ayun. tama na. ang weird nung una.hehe

    ReplyDelete
  24. the donG---for sure, safety measures could be imposed, yeah, something has to be modified....

    ReplyDelete
  25. That's kind of intricate, a sense of privacy for Filipinos but I agree with that idea of conjugal property, but our law does it for safety measures or so.

    I agree with Mishi and fiel-kun :)

    ReplyDelete
  26. [f.c]---I think the safety measure is doing more harm than good....

    ReplyDelete
  27. yea, true. may punto ka jan tonyo. that's one of our disadvantage. protectionism is outdated in this time of globalization. come to think of it... in a developed country like germany a foreigner can own a property.

    i think this is one thing that the government should look at and address. the opportunity for foreign nationals to own properties in the philippines should not be limited only to the retirement villages we are promoting.

    ReplyDelete

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