Category Archives: Property & Estate

Real Estate Investment Trust (REIT) in the Philippines: Introduction and Salient Points

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A Real Estate Investment Trust (“REIT”) is a stock corporation established principally for the purpose of owning income-generating real estate assets. For purposes of clarity, a REIT, although designated as a “trust”, does not have the same technical meaning as “trust” under existing laws and regulations but is used for the sole purpose of adopting the internationally accepted description of the company in accordance with global best practices. 

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New Normal for Owners and Operators of Hotels and other Accommodation Establishments in the Philippines

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When the lockdown is lifted and areas are no longer under any community quarantine, Accommodation Establishments will have to face the challenges of a New Normal. “New Normal” refers to the emerging behaviors, situations, and minimum public health standards that will be institutionalized in common or routine practices and remain even after the pandemic while the disease is not totally eradicated through means such as widespread immunization. In plain terms, New Normal means things will never be the same, and it is going to be extra challenging for owners or operators of Accommodation Establishments.

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Estate Tax Amnesty: Processes, Coverage and Summary of the Tax Amnesty Act

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The Tax Amnesty Act (Republic Act No. 11213), signed into law on 14 February 2019, provides for a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that will give reasonable tax relief to estates with deficiency estate taxes. In other words, it provides a clean slate for taxpayers with existing estate tax delinquencies. Here is an introduction to the Tax Amnesty Act, in conjunction with Revenue Regulation No. 6-2019 issued by the Bureau of Internal Revenue (BIR).

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Notarial Wills: Form and Requirements of Last Will and Testament

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A will is an act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of this estate, to take effect after his death (Civil Code, Art. 783). The person who makes the Will is called the testator. The elements are discussed below. For easy reference, the provisions are cited (unless stated otherwise, the provisions are from the Civil Code).

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Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009: Table of Contents, Full Text

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SEC Memorandum Circular No. 1, series of 2020, containing “The Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009, was published at the PDI and Philippine Star, and filed with the UP Law Center, on 23 January 2020. The REIT Rules took effect on 7 February 2020. See Introduction / Salient Points. The full text is available by clicking the link to each item of the Table of Contents:

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Holographic Wills: Form, Requirements for Validity and Probate

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A holographic will is one which is entirely written, dated, and signed by the hand of the testator himself/herself. The only requirements for the validity, and probate, of a holographic will are those contained in Article 810 of the Civil Code, which reads in full: “A person may execute a holographic will which must be entirely written, dated, and signed by the hand of the testator himself. It is subject to no other form, and may be made in or out of the Philippines, and need not be witnessed.”

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Coverage of the Rent Control Law in the Philippines

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If you search the internet, there are various write-ups on the rule that any rent increase should not be more than 7% per year. It’s not surprising, however, that some landlords or lessors have increased rents by an amount higher than 7%. So, what is the coverage of the existing rent control law?

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