A Homebuyer’s Guide to Philippine Real Estate Laws and Regulations

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While buying a home is exciting, do not forget the importance of its legal aspects. Navigating relevant real estate laws and regulations is essential to making more informed decisions and safeguarding investments. Lucky for you, we are here to help you out. Let us talk about vital real estate legislation in the Philippines that every homebuyer should know.

 
3 Philippine Real Estate Laws and Regulations

Understanding the following laws thoroughly is crucial for anyone looking to own property in the Philippines.

 
1. Real property tax

Owning real estate in the Philippines means you are subject to real property tax. Local government units (LGUs) annually impose this tax on all properties, including land, buildings, and other structures. Tax rates depend on the property's location, with the Local Government Code of 1991 Section 233 listing them as follows:

· Provinces: <1% of the property's assessed value

· City or municipality within Metro Manila: <2% of the property's assessed value

However, there are some exceptions to this policy. Public properties, cooperatives, charities, churches, and cemeteries, among others, do not have to pay real property taxes.

 
2. The Condominium Act

Are you a foreigner hoping to own a condominium unit in the Philippines? Do not fret—you have every right to do so. The Condominium Act allows non-Filipinos to buy and own condos, provided Filipino citizens comprise 60% of the project's ownership share. In other words, foreign ownership must be in the minority.

This policy is especially beneficial if you are looking to invest in properties within urban areas and central business districts (CBDs).

 
3. The Maceda Law

The Philippine government protects buyers who are paying via installments. The Maceda Law or Realty Installment Buyer Act prevents you from losing your investment due to defaulting or canceling your contract. It grants a grace period of at least 60 days, provided that you have paid at least two years' installments.

Moreover, you can refund a property if you have paid for those two years. Sellers also cannot cancel the contracts due to non-payment of installments.

 
More about Philippine Real Estate Laws and Regulations

When buying a home, it is not only the location, aesthetics, and financial considerations that matter. It is equally important, if not more, to have a thorough understanding of real estate laws. It will help you make more informed decisions about your investment, allowing you to acquire properties without worrying about conflicting with the law.

We have only discussed some essential Philippine real estate laws and regulations. Check out the infographic below to learn more.

Cebu City: Proud host of 3 world-class expositions in one-stop destination

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Today marks a momentous occasion in Cebu as three of the region's most prestigious and influential expos come together under one roof. The grand opening of CEBU TRIO: The Philippine Building and Construction Exposition (PHILBEX) 2023, Cebu Foods and Beverages Expo (CEFBEX) 2023 and the Cebu Auto Show (CAS) 2023 are all set to redefine the landscape of these dynamic industries in the Philippines. This synergy promises an unparalleled experience for industry professionals, enthusiasts, and the general public alike. The unprecedented collaboration showcases the dynamic spirit of Cebu's vibrant business community and the rising international opportunities across Central Visayas.

The event was graced by esteemed guest speakers, including Mr. Allan Poquita (Regional Director of BFAR - region 7), Dr. Gerry S. Avila (Supervising Agriculturist II Chief, Field Operations Divisions - Department of Agriculture - Region 7). Engr. Jesus F. Zamora Jr. (Regional Director of DOST - region 7), and Engineer Crystal Como (Representing Honorable Mayor Jonas Cortes of Mandaue City, Cebu), Worldbex Services International’s Founding Chairman Mr. Joseph L. Ang, Ms. Levy Ang | WSI Co-founding Chair, Ms. Jill Ang | WSI Managing Director, Ms. Michelle Paula Ang-Yu | WSI Finance Director, Mr. Rene Ramos | WSI Director.

Attendees enjoy FREE hourly bus service from 9:00 AM to 5:00 PM, with a quick 15-minute wait between trips. Routes include IC3 Convention Center, Ayala Center, Parkmall, SM City Cebu, Waterfront Cebu City Hotel and Casino. Travel hassle-free to and from the event!

Come and explore the latest trends and innovations in the food and beverage, construction, and automotive sectors. Witness groundbreaking technologies and products that will shape the future of these industries while ensuring network and trading opportunities with industry leaders, manufacturers, suppliers, and experts from all over the world. CEBU TRIO offers an exceptional platform for forging valuable business relationships and collaborations. Immerse yourself in captivating displays of furniture craftsmanship, architectural designs, new food flavors and automotive marvels. Witness the convergence of creativity and engineering excellence only here at PHILBEX, CEFBEX and CAS - showcasing the region's commitment to innovation, sustainable development, and economic growth.

Registrations are now ON-GOING so sign-up NOW for FREE.

https://register.worldbexevents.com/

This event is organized by Worldbex Services International. For more details kindly visit their website at www.worldbexevents.com and follow their social media page for updates.

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5 Tips for Choosing a Safe Online Casino

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How to Ensure That a Casino is Legit?

How would you know if a casino is not a fraud? There are five basic things you need to check to protect yourself. Read and find out!

Casinos like Slotoro are safe, and that is a guarantee. However, it does not mean that all gambling platforms online are safe. As you know, these are software programs, and anyone who has the budget can do it.

As such, there is nothing more important to a gambling enthusiast than safety and security. Before registering for an account in an online casino, you must guarantee that it is safe. Allow us to share some of the things you need to check to be able to choose a safe online gambling platform.


1. Government License

The first and most important thing to check to validate the legitimacy of a casino is its license. There are many countries, particularly those in Europe, that issue gambling licenses to online gambling sites.

The most common governing bodies, or licensing bodies, are:

● Government of Malta;

● UK Gambling Commission;

● Government of Curacao.

There are other gambling licenses, which are issued in Asia. As a gamer, you must exercise due diligence when trying to validate the legitimacy of an online casino.

Usually, the license is at the bottom of the home page. Check that out and copy the license number. From here, visit the website of the provider and then check if the license number is valid. If the license issuer says it is not real, find another casino.


2. Game Developers

The next method is to check who the business partners are. Today, it is rare for an online casino company to develop its games. They curate or work with game developers.

Typically, the process is for a casino to launch games from a game developer. Then, the two companies will split the profits.

So, how does this help you validate a gambling site? What you must do is check the games inside the online casino. Find out if the games come from legitimate and world-renowned iGaming developers.

Here are some examples:

● Pragmatic Play;

● Netent;

● Microgaming;

● Yggdrasil.

Why is this important? Game developers also need a license to operate. Game development companies cannot create gambling games without a license.

Because of this, game developers will only work with legitimate platforms. They want to make sure that they do everything in their power not to tarnish their names. If the games in an online casino are from a legit game developer, then the casino, by extension, is also legit.


3. Security Systems

Casinos are like financial companies. They process money in and out of the system. As such, they must use high levels of security and safety.

The first thing you must check is Secure Sockets Layer or SSL. It is an encryption methodology that jumbles data input, and only the casino’s servers can decode the data. This process is important, as it prevents hackers from decrypting information in case they manage to intercept data.

Typically, you will know if the site has SSL if the platform starts with HTPPS instead of a simple HTTP. There is also a padlock icon in the address field of a browser. Its absence is an indication that the website is not secure and that hackers can steal your data such as, but not limited to:


● Name and address.

● Credit card information.

As you know, all these are super sensitive. The bad news is once hackers have this data; you are in deep trouble. They can execute actions, and you will only know about these once the damage has been done.


4. KYC Policies

KYC stands for Know-Your-Customer. It is a process where a financial institution validates the authenticity of an identity. In online casinos, they typically ask you to submit your valid ID.

Why is this important? It is crucial for compliance with anti-money laundering laws. Casinos are obligated by governments to ensure that they do not process money from fake accounts, especially money launderers.

If a casino requires a KYC process before you can withdraw money, then you can say it is a legitimate one. It is compliant with international expectations, and you can rest assured that they are not an arm of an illegal syndicate. Without this process, you should think twice and perhaps look for another online casino.


5. Online Reviews

The last tip we have, which is a short one, is to go to forums and review sites. Most of these are blogs. Some of these have been around for decades, and you can have confidence that they are “watchdogs” in the gambling industry.

Of course, use your wisdom here. Some blogs do not review casinos — they merely write something about the site so they can recommend it and then earn a commission if they convince you to sign up for an account.

The iGaming industry is a heavily regulated one. It is easy to track whether or not a casino has a legitimate license, and all it takes is a few moments of your time. Do not take risks — investigate if your favorite gambling site has a license to operate, or you will get burned.

You can also go to review sites and read about customer feedback and experience. Be aware, however, that many complaints about online casinos are silly. Some players complain that the games are rigged because they never won. Casinos do not rig games — it’s just that all games were designed in favor of the house.