Acquiring Property
Proclamation No. 1064 issued in 2006 by President Gloria Arroyo has classified the nature of lands within Boracay. These are as follows: 10% is privately owned wherein the owners have an Original Certificate of Titles or Transfer Certificate of Titles issued in their names by the Government; 30% is forests and timberlands owned by the government and which are not susceptible to private ownership; and 60 % is alienable and disposable public lands of the public domain which are capable of private ownership subject to government regulations. The validity of Proclamation No. 1064 has been challenged before the Supreme Court and was upheld recently. The necessary consequence of this is that the classification of the lands within Boracay under Proclamation 1064 is also declared valid.
With exception to the 10% titled properties, most private possession of lands is evidenced by Tax Declarations. Under Philippine law, tax declarations are the next best evidence of possession supported by an affidavit signed by the adjoining land owners attesting to the absence of any boundary dispute. Over the years, transactions involving lands within Boracay including lease and sale were consummated using tax declarations.
Under Philippine Law, Foreign citizens are not allowed to own land. However, they are allowed to own houses, condominiums, or other improvements which are considered mere accessories to the land on which these properties are located. For this reason, tax declarations or condominium certificate of titles (CCTs) for these properties (houses, condominiums, etc) may be issued by the government directly in the names of the foreigners.
In addition, some foreigners enter into joint venture agreements and partnerships with Filipinos by forming Filipino corporations. The Filipino corporations formed despite being owned in part by foreigners can own lands in the Philippines.
SPR Real Estate Inc., being the most active and most qualified real estate firm within Boracay Island has been dealing for years with land and other real estate issues.
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