Benefits and negative effects if foreigners can OWN land in PH?

[klavel]

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one subject in college mentioned that foreigners are not allowed to acquire real property in our country. The only way they can acquire is through having Filipina spouse or a business partner. In the latter case, foreigners are not allowed to own more than half of the real propoerty.

if we allow foreigners (only..no Fil. spouse or partner) to acquire and control 100% of a 'land', this would lead to most of our 'land' owned by them since they are more financially capable of paying not only the downpayment but most probablly the whole value..Unlike for 'average' filipinos, most can go as far as DP cash payment only and the remaining to be paid by means of a loan through a financial institution or Pag-ibig. In this case, real estate developers/agents would go for the 'instant cash'. It's good for their business.

[Shofu]

I personally dont see any negative things for a foreigner owning a land or having a business here as long as it can benifit everybody.

[kots_isko]

this law is not just in the Philippines.. i think most foreign countries have the same law.... so come to think of it.. if most countries in the world have such kind of law.. there must be something really beneficial to this law that we can not fathom.

one reason that i could think of is that if foreigners will be able to own a lot in the Philippines, it would be very possible that many foreigners will buy lands in the Philippines considering that many foreigners are rich, and considering that our country (and of course our province; Cebu) is very attractive.... then years from now.. the result would be : 50% of the land in Cebu is owned by foreigners..... or even more than that... with this... can we still call Cebu as our own kung 50% ng lupa ng probinsya natin ang nagmamay-ari ay banyaga? Paano na lang kung mabili lahat ng lupa ng probinsya sa Cebu (ecluding those government owned, or pwedi rin isali? This is very possible because money always works wonders..... and foreigners have money!

[kots_isko]

this law is not just in the Philippines.. i think most foreign countries have the same law.... so come to think of it.. if most countries in the world have such kind of law.. there must be something really beneficial to this law that we can not fathom.

one reason that i could think of is that if foreigners will be able to own a lot in the Philippines, it would be very possible that many foreigners will buy lands in the Philippines considering that many foreigners are rich, and considering that our country (and of course our province; Cebu) is very attractive.... then years from now.. the result would be : 50% of the land in Cebu is owned by foreigners..... or even more than that... with this... can we still call Cebu as our own kung 50% ng lupa ng probinsya natin ang nagmamay-ari ay banyaga? Paano na lang kung mabili lahat ng lupa ng probinsya sa Cebu (ecluding those government owned, or pwedi rin isali? This is very possible because money always works wonders..... and foreigners have money!

[Vince Russo]

To Springfield: Thanks for the kind sentiment. I'm from the San Francisco Bay Area in California. Retired police detective, married to a wonderful Cebuana. My current status is 13a (permanent resident of the Philippines). I can sympathize with some of the people here who fear the possibility of "foreigner dominated" real estate situation in Cebu. But truthfully, it will never happen. Living in Cebu is great if you are retired and have a stable, sustainable pension or other source of dollar/pound/euro income from elsewhere. According to my friends who are living and working here (non-Filipino), earning a living in Cebu can be really, really difficult. This fact alone will discourage hoardes of foreigners (we HATE that term, by the way) from invading Cebu and buying up the vast amounts of property. I do have to admit (with a chuckle), there are a lot of overweight, poorly dressed old expats living here. I've encountered some rude, impatient ones in the last few years, and they embarass me. But there are also many living here who would be (or already are) good neighbors, friends and valuable business resources to you and your fellow countrymen/women. I don't what else I can say on the topic. I think that the country would benefit by allowing foreign land ownership. There are many thousands of Filipinos who own their own homes in the USA. I pose this question: It's okay for you, but not for us? Hmmm.

[SPRINGFIELD_XD_40]

@ VINCE RUSSO ...

I cant agree more that you will be living like a king in Cebu compared in the BAY AREA hehehe .. anyways whoever that someone said " FOREIGNERS " are stereotyping the white people or in short the AMERICANS . Mind you , not all AMERICANS who migrate in the Philippines are well off . When we say FOREIGNERS , it is supposed to mean ( no pun intended ) other people who are not FILIPINOS / FILIPINO CITIZENS ie CHINESE , SINGAPOREAN , EGYPTIAN , FRENCH and so on and so forth .

As an example in the US , you can acquire FULL OWNERSHIP of properties no matter what is your status ( immigrant or citizen ) as long as you PAY YOUR TAXES

@ VINCE RUSSO ... dont mind any any NEGATIVE FEEDBACKS you hear on and off the site . I myself is not a FILIPINO CITIZEN anymore , what does that make me DIFERENT from you ? But hey I am PINOY right ?

[@ghrheyhoundz!#%]

Well, Foreigners cant easily buy lot here unless they use some dummy. If they're married to a filipina woman then on the documents the filipina woman will appear and for those single or investments or businessmen. They used some dummy filipinos or filipina with special aggreement.
But they still have the chances too to own lots. For now I think we still benefits it because they pay up to date taxes. But soon maybe it makes us a problem. especially the almost own the total lot..... Kita mismo nga pinoy hinginlan sa mga foreigner kay dili na atoa ang mga yuta.....

[Vince Russo]

If a non-Filipino (who isn't married to a Philippine citizen) wants to own property here, he/she can usually find a way to do so with the help of a clever atty. or real estate agent. There are ways to get around the law by forming a "special corporation" or whatever. That tactic is probably already being used by some to acquire property legally, but with deception. I think what we are discussing here is the idea of a change in the law to remove some restrictions and open up the real estate market to others. Remove the need for deception, pay-offs and legal loopholes. In doing so you can promote honest commerce and hopefully, progress.