Boracay Resorts Getting Pinched by New Law
The Highlites that the article seems to spend a lot of time explaining:
- Resort properties on beaches will be declared ‘agricultural’ areas to put control back in Gov’t hands
- Supposedly, this protects occupants so they can finally put their name on the property by means of application
- Most resorts do not OWN the land but instead are subleased thru 2 or 3 different levels of people
- Owners (tax mapped) will have to pay the government AGAIN for the property they had been paying for over the last 30 years
- Because everything will be open again, and this is the philippines…pretty much anyone with the most money will see their application for ownership approved.
So…If you just invested 2 million Pesos in your building and several years left on your lease contract….you can lose it all if a new person comes along and has more money to offer the Government for the newly for-sale property. You will lose, your contract will become void. The new owner will have a nice turn-key resort business package.
the article and link are below here:
