Recent Articles
The Anti Money Laundering Law
Republic Act No. 10365
H. No. 6565
S. No. 3123
S. No. 3123
Republic of the Philippines
Congress of the Philippines
Metro Manila
Fifteenth Congress
Third Regular Session
Congress of the Philippines
Metro Manila
Fifteenth Congress
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
[REPUBLIC ACT NO. 10365]
AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE “ANTI-MONEY LAUNDERING ACT OF 2001″, AS AMENDED
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Section 3(a) of Republic Act No. 9160, as amended, is hereby amended to read as follows:
“(a) ‘Covered persons’, natural or juridical, refer to:
“(1) banks, non-banks, quasi-banks, trust entities, foreign exchange dealers, pawnshops, money changers, remittance and transfer companies and other similar entities and all other persons and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas (BSP);
“(2) insurance companies, pre-need companies and all other persons supervised or regulated by the Insurance Commission (IC);
“(3) (i) securities dealers, brokers, salesmen, investment houses and other similar persons managing securities or rendering services as investment agent, advisor, or consultant, (ii) mutual funds, close-end investment companies, common trust funds, and other similar persons, and (iii) other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission (SEC);
“(4) jewelry dealers in precious metals, who, as a business, trade in precious metals, for transactions in excess of One million pesos (P1,000,000.00);
“(5) jewelry dealers in precious stones, who, as a business, trade in precious stones, for transactions in excess of One million pesos (P1,000,000.00);
“(6) company service providers which, as a business, provide any of the following services to third parties: (i) acting as a formation agent of juridical persons; (ii) acting as (or arranging for another person to act as) a director or corporate secretary of a company, a partner of a partnership, or a similar position in relation to other juridical persons; (iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement; and (iv) acting as (or arranging for another person to act as) a nominee shareholder for another person; and
“(7) persons who provide any of the following services:
(i) managing of client money, securities or other assets;
(ii) management of bank, savings or securities accounts;
(iii) organization of contributions for the creation, operation or management of companies; and
(iv) creation, operation or management of juridical persons or arrangements, and buying and selling business entities.
“Notwithstanding the foregoing, the term ‘covered persons’ shall exclude lawyers and accountants acting as independent legal professionals in relation to information concerning their clients or where disclosure of information would compromise client confidences or the attorney-client relationship: Provided, That these lawyers and accountants are authorized to practice in the Philippines and shall continue to be subject to the provisions of their respective codes of conduct and/or professional responsibility or any of its amendments.”
SEC. 2. Section 3(i) of the same Act is hereby amended to read as follows:
“(i) ‘Unlawful activity’ refers to any act or omission or series or combination thereof involving or having direct relation to the following:
“(1) Kidnapping for ransom under Article 267 of Act No. 3815, otherwise known as the Revised Penal Code, as amended;
“(2) Sections 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15 and 16 of Republic Act No. 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2002;
“(3) Section 3 paragraphs B, C, E, G, H and I of Republic Act No. 3019, as amended, otherwise known as the Anti-Graft and Corrupt Practices Act;
“(4) Plunder under Republic Act No. 7080, as amended;
“(5) Robbery and extortion under Articles 294, 295, 296, 299, 300, 301 and 302 of the Revised Penal Code, as amended;
“(6) Jueteng and Masiao punished as illegal gambling under Presidential Decree No. 1602;
“(7) Piracy on the high seas under the Revised Penal Code, as amended and Presidential Decree No. 532;
“(8) Qualified theft under Article 310 of the Revised Penal Code, as amended;
“(9) Swindling under Article 315 and Other Forms of Swindling under Article 316 of the Revised Penal Code, as amended;
“(10) Smuggling under Republic Act Nos. 455 and 1937;
“(11) Violations of Republic Act No. 8792, otherwise known as the Electronic Commerce Act of 2000;
“(12) Hijacking and other violations under Republic Act No. 6235; destructive arson and murder, as defined under the Revised Penal Code, as amended;
“(13) Terrorism and conspiracy to commit terrorism as defined and penalized under Sections 3 and 4 of Republic Act No. 9372;
“(14) Financing of terrorism under Section 4 and offenses punishable under Sections 5, 6, 7 and 8 of Republic Act No. 10168, otherwise known as the Terrorism Financing Prevention and Suppression Act of 2012:
“(15) Bribery under Articles 210, 211 and 211-A of the Revised Penal Code, as amended, and Corruption of Public Officers under Article 212 of the Revised Penal Code, as amended;
“(16) Frauds and Illegal Exactions and Transactions under Articles 213, 214, 215 and 216 of the Revised Penal Code, as amended;
“(17) Malversation of Public Funds and Property under Articles 217 and 222 of the Revised Penal Code, as amended;
“(18) Forgeries and Counterfeiting under Articles 163, 166, 167, 168, 169 and 176 of the Revised Penal Code, as amended;
“(19) Violations of Sections 4 to 6 of Republic Act No. 9208, otherwise known as the Anti-Trafficking in Persons Act of 2003;
“(20) Violations of Sections 78 to 79 of Chapter IV, of Presidential Decree No. 705, otherwise known as the Revised Forestry Code of the Philippines, as amended;
“(21) Violations of Sections 86 to 106 of Chapter VI, of Republic Act No. 8550, otherwise known as the Philippine Fisheries Code of 1998;
“(22) Violations of Sections 101 to 107, and 110 of Republic Act No. 7942, otherwise known as the Philippine Mining Act of 1995;
“(23) Violations of Section 27(c), (e), (f), (g) and (i), of Republic Act No. 9147, otherwise known as the Wildlife Resources Conservation and Protection Act;
“(24) Violation of Section 7(b) of Republic Act No. 9072, otherwise known as the National Caves and Cave Resources Management Protection Act;
“(25) Violation of Republic Act No. 6539, otherwise known as the Anti-Carnapping Act of 2002, as amended;
“(26) Violations of Sections 1, 3 and 5 of Presidential Decree No. 1866, as amended, otherwise known as the decree Codifying the Laws on Illegal/Unlawful Possession, Manufacture, Dealing In, Acquisition or Disposition of Firearms, Ammunition or Explosives;
“(27) Violation of Presidential Decree No. 1612, otherwise known as the Anti-Fencing Law;
“(28) Violation of Section 6 of Republic Act No. 8042, otherwise known as the Migrant Workers and Overseas Filipinos Act of 1995, as amended by Republic Act No. 10022;
“(29) Violation of Republic Act No. 8293, otherwise known as the Intellectual Property Code of the Philippines;
“(30) Violation of Section 4 of Republic Act No. 9995, otherwise known as the Anti-Photo and Video Voyeurism Act of 2009;
“(31) Violation of Section 4 of Republic Act No. 9775, otherwise known as the Anti-Child Pornography Act of 2009;
“(32) Violations of Sections 5, 7, 8, 9, 10(c), (d) and (e), 11, 12 and 14 of Republic Act No. 7610, otherwise known as the Special Protection of Children Against Abuse, Exploitation and Discrimination;
“(33) Fraudulent practices and other violations under Republic Act No. 8799, otherwise known as the Securities Regulation Code of 2000; and
“(34) Felonies or offenses of a similar nature that are punishable under the penal laws of other countries.”
SEC. 3. Section 3 of the same Act shall have new paragraphs (j) and (k).
“(j) Precious metals’ shall mean gold, silver, platinum, palladium, rhodium, ruthenium, iridium and osmium. These include alloys of precious metals, solders and plating chemicals such as rhodium and palladium plating solutions and potassium gold cyanide and potassium silver cyanide and silver cyanide in salt solution.
“(k) ‘Precious stones’ shall mean diamond, ruby, emerald, sapphire, opal, amethyst, beryl, topaz, and garnet that are used in jewelry making, including those formerly classified as semi-precious stones.”
SEC. 4. Section 4 of the same Act is hereby amended to read as follows:
“SEC. 4. Money Laundering Offense. – Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity:
“(a) transacts said monetary instrument or property;
“(b) converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property;
“(c) conceals or disguises the true nature, source, location, disposition, movement or ownership of or rights with respect to said monetary instrument or property;
“(d) attempts or conspires to commit money laundering offenses referred to in paragraphs (a), (b) or (c);
“(e) aids, abets, assists in or counsels the commission of the money laundering offenses referred to in paragraphs (a), (b) or (c) above; and
“(f) performs or fails to perform any act as a result of which he facilitates the offense of money laundering referred to in paragraphs (a), (b) or (c) above.
“Money laundering is also committed by any covered person who, knowing that a covered or suspicious transaction is required under this Act to be reported to the Anti-Money Laundering Council (AMLC), fails to do so.”
SEC. 5. Section 6(a) of the same Act is hereby amended to read as follows:
“SEC. 6. Prosecution of Money Laundering. –
“(a) Any person may be charged with and convicted of both the offense of money laundering and the unlawful activity as herein defined.
“(b) The prosecution of any offense or violation under this Act shall proceed independently of any proceeding relating to the unlawful activity.”
SEC. 6. Section 7 of the same Act is hereby amended to read as follows:
“SEC. 7. Creation of Anti-Money Laundering Council (AMLC). – The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission, as members. The AMLC shall act unanimously in the discharge of its functions as defined hereunder:
“x x x
“(6) to apply before the Court of Appeals, ex parte, for the freezing of any monetary instrument or property alleged to be laundered, proceeds from, or instrumentalities used in or intended for use in any unlawful activity as defined in Section 3(i) hereof;
“x x x
“(12) to require the Land Registration Authority and all its Registries of Deeds to submit to the AMLC, reports on all real estate transactions involving an amount in excess of Five hundred thousand pesos (P500,000.00) within fifteen (15) days from the date of registration of the transaction, in a form to be prescribed by the AMLC. The AMLC may also require the Land Registration Authority and all its Registries of Deeds to submit copies of relevant documents of all real estate transactions.”
SEC. 7. Section 9(c), paragraphs 1 and 4 of the same Act are hereby amended to read as follows:
“SEC. 9. Prevention of Money Laundering; Customer Identification Requirements and Record Keeping. –
“(a) x x x
“(b) x x x
“(c) Reporting of Covered and Suspicious Transactions. – Covered persons shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, unless the AMLC prescribes a different period not exceeding fifteen (15) working days.
“Lawyers and accountants acting as independent legal professionals are not required to report covered and suspicious transactions if the relevant information was obtained in circumstances where they are subject to professional secrecy or legal professional privilege.
“x x x
“x x x
“When reporting covered or suspicious transactions to the AMLC, covered persons and their officers and employees are prohibited from communicating, directly or indirectly, in any manner or by any means, to any person or entity, the media, the fact that a covered or suspicious transaction has been reported or is about to be reported, the contents of the report, or any other information in relation thereto. Neither may such reporting be published or aired in any manner or form by the mass media”, electronic mail, or other similar devices. In case of violation thereof, the concerned officer and employee of the covered person and media shall be held criminally liable.”
SEC. 8. Section 10 of the same Act, as amended by Republic Act No. 10167, is hereby amended to read as follows:
“SEC. 10. Freezing of Monetary Instrument or Property. – Upon a verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity as defined in Section 3(i) hereof, the Court of Appeals may issue a freeze order which shall be effective immediately, and which shall not exceed six (6) months depending upon the circumstances of the case: Provided, That if there is no case filed against a person whose account has been frozen within the period determined by the court, the freeze order shall be deemed ipso facto lifted: Provided, further, That this new rule shall not apply to pending cases in the courts. In any case, the court should act on the petition to freeze within twenty-four (24) hours from filing of the petition. If the application is filed a day before a nonworking day, the computation of the twenty-four (24)-hour period shall exclude the nonworking days.
“A person whose account has been frozen may file a motion to lift the freeze order and the court must resolve this motion before the expiration of the freeze order.
“No court shall issue a temporary restraining order or a writ of injunction against any freeze order, except the Supreme Court.”
SEC. 9. Section 12 of the same Act is hereby amended to read as follows:
“(a) Civil Forfeiture. – Upon determination by the AMLC that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity as defined in Section 3(i) or a money laundering offense under Section 4 hereof, the AMLC shall file with the appropriate court through the Office of the Solicitor General, a verified ex parte petition for forfeiture, and the Rules of Court on Civil Forfeiture shall apply.
“The forfeiture shall include those other monetary instrument or property having an equivalent value to that of the monetary instrument or property found to be related in any way to an unlawful activity or a money laundering offense, when with due diligence, the former cannot be located, or it has been substantially altered, destroyed, diminished in value or otherwise rendered worthless by any act or omission, or it has been concealed, removed, converted, or otherwise transferred, or it is located outside the Philippines or has been placed or brought outside the jurisdiction of the court, or it has been commingled with other monetary instrument or property belonging to either the offender himself or a third person or entity, thereby rendering the same difficult to identify or be segregated for purposes of forfeiture.
“(b) Claim on Forfeited Assets. – Where the court has issued an order of forfeiture of the monetary instrument or property in a criminal prosecution for any money laundering offense defined under Section 4 of this Act, the offender or any other person claiming an interest therein may apply, by verified petition, for a declaration that the same legitimately belongs to him and for segregation or exclusion of the monetary instrument or property corresponding thereto. The verified petition shall be filed with the court which rendered the judgment of forfeiture, within fifteen (15) days from the date of the finality of the order of forfeiture, in default of which the said order shall become final and executor. This provision shall apply in both civil and criminal forfeiture.
“(c) Payment in Lieu of Forfeiture. – Where the court has issued an order of forfeiture of the monetary instrument or property subject of a money laundering offense defined under Section 4, and said order cannot be enforced because any particular monetary instrument or property cannot, with due diligence, be located, or it has been substantially altered, destroyed, diminished in value or otherwise rendered worthless by any act or omission, directly or indirectly, attributable to the offender, or it has been concealed, removed, converted, or otherwise transferred to prevent the same from being found or to avoid forfeiture thereof, or it is located outside the Philippines or has been placed or brought outside the jurisdiction of the court, or it has been commingled with other monetary instruments or property belonging to either the offender himself or a third person or entity, thereby rendering the same difficult to identify or be segregated for purposes of forfeiture, the court may, instead of enforcing the order of forfeiture of the monetary instrument or property or part thereof or interest therein, accordingly order the convicted offender to pay an amount equal to the value of said monetary instrument or property. This provision shall apply in both civil and criminal forfeiture.”
SEC. 10. Section 14 of the same Act, as amended, is hereby further amended to read as follows:
“SEC. 14. Penal Provisions. – (a) Penalties for the Crime of Money Laundering. The penalty of imprisonment ranging from seven (7) to fourteen (14) years and a fine of not less than Three million Philippine pesos (Php3,000,000.00) but not more than twice the value of the monetary instrument or property involved in the offense, shall be imposed upon a person convicted under Section 4(a), (b), (c) and (d) of this Act.
“The penalty of imprisonment from four (4) to seven (7) years and a fine of not less than One million five hundred thousand Philippine pesos (Php1,500,000.00) but not more than Three million Philippine pesos (Php3,000,000.00), shall be imposed upon a person convicted under Section 4(e) and (f) of this Act.
“The penalty of imprisonment from six (6) months to four (4) years or a fine of not less than One hundred thousand Philippine pesos (Php100,000.00) but not more than Five hundred thousand Philippine pesos (Php500,000.00), or both, shall be imposed on a person convicted under the last paragraph of Section 4 of this Act.
“(b) x x x
“(c) x x x
“(d) x x x
“(e) The penalty of imprisonment ranging from four (4) to seven (7) years and a fine corresponding to not more than two hundred percent (200%) of the value of the monetary instrument or property laundered shall be imposed upon the covered person, its directors, officers or pesonnel who knowingly participated in the commission of the crime of money laundering.
“(f) Imposition of Administrative Sanctions. The imposition of the administrative sanctions shall be without prejudice to the filing of criminal charges against the persons responsible for the violation.
“After due notice and hearing, the AMLC shall, at its discretion, impose sanctions, including monetary penalties, warning or reprimand, upon any covered person, its directors, officers, employees or any other person for the violation of this Act, its implementing rules and regulations, or for failure or refusal to comply with AMLC orders, resolutions and other issuances. Such monetary penalties shall be in amounts as may be determined by the AMLC to be appropriate, which shall not be more than Five hundred thousand Philippine pesos (P500,000.00) per violation.
“The AMLC may promulgate rules on fines and penalties taking into consideration the attendant circumstances, such as the nature and gravity of the violation or irregularity.
“(g) The provision of this law shall not be construed or implemented in a manner that will discriminate against certain customer types, such as politically-exposed persons, as well as their relatives, or against a certain religion, race or ethnic origin, or such other attributes or profiles when used as the only basis to deny these persons access to the services provided by the covered persons. Whenever a bank, or quasi-bank, financial institution or whenever any person or entity commits said discriminatory act, the person or persons responsible for such violation shall be subject to sanctions as may be deemed appropriate by their respective regulators.”
SEC. 11. New sections are hereby inserted after Section 19 of the same Act, as amended, to read as follows:
“SEC. 20. Non-intervention in the Bureau of Internal Revenue (BIR) Operations. – Nothing contained in this Act nor in related antecedent laws or existing agreements shall be construed to allow the AMLC to participate in any manner in the operations of the BIR.”
“SEC. 21. The authority to inquire into or examine the main account and the related accounts shall comply with the requirements of Article III, Sections 2 and 3 of the 1987 Constitution, which are hereby incorporated by reference. Likewise, the constitutional injunction against ex post factolaws and bills of attainder shall be respected in the implementation of this Act.”
SEC. 12. The succeeding sections are hereby renumbered accordingly.
SEC. 13. Separability Clause. – If any provision of this Act is declared unconstitutional, the same shall not affect the validity and effectivity of the other provisions hereof.
SEC. 14. Repealing Clause. – All laws, decrees, orders, and issuances or portions thereof, which are inconsistent with the provisions of this Act, are hereby repealed, amended or modified accordingly.
SEC. 15. Effectivity. – This Act shall take effect fifteen (15) days following its publication in at least two (2) national newspapers of general circulation.
Approved,
(Sgd.) JUAN PONCE ENRILEPresident of the Senate
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(Sgd.) FELICIANO BELMONTE JR.
Speaker of the House of Representatives |
This Act which is a consolidation of House Bill No. 6565 and Senate Bill No. 3123 was finally passed by the House of Representatives and the Seriate on February 6, 2013.
(Sgd.) EMMA LIRIO-REYES
Secretary of the Senate |
(Sgd.) MARILYN B. BARUA-YAPSecretary General
House of Representatives |
Approved: FEB 15 2013
(Sgd.) BENIGNO S. AQUINO IIIPresident of the Philippines
Reference: http://www.gov.ph
AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS. (Rep. Act No. 6552)
Section 1. This Act shall be known as the "Realty Installment Buyer Act."
Section 2. It is hereby declared a public policy to protect buyers of real estate on installment payments against onerous and oppressive conditions.
Section 3. In all transactions or contracts involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants under Republic Act Numbered Thirty-eight hundred forty-four, as amended by Republic Act Numbered Sixty-three hundred eighty-nine, where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:
(a) To pay, without additional interest, the unpaid installments due within the total grace period earned by him which is hereby fixed at the rate of one month grace period for every one year of installment payments made: Provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any.
(b) If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made, and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made: Provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.
Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.
Section 4. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due.
If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.
Section 5. Under Section 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by updating the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act.
Section 6. The buyer shall have the right to pay in advance any installment or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.
Section 7. Any stipulation in any contract hereafter entered into contrary to the provisions of Sections 3, 4, 5 and 6, shall be null and void.
Section 8. If any provision of this Act is held invalid or unconstitutional, no other provision shall be affected thereby.
Section 9. This Act shall take effect upon its approval.
Approved: August 26, 1972.
For archived of Philippine Laws you may visit: www.LawPhil.net
The Pag-IBIG Fund stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno. It is a government agency that seeks to provide affordable home financing for Filipinos.
For most Filipinos, this PAG-IBIG Housing Program is the most affordable option. It has 5, 10, 15, 20, 25 and up to 30 years of financing terms. Last July 2009, Pag- IBIG has become mandatory to all employees covered under SSS, GSIS and even Overseas Filipino Workers (OFW). To avail of Pag-IBIG housing program, you have to be a member with at least 24 months of contribution, not more than 65 years old at the time of application provided you are no more than 70 years old at the time of loan maturity and is qualified with income requirements based on the loanable amount. The housing developer makes the background and credit check to ensure their clients are qualified. For more information please check the Pag-IBIG website.
I had availed an Economic Housing financed through Pag-IBIG. The price of the property is pretty fair at around Php 900,000 for a 75 sqm lot. We have been hunting a house and lot package that meets all of our preference and capacity and fortunately a good developer in the metro tapped a new market segment below its existing brands and so they offered economic housing. First thing I made is, if the developer is accredited by Pag-IBIG and yes it is.
It’s amazing this developer required 10% Down Payment (DP), usually some developers require 20% DP before you can apply the financing through PAG-IBIG. Now, it’s confirmed that housing loan with this developer at 90% to 95% of the total price, can be approved by Pag-IBIG, and even banks actually, cool, right? So in this case, we only needed to pay a DP of 5% to 10%, that is around Php. 45,000 to Php. 90,000, so that the developer will start to construct the house.
What’s the big deal with 95% approvable loanable amount? You only need to cash out a lower amount to avail of the program. More important is, the 90% to 95% loanable amount means the Developer’s Housing package has a high appraisal value. For a client to be allowed such high loanable percentage through a developer, it can mean the developer is credible and that the Banks and Pag-IBIG have confidence on the developer.
Yes, it’s a good deal, but, what did we do to save around Php. 448,200 on the loan? Check it out and compare.
Table 1 shows a Php. 124,560 savings if I was going to avail of the 10% DP and a 90% loanable amount.
Okay, I can save Php. 124,560 within 30 years if could pay the 10% DP of Php. 90,000. Actually that saving for 30 years of payment is very small amount, considering I could use the Php. 45,000 to other priority expenses.
Using Table 2, the 90% Loanable Amount that is Php. 810,000 has 8.5% interest rate. Since, nothing is ever stable nowadays, especially on income and expenses, I want to make the monthly amortization as low as possible and at the same time, save on this housing loan.
For me, the 8.5% interest rate is very high for a 30-year loan. Can’t do much with the number of years(30 years term) because that’s what I’m capable of. But I realized I can do a way with the 8.5% interest rate. How? I opted for the 7% interest rate. Instead of paying the standard 10% DP (90,000), I need to pay more for the DP in order that the loanable amount will become Php. 749,000. This would then be below 750,000 loanable and would qualify me for a 7% interest.
The developer will be more than happy if the clients could make more down payment as possible, also it will make your housing loan more eligible for approval. However, In Pag-IBIG Financing we need to comply with their Net Disposable Income requirement, how to compute? See table 4.
In my preferred loanable amount of Php. 749,000 I can save as much as Php. 448,200 on a 30-year loan. I am also Real Estate Practitioner, I know what’s
best for my investment. I also recommend this strategy to my clients, usually to those who have a lower monthly income. Though you need to cash out a bigger Down Payment, consider how much you can save in the long run.
At least, I can sleep well with a Php. 4,983 monthly amortization. Clients could also make advance or balloon payment during the loan though I need to research more on that.
Maybe, after 5 years, that Php 4,983 per month will become more affordable as salary increases and considering that the value of land appreciates. For me, it’s a good buy and the best option.
Hope I was able to help by sharing what I know. Veteran practitioners know this and I’m open for their clarification, comments and feedback. Anyway, it’s based on my personal knowledge and experiences as a Real Estate Practitioner; I do not represent Pag-IBIG Fund or developers for this blog, for your concerns please check their website.
Thank you for viewing, please share if you find this site useful.
If you are a client and making an inquiry to an agent, the first thing you would want to know is the location of the project. These days, residential housing is no longer applicable at Metro Manila, buyers should accept that fact, unless you are planning of condominium living.
Buyers of residential housing at 90’s were very fortunate to have availed residential housing property in some parts of city which at the time is not yet a developed area and been fortunate with their decision because of business development come in their neighbourhood.
The trend will also be the same, whereas the towns of Cavite, Laguna and Bulacan will become progressive cities; actually some of cities in these provinces are now progressive like Sta. Rosa, Calamba and Dasmarinas City. If you have been in these places, you would see it as next extension of Metro Manila.
Going back with project location, if your budget belongs to economic housing that is around 1 Million you can find a good project around the places of Imus, Gen. Trias, Silang, Carmona and others towns in Cavite and others towns in Laguna.
Having said of the possible locations, if you are not familiar with the location of certain project you may ask your agent about it or personally make a research about how far it is, for example from Alabang Metropolis or Baclaran Church for South Projects as your point of destination.
I’ve come to encounter that situation before on one of my clients, a Filipina with a foreigner husband. For my Filipina client, the location is not a problem after our site viewing, since she is not also familiar with the location he asked me to explain it to her foreigner husband and his first questions was: How far is the project from Baclaran? That question gave me an insight how very detailed foreigners are. Instead of asking how many minutes it would take to travel by car he asked for how many kilometres/miles it is. Since traffic is everywhere; places will soon develop traffic, so distance by time is not always a factor for other clients.
I told my client to get back on that concern within the day, and I made a research online. I got the site of Google Distance Calculator at Daftlogic.com and find it very useful with all my next projects.
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| Avida Settings Cavite 4 Million to 9 Million Houses |
The Avida Settings Cavite, one of affordable housing development of Ayala Land Inc. under Avida Land Corp. The project location is in Molino Bacoor Cavite. Let us try measuring its distance from Baclaran using Google Maps Distance Calculator at Daftlogic.com.
As shown above, the project Avida Settings Cavite is in prime location, having a 2 km. distance from SM Molino means a very accessible to shops your groceries and aside from the planned Town Center Mall managed by Ayala, infront of this project. While going to Baclaran is 20 km. away that might be a 25 to 30 minute drive in moderate traffic. Going to Alabang where you might be working is only 8.5 km via Daang-hari Road, add to that is it’s accessibility to public transportation. While if you want to be relaxed on weekend and playing golf, we have the Orchard Golf Course with only 3.6 km distance. |
| 21 km. from Baclaran Pasay to Avida Settings Cavite |
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| 8.51 km. from Alabang Town Center to Avida Settings Cavite |
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| 2 km. from SM Molino to Avida Settings Cavite |
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3.65 km. from Avida Settings Cavite to Orchard Golf Course
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The site Daftlogic.com had been very helpful in my expertise because it adds some knowledge and confidence in dealing clients. Clients themselves could also try it especially if cannot go to the site personally.
Try it at Daftlogic.com, get back on us and give us your reviews.
Thank you for viewing, please share if you find this site useful.
The Philippines belongs to typhoon belt of the Pacific that is frequently visited by typhoons or storms per year. Aside from typhoons, the uncontrolled deforestation is our environmental problem alongside is inappropriate throwing of garbage everywhere that frequently caused us flooding particularly in Metro Manila.
It’s not to refresh all the damaged those typhoons brought us but it would help understand our subject matter: Altitude of our location - the height above sea level.
Being concern with location’s altitude as a real estate practitioner, I made some research but could not really distinguish how I could make some credible altitude information about certain areas.
A certain location might be flooded because of poor drainage system or could be caused by garbage blocking. With this, at least we can do something to avoid flooding problem. If our house location is situated at low altitude or just as level as the sea, we cannot do something in this matter but to be attentive with warnings and relocation if typhoon occurs.
During my research, I found some sites that could help us determine the altitude of places.
ALTITUDE.nu
1. Markers are used for showing the altitude for a specific place.
2. Above the marker is the altitude that shows in either meters or feet.
3. For placing a marker click on the desired place on the map.
4. Click and hold on a marker for the possibility to move it around.
Sample altitude using Altitude.nu
- An altitude at the site of SM SouthMall Las Pinas has 36.69 meter above sea level.
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| 36.69 m. at SM Southmall Las Pinas using Altitude.nu |
1. Click on the map on a location where you wish to find the altitude
2. The altitude will be displayed in the message box below the map and when you hover over the marker
3. You can click to place more than one marker and return to hover over each in order to find out the altitude again
4. Click the [Clear Map] button in order to remove all markers and start again
5. Use the search option to find a place
Sample altitude using Daftlogic.com
- Using this site for SM Southmall Las Pinas at the same location has 36.755 meters above sea level.
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| 36.755 m. at SM Southmall Las Pinas using Daflogic.com |
- Another example, at SM Baguio City, both sites has 1,489.++ meters above sea level.
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| 1,489.89 m. at SM City Baguio using Altitude.nu |
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| 1,489.397 m. at SM City Baguio using Daflogic.com |
- At the deep of the sea specifically the Manila Bay using the two sites, give us almost the same results at -29.++.
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| -29.49 m. at Manila Bay using Altitude.nu |
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| -29.515 m. at Manila Bay using Daftlogic.com |
- At Marianas Trench latitude 14.+++ and longitude 146.+++ (not exactly the same), also the results is quite different, see below.
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| -6,597.73 m. at Marianas Trench using Altitude.com |
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| -6,412.033 m. at Marianas Trench using Daflogic.com |
The two sites have almost the same results provided, the marks are placed in the same longitude and latitude. As to readers reviews, there are mixed opinions on the user of Daflogic.com while the Altitude.nu users has no option for comments. Comparability, the two sites has almost the same results but all these results not necessarily means an accurate one, have it try yourself and give us your reviews.
I find it very useful for my presentations in every project I have, not to be detail of its exact altitude but at least have the information of an approximate altitude the project has.
Even though we have these altitude sites to help us, it’s better to see the place personally before making decisions to buy a property. Add to that, these sites are very helpful also to understand a location if we had purchased a property or have a business in certain location, you could use altitude to determine if your property is at risk to asses if you need to avail of insurance.
Thank you for viewing, please share if you find this site useful.
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