The onset of the pandemic in 2020 had a significant impact on the Philippine economy. It saw the rise of remote workers and the acceptance by various industries (albeit begrudgingly) of the importance of giving knowledge workers the ability to work from home. It was a tidal wave of hardship for many, and a multitude of businesses had to scramble to adapt to the so-called “new normal” where contactless transactions became a top priority as face-to-face transactions became the last option for many.

The Electronics and BPO industries largely stayed in place in the Philippines, but one particular sector of the BPO industry was impacted to such a degree that it ensued in a mass exodus. POGOs (Philippine Offshore Gaming Operators) were not immune to this sudden change brought on by the global pandemic. A huge influx of POGO companies became prevalent in 2018 as PAGCOR (Philippine Amusement and Gaming Corporation) announced that there were over 55 POGO licenses issued to e-casinos and sports-betting. POGOs quickly began setting up shop in the Philippines and saw a huge uptake in real estate sales and leasing. The pandemic upset that influx of ex-pats and profit overnight. Revenue from POGOs reportedly fell by nearly 25 percent in 2021.

PAGCOR cited a Commission on Audit report last June 2022 that a majority of the 2.3 billion pesos in uncollected income from POGOs was due to the pandemic. PAGCOR also stated that the said amount was the result of the gaming regulator’s intensive fight against illegal online gambling and drive to maximize collections.

From a real-estate industry perspective, POGOs have either vacated or left office spaces in an idle state which translates to approximately more than 800,000 square meters of unoccupied office space. If we take the most recent price point of 1,200.00 Pesos per square meter, the property market would be dropping over 1 billion Pesos in revenues a month, or over 12 billion Pesos in the span of a year. This also means the Philippine government would be missing out on the 12 percent VAT from office spaces rented by POGOs.

PAGCOR disclosed that many POGOs asked for the cancellation of their gaming licenses as they struggled to keep their operations afloat. The resulting lockdown from the pandemic stopped them from resuming activities as many foreign workers could not enter the Philippines due to border restrictions. Many of the exit interviews with POGOs revealed that operations relocated to our neighbors in Cambodia, Laos, Vietnam, and even as far as Dubai.

With the easing of pandemic-related restrictions and no further indications of another lockdown in 2022, projections point to the recovery of the property sector and the recovery of POGO operations in the Philippines. Indicators include the quicker-than-expected pace of recovery in the hotel sector. Condominium uptake is also expected to surpass 2021 figures. Colliers Philippines associate director for research Joey Roi Bondoc said that hotel occupancies in Metro Manila in the first half of 2022 reach 47 percent, higher than the 44 percent occupancy rate recorded in the second half or 2021. This can be attributed to the gradual return of business travel where investors start to conduct due diligence, and local guests and visitors from other countries start to increase their spending on leisure. The “staycation” market also saw a rise in the months of April to June 2022. As far as the office space market is concerned, Colliers Philippines was also bullish as it projected that office space supplies would revert to pre-POGO levels. Although POGOs are expected to either resume their leases on the office spaces they left vacant or look for new locations to set up shop. On a broader scope, more and more office spaces will be occupied as more traditional businesses are implementing RTO (Return To Office) and outsourcing firms continue their plans for expansion. Rentals are also expected to rise in 2023. Lastly, demand for condominiums and other residential properties in Metro Manila is also expected to rise as projections for the second half of 2021 and the first half of 2022 were already surpassed. Many companies are also expected to support hybrid work setups where employees can work from home and also report to the office on certain days of the week. Many responsible companies are now putting into high consideration the safety and well-being of their employees and a hybrid work setup has significant advantages for both company and employees. This is also being supported by the government’s push to finish infrastructure projects specifically related to transportation and railways. Support for digital businesses is also going to play a big role in the expansion of data centers. All of this taken into account will encourage businesses to operate close to pre-pandemic levels. Ultimately, all of this is good for the real estate industry.

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Project Selling and General Brokerage Comparison

You’re determined to break into the real estate industry. Good for you!  But as you learn more about the industry, you hear terms like Project Selling and General Brokerage and wonder if there’s really a difference. We’ve created a simple table below to help you decide where you really think you are better suited. Here’s a breakdown of the difference between the two:

In this table, we focus first on the differences from the perspective of an agent:

Next, let’s look at project selling and general brokerage from a broker’s point of view:

Hopefully, this will give you a better idea where you would like to focus on. Some people like to have a narrow focus in what work they do. If you fall under this category, maybe project selling is better for you as a start, or if you simply want to get your feet wet in the real estate industry. But if you like to have variety in what you work with, and like taking on challenges, then general brokerage may just be up your alley.

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Real Estate 101: What is Inheritance Tax and Estate Tax? What’s the Difference?

There’s an old saying that’s been used countless times in movies and TV. The line goes something like, “There are two things you cannot escape in life: Death and Taxes”. In some countries, this is even referred to (colloquially) as “Death Taxes”. Definitely dark humor, but in reality, it has a ring of truth to it.

A large number of people work very hard to secure a good future for their loved ones and provide for all their needs. They may also hope to leave some kind of lasting legacy when the inevitable end comes. It can take many forms such as real estate, money, personal belongings of value (e.g. family heirlooms, jewelry, paintings, cars), or various assets that can be passed on to loved ones. This is all fine and good. Until the time comes for the lawful heirs to come claim their inheritance. This is when taxes rear their ugly head (as if the passing of a loved one wasn’t hard enough).

Anyone who has inherited something from someone who passed away by way of being included in a will may be required to pay inheritance tax. But before we can proceed, we need to define first what is meant by “estate”. Someone’s estate can include property, as well as everything else of value the deceased party owned at the time of death.

Inheritance Tax vs Estate Tax

Simply put, inheritance tax is a tax imposed by the government on the beneficiary of the inheritance (i.e. The person(s) receiving the asset or estate). This is in no way tax levied on the property itself, but rather, it is a tax on the transmission (or turn-over) of the estate of the deceased to one or more heirs. One of the most common questions that arise is “who pays the inheritance tax?”. Some countries put the sole responsibility of paying the inheritance tax on the lawful heirs, while the estate tax is paid out from the estate’s funds. However, in the Philippines, they are one and the same. From this point forward, we will be using Inheritance Tax and Estate Tax interchangeably since they really mean the same thing under Philippine law.

For example, if several beneficiaries are the recipient of a particular property (let’s say an office building), inheritance or estate tax will be computed for each beneficiary. This means that each beneficiary is responsible for paying for their own tax.

The estate tax return must be filed with the Bureau of Internal Revenue (BIR) if the gross value of the estate (consisting of registered property, vehicles, shares of stock, jewelry, money, etc.) has a gross value of more than Php200,000. That being said, it may actually make more sense to distribute inheritance before the time of death (which can sometimes be tricky, because death doesn’t abide by anyone’s schedule)

Non-resident inheritance tax

If any of the heirs are non-residents (i.e. migrate to another country), they also need to file an estate tax return. If the executor of the will lives in the Philippines, the estate tax return can be filed with an authorized agent bank of the specific Revenue District Office (RDO) where the executor lives.  However, in case there is no executor in the Philippines, for example if the deceased was not a Philippine resident, then the tax return should be filed under the jurisdiction of RDO No. 39 South Quezon City.

How is inheritance tax computed?

So now we delve into the computation of the inheritance tax. The inheritance tax is computed against the net value of the assets included in the estate. The net value is sometimes referred to as the “gross estate”, which refers to all property including real property, personal property, tangible property (such as bonds or shares of stock), or intangible property (such as patents, trademarks or copyrights). Also. This is computed using the Fair Market Value (FMV) at the time of death. FMV is the reasonable price at which one could sell the estate to an interested buyer.

Since we already discussed non-resident inheritance tax, let’s also consider the possibility that the deceased wasn’t living in the Philippines (a non-resident, or not a Philippine citizen) at the time of death. Only the part of the gross estate that is situated in the Philippines is considered taxable.

This tax must be settled within six (6) months from the date of death before distribution of the inheritance to the beneficiaries can proceed. Otherwise, the beneficiaries may face penalties, unless an extension is granted by the commissioner. If you could prove to the commissioner that payment by the due date would impose undue hardship on the estate or any of the heirs, the due date could be extended up to 5 years if the case is settled through courts, and up to 2 years, if handled extrajudicially. In the Philippines, a graduated tax rate determines inheritance taxes. Estates with a net value of less than Php 200,000 are exempted from paying inheritance tax while those valued at a higher amount may be required to pay a tax rate of anywhere from 5% up to 20%. In general, late payments incur a 25% initial penalty and accrue 20% annual interest on the amount. If any fraud is involved, the amount leaps to 50%.

Is there any way to reduce the amount of inheritance tax?

This is another common question asked by beneficiaries of an estate. The most common method is to apply as many deductions on the inheritance tax as possible.  This will lower the FMV of the estate, which can help put the value of the estate at a lower tax tier or threshold. It is always a good idea to examine which deductions can be applied to the estate. Below is a short list (i.e. not comprehensive) of deductions that might be applicable:

Estate Tax Amnesty

One of the most recent developments regarding tax amnesty at the time of this writing is the Tax Amnesty Act signed by President Rodrigo Duterte. This provides a 2-year period for taxpayers to settle estate tax obligations through a tax relief over properties with outstanding tax estate liabilities. The Tax Amnesty Act started on June 15, 2019, and will cover the unpaid estate taxes of any decedent who passed away on or before December 31, 2017.

Those with unsettled estate taxes starting from January 2018 to date can still benefit from the Estate Tax Amnesty through the amendments made under the TRAIN Law. It states that a tax rate of 6% will be imposed on the total net estate value of the decedent.

Useful Links:

Tax Amnesty Act – https://www.officialgazette.gov.ph/2019/02/14/republic-act-no-11213/

TRAIN Law – https://www.bir.gov.ph/index.php/train.html

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The cost of transferring a land title in the Philippines

We will be bringing you a series of articles that discuss commonly asked questions regarding real estate in general.  One of the most commonly asked questions we encounter whenever we conduct trainings and orientation seminars for those interested to get into the real estate industry is “How much does it cost to transfer the land title”?

Buying property is generally considered one of the biggest steps a person can take in life, typically due to the large amount involved. But unlike other purchases that one can make, real estate is not something you can normally have by paying for in one quick transaction. Along with the property’s price are other expenses that come as part of the purchase.  In this respect, the most important is perhaps the cost to transfer the land title.

For buyers or sellers, transferring the land title can prove to be a challenging experience. The paperwork involved and the fees that need to be paid can be daunting for first timers.  With that said, let’s start off by discussing the fees associated with purchasing property.  Let’s start off with the cost of transferring the land title.  This fee needs to be paid whenever property is purchased, sold, donated or inherited. Having the land title under your name is very important as it serves as your proof of ownership of the property, regardless if you are a buyer, a donee or an heir. The absence of this document can lead to the ownership of your property being disputed. Therefore, it is imperative that you ensure the correct processing of this document.  And one of the ways to ensure this is to pay all the required fees and taxes.

The following are the fees and taxes that you need to be aware of.  The amount of these fees and taxes are based on how much the property cost at the time of the transaction or transfer:

• Any Unpaid Real Estate Taxes due – always check if the property you are buying has any unpaid real estate taxes particularly if you are buying property directly from the owner
• Capital Gains Tax (CGT) – this is computed as 6% of the selling price specified on the Deed of Sale or the Zonal value, whichever amount is higher
• Withholding Tax – this only applies when the seller of the property is a corporation (e.g. a land Developer)
• Transfer Tax (Local Treasurer’s Office) – this is tax imposed on the sale, barter, or any other method of transferring of the ownership or title of real property, at the maximum rate of 50% of 1 percent of a property’s worth (in the case of cities and municipalities within Metro Manila, this is 75% of 1 percent)
• Transfer Tax (BIR) – Transfer taxes may also be owed to the Bureau of Internal Revenue. If the property was donated, the Transfer Tax is in the form of Donor’s Tax. If the property was transferred via inheritance, this is in the form of estate tax.
• Documentary Stamp Tax – this is commonly set at 1.5 percent of the selling price, or the zonal value or fair market value, whichever is higher.
• Registration Fee – commonly set at 0.25 percent of the selling price, or zonal value or fair market value, whichever is higher.
• Commission of the Agent and/or Broker
• Incidental and miscellaneous expenses – typically any expense incurred in the registration process, such as notary fees, etc.

The total amount of all these fees and taxes is the cost of transferring a land title. As you can see, all these fees and taxes can quickly add up.

Now, closely related to this topic is another question often asked immediately afterwards: “Who should shoulder the Land Title Transfer expenses?”

The common practice in the Philippines is that the seller is responsible for the following:

• Capital Gains Tax
• Withholding Taxes
• Any unpaid real estate taxes that are due
• Commission of the Agent and/or Broker assisting in the completion of the transaction

The buyer on the other hand, takes care of the following:

• Documentary Stamps
• Transfer Taxes
• Registration Fees
• Incidentals and miscellaneous expenses incurred in the registration process

This arrangement is considered standard practice. But in other cases, the buyer and seller can also mutually agree on who pays for what during the negotiation period, when the Deed of Sale (a.k.a. Deed of Absolute Sale) has not been signed yet.  This document shows the legal transfer of real estate property ownership and is submitted to the Registry of Deeds for filing after the buyer pays the Documentary stamps, transfer tax and registration fees for the aforementioned Land Title Transfer.

As you can see, the entire process and everything involved can prove to be very burdensome to both buyer and seller.  Since most buyers are willing to pay millions to buy property, it is sometimes worth it to engage a company that specializes in land title transfers in order to take the burden away from the buyer and seller.  This also ensures that the transfer is done correctly and completely.

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Mortgage Redemption Insurance or  MRI is a type of Life Insurance required by Banks and other Lending Institutions when you apply for a Home Loan. An MRI pays off the outstanding mortgage balance of the borrower in case of his or her death or total disability.

While there are those who do not see the need for an MRI, as it supposedly just adds to the money that needs to be shelled out. The purpose of an MRI is two-fold: First, it protects the bank – the MRI guarantees that the bank will be paid back the amount that was lent out. Therefore, the bank or lender does not have to sequester the house from the borrower’s surviving family. Secondly, it protects the borrower’s surviving family – the MRI helps settle the outstanding house loan amount so that the borrower’s surviving family does not have to worry about how to pay off the outstanding loan amount.

Whenever you make a significant investment, you need to protect it via insurance. To be clear, MRI is not like fire insurance which is typically an add-on to your property insurance, or insurance that includes protection from Acts-of-God. Hopefully, You now have a better understanding of MRI and how it is different from fire insurance.

Should you have any other real-estate related questions, please feel free to comment or email your questions to broker.doah@philrep.com.ph

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Required Fees and Documents (Upon Loan Application).

a. Processing fee (non-refundable) of Php 1,000 and appraisal fee of Php 2,000.

A fee of Php 1,000 will also be charged for every re-evaluation or re-filing of housing loan application.

b. Duly accomplished Housing Loan Application Form with recent ID photo of the principal borrower or co-borrower (if applicable).

c. Proof of income.

For Employed, bring ANY of the following:

• Notarized Certificate of Employment and Compensation (CEC) showing your gross monthly income, allowances, or monetary benefits.
• Income Tax Return for the year prior to the date of loan application with attached BIR Form No. 2316, received and stamped by the BIR.
• Any certified 1-month payslip from the last three months prior to the date of the loan application. If you’re a government employee, the payslip must be submitted with CEC or ITR.

For Self-Employed, bring ANY of the following:

• Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from the bank supported with Mayor’s Permit/Business Permit and DTI Registration.
• Commission vouchers issued within the last 12 months and showing the issuer’s name and contact details.
• If your income comes from pensions, foreign remittances, etc., a copy of bank statements or passbook for the last 12 months.
• If your income comes from rental payments, a copy of the Lease Contract and Tax Declaration.
• Certified True Copy of Transport Franchise issued by the authorized government agency like the LGU for tricycles and LTFRB for other PUVs.
• Certificate of Engagement issued by the business owner.
• Other documents that can validate or prove your source of income.

For Overseas Filipino Workers (OFW), bring any of the following:

• Employment Contract (Employment Contract between employer and the employee or POEA Standard Contract).
• Certificate of Employment and Compensation (CEC). This CEC can be in the form of a document signed by the employer (for household staff and other similar employees) and supported by the employer’s passport or ID. A CEC written on the company/employer’s official letterhead is also accepted.
• Income Tax Return filed with the OFW’s host country or government. If written in a foreign language, an English translation is required.

d. Photocopy (front and back) of one valid ID of the principal borrower and spouse, co-borrower and spouse, seller and spouse, owner of the title (for accommodation mortgage), and developer’s authorized representative/Attorney-in-Fact, if applicable.

The following is a list of valid government-issued IDs accepted by Pag IBIG Fund:

• Company ID
• Passport (Philippine or foreign)
• Professional Regulation Commission (PRC) ID
• Driver’s License
• Government Service Insurance System (GSIS) eCard
• Social Security System (SSS) Card
• Integrated Bar of the Philippines (IBP) ID
• Government Office and GOCC ID (e.g. AFP ID, Pag-IBIG Loyalty Card)
• Overseas Workers Welfare Administration (OWWA) ID
• Senior Citizen Card
• Overseas Filipino Worker (OFW) ID
• Postal ID
• Seafarer’s Identification and Record Book (SIRB)
• Voter’s ID

e. Latest Certified True Copy of the Transfer Certificate of Title (TCT). If you’re applying for a loan to purchase a condominium unit, present TCT of the land and a Certified True Copy of the Condominium Certificate of Title (CCT).

f. Photocopies of the updated Tax Declaration (house and lot) and Real Estate Tax Receipt.

g. Vicinity map or sketch of the property.

i. Additional Requirements (if applicable only).

For Purchase of Lot/Residential Unit.

• Contract-to-Sell or similar agreement between the buyer and seller.

For Purchase of Lot with Construction of House (PLCH).

• Contract-to-Sell or similar agreement between the buyer and seller.
• Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect.

For Purchase of Properties from a Developer/Association/Corporation.

• License to Sell (applicable to the Developer only).
• Secretary’s Certificate on the Authorized Signatory of the Developer/Corporation/Association.
• One (1) valid ID of the Corporate Secretary and Authorized Signatory of the Developer/Corporation/ Association (Photocopy, back-to-back).

For Construction of House/Home Improvement.

• Building Plans, Specification with Bill of Materials duly signed by the Licensed Architect or Civil Engineer. This requirement is to ensure that the loan will be used by the borrower for the intended purpose and not for something else like investing in a business, buying a car, etc.

For Accommodation Mortgage.

• Building Plans, Specification with Bill of Materials duly signed by the Licensed Architect or Civil Engineer.
• Notarized SPA for Accommodation Mortgagor.

For Refinancing.

• Latest Statement of Account on Outstanding Loan Balance duly signed by the manager or the account officer.
• Either of these two documents: Subsidiary Ledger or Official Receipt for the past 12 months (or any valid proof of payment).

For Refinancing with Construction of House/Home Improvement.

• Latest Statement of Account on Outstanding Loan Balance duly signed by the manager or the account officer.
• Either of these two documents: Subsidiary Ledger or Official Receipt for the past 12 months (or any valid proof of payment).
• Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect.

For OFW Pag IBIG Fund members.

• Special Power of Attorney notarized either by a Philippine Consular Officer or a notary in the country where you’re working. The SPA should be authenticated by the Philippine Consulate.
• Any or a combination of the following documents (written in or translated into the English language): Valid OWWA Membership Certificate; Payslip indicating income received and the period covered; Professional License issued by Host Country/Government; Residence card/permit (permit to stay indicating work as the purpose); Overseas Employment Certificate; Passport with appropriate visa (Working Visa); Bank remittance record.

Insurance Coverage.

• Health Statement Form (Medical Questionnaire) for borrowers over 60 years old or those 60 years old or younger whose loans are over Php 2 million to Php 6 million.
• For OFWs over 60 years old, a Health Statement Form (Medical Questionnaire) along with a copy of the medical examination result as required by the employment agency and conducted before you flew overseas.

Required Fees and Documents (Prior to Loan Release).

a. Php 2,000 upon loan take-out (to be deducted from loan proceeds).

Additional fees (if applicable):

• Php 1,000 (to be deducted from the final loan release) for every inspection in excess of four inspections for accounts with staggered releases (e.g., home construction or improvement).
• A handling fee of Php 2,000 for every additional check issued for split payment of loan proceeds.

b. TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy).

c. TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy).

d. Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) in the name of the borrower/co-borrower/s, if applicable.

Note: For refinancing, you will only need a photocopy of the updated Real Estate Tax Receipt.

e. Loan Mortgage Documents (to be provided by Pag IBIG upon loan approval):

• Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163).
• Duly accomplished/notarized Promissory Note (HQP-HLF-086/087).
• Disclosure Statement on Loan Transaction (HQP-HLF-085).

f. Additional Requirements (if applicable only).

Surety bond (for properties that are subject to the lien imposed by Section 4 Rule 74 of the Rules of Court).

Collection Servicing Agreement with Authority to Deduct Loan Amortization or Post Dated Checks, if applicable.

For Purchase of Lot/Residential Unit.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.

For Purchase of New Residential Unit only.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.
• Occupancy Permit.

For Purchase of Lot with Construction of House (PLCH) only.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.
• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.

For Construction of House/Home Improvement.

• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.

For Refinancing.

• Updated Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer.

For Refinancing with Construction of House/Home Improvement.

• Updated Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer.
• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.
• Updated Tax Declaration (House) in the name of the borrower/ co-borrowers.

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