Professional Documents
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time within the term of one year from and after the date of the sale; and
such redemption shall be governed by the provisions of sections four
hundred and sixty-four to four hundred and sixty-six, inclusive, of the Code
of Civil Procedure, in so far as these are not inconsistent with the
provisions of this Act.
SECTION 7. In any sale made under the provisions of this Act, the
purchaser may petition the Court of First Instance of the province or place
where the property or any part thereof is situated, to give him possession
thereof during the redemption period, furnishing bond in an amount
equivalent to the use of the property for a period of twelve months, to
indemnify the debtor in case it be shown that the sale was made without
violating the mortgage or without complying with the requirements of this
Act. Such petition shall be made under oath and filed in form of an ex
parte motion in the registration or cadastral proceedings if the property is
registered, or in special proceedings in the case of property registered
under the Mortgage Law or under section one hundred and ninety-four of
the Administrative Code, or of any other real property encumbered with a
mortgage duly registered in the office of any register of deeds in
accordance with any existing law, and in each case the clerk of the court
shall, upon the filing of such petition, collect the fees specified in
paragraph eleven of section one hundred and fourteen of Act Numbered
Four hundred and ninety-six, as amended by Act Numbered Twenty-eight
hundred and sixty-six, and the court shall, upon approval of the bond,
order that a writ of possession issue, addressed to the sheriff of the
province in which the property is situated, who shall execute said order
immediately.
SECTION 8. The debtor may, in the proceedings in which possession was
requested, but not later than thirty days after the purchaser was given
possession, petition that the sale be set aside and the writ of possession
cancelled, specifying the damages suffered by him, because the mortgage
was not violated or the sale was not made in accordance with the
provisions hereof, and the court shall take cognizance of this petition in
accordance with the summary procedure provided for in section one
hundred and twelve of Act Numbered Four hundred and ninety-six; and if it
finds the complaint of the debtor justified, it shall dispose in his favor of all
or part of the bond furnished by the person who obtained possession.
Either of the parties may appeal from the order of the judge in accordance
with section fourteen of Act Numbered Four hundred and ninety-six; but
the order of possession shall continue in effect during the pendency of the
appeal.
SECTION 9. When the property is redeemed after the purchaser has been
given possession, the redeemer shall be entitled to deduct from the price
of redemption any rentals that said purchaser may have collected in case
the property or any part thereof was rented; if the purchaser occupied the
property as his own dwelling, it being town property, or used it gainfully, it
being rural property, the redeemer may deduct from the price the interest
of one per centum per month provided for in section four hundred and
sixty-five of the Code of Civil Procedure.
from date of notice, the creditor rural bank may do so for them at their
expense: Provided, furthermore, That the applicant for homestead or free
patent has already made improvements on the land and the loan applied
for is to be used for further development of the same or for other
productive economic activities: Provided, finally, That the appraisal and
verification of the status of a land is a full responsibility of the rural bank
and any loan granted on any land which shall be found later to be within
the forest zone shall be for the sole account of the rural bank.
operated under this Act shall be primarily for the purpose of meeting the
law where the total amount of loan, excluding interest due and unpaid,
does not exceed One hundred thousand pesos (P100,000) or such amount
the rural bank, the barangay hall, the barangay public market, if any,
Torrens Title where the owner of private property can show five (5) years
where the land mortgaged is situated during the period of sixty (60) days
the Bureau of Lands that are covered by sales contracts and the purchase
have paid at least five (5) years installment thereon, without the necessity
judgment and shall be attached with the records of the case: Provided,
free patent holder, as well as his heirs shall have the right to redeem the
same within one (1) year from the date of the registration of the
contracts and the purchasers have paid at least five (5) years installment
That in any case, borrowers, especially those who are mere tenants, need
only to secure their loans with the procedure corresponding to their share.
homesteads or free patent lands pending the issuance of titles but already
approved, are issued, the provisions of any law or regulations to the
That said lands shall be covered under Republic Act No. 6657.
case of a natural person, and for a period of ten years from the date of the
approval of this Act or until the expiration of the term of the association or
partnership or of the corporate existence of the corporation, whichever
event comes first, in the case of juridical persons. Failure to renew a
license to engage in retail business shall be considered voluntary
retirement.
Nothing contained in this Act shall in any way impair or abridge whatever
rights may be granted to citizens and juridical entities of the United States
of America under Executive Agreement signed on July fourth, nineteen
undred and forty-six, between that country and the Republic of the
Philippines.
The license of any person who is not a citizen of the Philippines and of any
association, partnership or corporation not wholly owned by citizens of the
Philippines to engage in retail business, shall be forfeited for any violation
of any provision of laws on nationalization, economic control, weights and
measures, and labor and other laws relating to trade, commerce and
industry.
Philippines, engaged in the retail business, shall, within ninety days after
the approval of this Act arid within the first fifteen days of January every
the retail business: Provided, That a person who is not a citizen of the
year thereafter, present for registration with the municipal or city treasurer
engaged in, the amount of its assets and liabilities, the names o.f its
principal officials, and such other related data as may be required by the
herewith, until his death or voluntary retirement from said business, in the
(c) Sales in restaurant operations by a hotel owner or innkeeper irrespective of the amount capital: provided, that
the restaurant is incidental to the hotel business; and
Section 4. Treatment of Natural Born Citizen Who Has Lost His Philippine
Citizenship. - A natural-born citizen of the Philippines who resides in the
Philippines shall be granted the same rights as Filipino citizens for
purposes of this Act.
The foreign investor shall be required to maintain in the Philippines the full
amount of the prescribed minimum capital unless the foreign investor has
notified the SEC and the DTI of its intention to repatriate its capital and
cease operations in the Philippines. The actual use in Philippine operations
of the inwardly remitted minimum capital requirement shall be monitored
by the SEC.
Failure to maintain the full amount of the prescribed minimum capital prior
to notification of the SEC and the DTI, shall subject the foreign investor to
penalties or restrictions on any future trading activities/business in the
Philippines.
Foreign retail stores shall secure a certification from the Bangko Sentral ng
Pilipinas (BSP) and the DTI, which will verify or confirm inward remittance
of the minimum required capital investments.
Section 6. Foreign Investors Acquiring Shares of Stock of Local Retailers.
- Foreign investors acquiring shares from existing retail stores whether or
not publicly listed whose net worth is in the excess of the peso equivalent
of Two million five hundred thousand US dollars (US$2,500,000.00) may
purchase only up to a maximum of sixty percent (60%) of the equity
thereof within the first two (2) years from the effectivity of this Act and
thereafter, they may acquire the remaining percentage consistent with the
allowable foreign participation as herein provided.
Section 7. Public Offering of Shares of Stock. All retail trade enterprises
under Categories B and C in which foreign ownership exceeds eighty
percent (80%) of equity shall offer a minimum of thirty percent (30%) of
their equity to the public through any stock exchange in the Philippine
within eight (8) years from their start of operations.
venture in his application for registration with SEC. During the transitory
period as provided in Section 15 hereof, SEC shall disallow registration of
the applying non-Philippine national if the existing joint venture enterprise,
particularly the Filipino partners therein, can reasonably prove they are
capable to make the investment needed for they are competing applicant.
Upon effectivity of this Act, SEC shall effect registration of any enterprise
applying under this Act within fifteen (15) days upon submission of
completed requirements.
Section 6. Foreign Investments in Export Enterprises. - Foreign
investment in export enterprises whose products and services do not fall
within Lists A and B of the Foreign Investment Negative List provided under
Section 8 hereof is allowed up to one hundred percent (100%) ownership.
Export enterprises which are non-Philippine nationals shall register with
BOI and submit the reports that may be required to ensure continuing
compliance of the export enterprise with its export requirement. BOI shall
advise SEC or BTRCP, as the case may be, of any export enterprise that
fails to meet the export ratio requirement. The SEC or BTRCP shall
thereupon order the non-complying export enterprise to reduce its sales to
the domestic market to not more than forty percent (40%) of its total
production; failure to comply with such SEC or BTRCP order, without
justifiable reason, shall subject the enterprise to cancellation of SEC or
BTRCP registration, and/or the penalties provided in Section 14 hereof.
Section 7. Foreign Investments in Domestic Market Enterprises. Non-Philippine nationals may own up to one hundred percent (100%) of
domestic market enterprises unless foreign ownership therein is prohibited
or limited by existing law or the Foreign Investment Negative List under
Section 8 hereof.
A domestic market enterprise may change its status to export enterprise if
over a three (3) year period it consistently exports in each year thereof
sixty per cent (60%) or more of its output.
Section 8. List of Investment Areas Reserved to Philippine
Nationals (Foreign Investment Negative List).- The Foreign
Investment Negative List shall have three (3) component lists: A, B, and C:
a) List A shall enumerate the areas of activities reserved to
Philippine nationals by mandate of the Constitution and specific
laws.
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