PHILIPPINES Law and Practice Contributed by: Kerwin Tan, Eugene Kaw and Veronica Balbin, Tan Hassani and Counsels
4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft The material issues and court judgments are those that pertain to the doctrine of doing business in the Philippines by a foreign aircraft owner, seller or lessor. While they are not specific to aircraft transactions, the overall structure of an aircraft transaction – whether it be by sale, lease or finance – should always take care to ensure that the aircraft owner, seller or lessor does not fall into “doing business” in the Philippines without a licence. An aircraft owner, seller or lessor should take full advantage of all possible exceptions in structuring the deal. 4.2 Current Legislative Proposals There are no current proposals before the legislature relating to the foregoing items.
3.4.9 Taxes/Fees Payable There are no taxes on the enforcement of a security agreement or aircraft mortgage. However, court filing fees are required, the amount of which will be based on the relief sought or the property value involved. 3.4.10 Other Relevant Issues In the case of a mortgage, an action to enforce must be done within ten years from the time the mortgagor defaults in the payment; otherwise, it will be barred by prescription and the mortgagee will lose their rights under the mortgage.
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