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Real Property Law
Real property law is crucial in market economies; it provides the legal environment for a business to own, use, and sell land and buildings as well as to use them as collateral to obtain credit. Good property law is especially critical in transition-economy countries; a good law enables entrepreneurs—domestic and foreign—to acquire land freely to produce goods and services in a secure ownership environment, which is a necessity for planning for the long term. A good property law must also be accompanied by an objective, standardized titling system.
Such a system is lacking in the Philippines, where a complex and conflicting system of laws, regulations and costs (both official and unofficial) make land transactions difficult. As a result, individuals are not able to gain access to the benefits of land ownership, such as increased access to capital.
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