OFW paid ₱608,000 for a Manila condo. What the Maceda Law can — and cannot — save
Manila: For Peter Castro, an overseas Filipino worker (OFW), buying a condominium in Metro Manila was supposed to be a straightforward investment. Here's the general flow: pay the equity in installments, wait for construction to finish and eventually own a 32-square-metre unit along Pioneer Street in Mandaluyong. For 16 months, Peter ( name changed ) has been paying about ₱38,000 (≈$625) a month.…
Peter Castro, an overseas Filipino worker, entered into a deal to purchase a condominium in Mandaluyong City. He agreed to pay a downpayment of approximately ₱608,000 in 16 monthly installments over a period of 60 months. This purchase is part of a broader concern in the Philippine real estate market, particularly concerning preselling condominium units during a market with high inventory levels and aggressive discounting by developers.
The Maceda Law, or Republic Act No. 6552, which is a Philippine consumer-protection law, may provide some recourse for buyers like Peter in situations where market conditions have changed adversely.
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