SUBIC BAY FREEPORT — PCSPC was recently handed its original Certificate of Ownership of Leasehold Rights after successfully completing the registration process. This is in line with SBMA’s declared policy that all holders of Lease and Development Agreement and similar contracts with a lease term of six(6) years or more must register with the SBMA Registry Office in order to be issued a certificate. According to its Regulatory Group, the registration shall provide an accurate, systematic, and comprehensive leasehold rights registration and information which shall:
Enhance the value of lease hold rights over SBMA real estate properties;
Protect the integrity of leasehold rights in conformity with the original terms and conditions of the Lease Agreement or Lease Development Agreement;
Concretize ownership of leasehold rights through the issuance of Certificate of Leasehold rights; and
Regulate conveyances of SBMA real properties by the issuance of certificate of leasehold rights and recordings of all transfer and encumbrances involving said real properties.