By: Atty. Jeremy O. Panganiban
The answer depends on whether the condominium corporation will hold title to the land or will merely lease it from another person/entity.
This is because if it will own the private land, the capital stock of the condominium corporation must be 60% Filipino owned so as not to contravene the prohibition under the Philippine Constitution in relation to the Condominium Act, as amended.
However, if the condominium corporation merely leases the land from another person/entity, particularly from the developer or landowner, then there is no legal impediment for the condominium project, not the land, to be entirely owned by foreigners and, accordingly, there will be no limit to the foreign ownership of the Condominium Corporation, this on the basis of the opinion issued by the Securities & Exchange Commission.