Refund of condo or subdivision amortizations

Q: If the developer fails to develop the subdivision or condominium project, can you ask for a full refund of the amount you paid?

A: Yes. Section 23 of the Subdivision and Condominium Buyers' Protective Decree provides that the buyer may be reimbursed the total amount paid including amortization interests if the owner or developer fails to develop the subdivision or condominium project according to the approved plans within the time limit for complying with the same.

Liability of drawee bank for forged check

Q: Can my bank recover the amounts they paid to a forged check?

A: No. Banks are precluded from recovering the amount they paid because a forged signature is wholly inoperative and payment made through or under such signature is ineffectual or does not discharge the instrument (Section 23, Negotiable Instruments Law). Banks are in a superior position to detect the forgery considering that they have your signature card on file from which they can compare the signature appearing in the check. However, if you are guilty of contributory negligence, the loss can be apportioned between you and the bank. Furthermore, if the proximate cause of the forgery can be attributed solely to your own negligence (e.g. completely entrusting your checkbooks and verification of statement of accounts to your secretary), you are precluded from setting up the forgery and the bank can recover the amount it paid through or under such forged signature.

Taxability of voluntary contributions to PAG-IBIG, PhilHealth, SSS, and GSIS

Q: Can the excess voluntary monthly contribution to various government institutions such as PAG-IBIG, PhilHealth, SSS and GSIS be validly excluded from the gross income tax of the taxpayer? For instance, if the taxpayer contributes the maximum amount of PHP2000 to PAG-IBIG instead of the minimum PHP100 mandatory monthly contribution, is the excess PHP1900 excluded from his gross income? 

A: No. In Revenue Memorandum Circular No. 27-2011, the Bureau of Internal Revenue held that Section 32(B)(7) of the National Internal Revenue Code of 1997 only covers the mandatory/compulsory contributions of employees to SSS, GSIS, PhilHealth and PAG-IBIG. Voluntary contributions in excess of what the law allows to these institutions are not excludible from the gross income of the taxpayer and, hence, not exempt from income tax and withholding tax.

Zambapalooza 2012

The north swell is coming. It's not as ominous as "Winter is Coming" in Game of Thrones. In fact, it's something surfers look forward to each year cause it means bigger and more consistent swell, and, consequently, better surf. Proof of the fact that north swell is coming is the holding of surf events left and right, as jump-started by the Surf and Music Festival in La Union. And one of those events is Zambapalooza 2012 which will be held from December 21-23, 2012 at the Crystal Beach Resort in San Narciso Zambales. Zambapalooza is a skim, surf, and skate event along with other fun activities in between such as American football and nightly concerts. It is one of the most anticipated events of the year because of the high-level of talent that join the competition. But, in the end, most people go to Zambapalooza to bond with like-minded individuals who have the same passion for the sun, sand and sea.


(N.B. Zambapalooza poster appropriated for illustrative purposes under the Fair Use doctrine of the Intellectual Property Code of the Philippines)

Surf & Music Festival 2012

Surf + great bands + good vibes = perfect stoke!!

There's no storm in the Philippines but the streets are flooded and dams are overflowing. And it's unusually cold today. This kind of weather makes one sleepy and somnolent. But the moment I saw this poster in facebook, it felt like I just drank two cups of brewed coffee...oblivious to the gloomy weather outside.

I didn't attend the Surf & Summer Festival last year and I regret it to this day. Only a tsunami or the reschedule of the bar exams will make me not attend this event. 

The line-up of bands, by itself, is enough to make the road trip up north worth it -- especially Up Dharma Down, Razorback, Wolfgang, Franco and Urbandub!!! But surfing made this so much more than worth it that missing it should be considered a crime against your soul. 

I can already imagine the picturesque scene - whitewater crashing in the foreshore, the smell of salt water in the air, the sound of guitars, bass, drums, and vocals blasting from the amplifiers, beer in hand, people grooving to the music, enjoying the moment, and most of all -- surfers getting stoked!!! 

Kudos to Aloha Boardsports for organizing this event! 

------------------

N.B. For tour packages visit: Travel Factor's website

For accommodations in Pagudpud visit the following:

Maira-Ira Beach (venue itself)

         Hannah's Beach Resort

         Agua Seda Beach Resort

Saud Beach (18 kms. from Maira-Ira)

         Evangeline Beach Resort

         Arinaya White Beach Resort

         Keahana Beach Resort