Fixing A Maximum Period For The Duration Of Leases Or Private Lands To Aliens

MALACAÑANGM a n i l a PRESIDENTIAL DECREE No. 471 May 24, 1974 FIXING A MAXIMUM PERIOD FOR THE DURATION OF LEASES OR PRIVATE LANDS TO ALIENS WHEREAS, the Constitution bans the acquisition by aliens and alien-owned entities of public and private lands; WHEREAS, leases of unreasonably long duration would amount to a virtual transfer of ownership in violation of the intent of the Constitutional prohibition; WHEREAS, there is a compelling need to fix a reasonable maximum period for the duration of leases of private lands to aliens and to enforce compliance thereof by punishing violations; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and degree: Section 1. The maximum period allowable for the duration of leases of private lands to aliens or alien-owned corporations, associations, or entities not qualified to acquire private lands in the Philippines shall be twenty-five years, renewable for another period of twenty-five years upon mutual agreement of both lessor and lessee. Section 2. Any...