Economy below-target growth likely

The Philippine economy "is in need of further support," a London-based research firm said, warranting more rate cuts by the Bangko Sentral ng Pilipinas (BSP).

In a report released last Friday, Capital Economics noted that gross domestic product growth had slowed to 0.5 percent quarter on quarter, from 0.9 percent in the first three months of 2024, due to declines in private consumption and exports.

"Looking forward, fiscal tightening and weak export demand should keep growth subdued," it said.

Gross domestic product (GDP) growth currently stands at the bottom end of this year's downwardly revised target of 6.0-7.0 percent.

Economic managers have been saying that the target will likely be achieved and also raised the possibility that the goals could be raised given slowing inflation and increased government spending.

The BSP, Capital Economics said, will likely order a 25-basis point (bps) rate cut this Wednesday in a repeat of an August decision that kicked off an easing cycle.

Another cut is expected in December, with more in 2025, and the central bank's policy rate will likely end next year at 4.75 percent, it added.

This "makes us more dovish than the consensus," Capital Economics said.

It also noted that inflationary pressures were weak, with headline inflation having fallen to 1.9 percent in September — below the BSP's 2.0- to 4.0-percent target.

"Our forecast is that a combination of weak economic growth and falling food price inflation will keep [overall] inflation low," the research firm said.

Japanese investment bank Nomura, meanwhile, also expects the BSP to announce a 25-bps cut this week and again in December as it pursues a data-driven approach to setting monetary policy.

"We think BSP will cite the decline in headline inflation that allows it to further reduce the restrictiveness of its monetary stance in a calibrated manner, amid soft domestic demand conditions and a negative output gap," it said in a report last week.

A 25-bps cut will bring the BSP policy rate to 6.0 percent.

"[U]nlike other regional central banks, BSP adheres more strictly to its inflation targeting framework and will be more driven by the latest data outturns on inflation," Nomura said.

The outlook for inflation, Nomura added, suggests that it will remain slightly below target in the coming months; thus, Wednesday's "policy statement and comments in the press briefing are therefore also likely to remain dovish, with BSP continuing to comment that it sees scope to deliver more rate cuts."

It added that while the Monetary Board could raise its inflation forecasts to take into account higher crude oil prices, these will likely still be considered "target-consistent."

The BSP is also expected to declare that inflation expectations are well-anchored, which will set the " stage for another 25 basis points cut, which we forecast at the last monetary board meeting of the year in December," Nomura said.

While the US Federal Reserve's easing cycle also supports further BSP easing, the Philippine central bank is not expected to copy the Fed's jumbo 50-bps cut last month.

"The substantial RRR (reserve requirement ratio) cut is already providing additional easing, and [BSP] Governor [Eli] Remolona said he prefers 25bp increments in the policy rate," Nomura said.

The central bank last month announced a 250-bps cut in the RRR for universal and commercial banks and non-bank financial institutions with quasi-banking functions; 200 bps for digital banks; and 100 bps for thrift banks, rural banks and cooperative banks.

The new ratios will take effect on October 25.

Source: Manila Times

Women’s Economic Empowerment is key for inclusive development in the Asia region

As world leaders gather for the United Nations Summit of the Future, a new UN Women report for Asia and the Pacific challenges conventional economic thinking, urging societies to look beyond gross domestic product (GDP) as the dominant measure of progress.

With the generous support of the Australian Department of Foreign Affairs and Trade, the report, “Caring Societies, Inclusive and Green Economies in Asia and the Pacific. Unveiling Data to Advance Women’s Economic Empowerment Beyond GDP” reveals that economic growth has not translated into economic empowerment for all women in the region, calling for a new paradigm that recognizes the contributions of all forms of care work to a functioning economy and prioritizes inclusion and environmental sustainability.

Care work is disproportionately performed by women. This includes both paid roles, such as nursing or domestic workers, and unpaid roles, such as caring for family members.

The analysis clearly indicates an urgent need to address gender inequality to foster inclusive development. This involves empowering women with greater decision-making power, enhancing their access to productive resources, and reforming gender-blind norms and systems.

To achieve the Sustainable Development Goals, we must actively support women’s economic empowerment. This entails tackling the root causes of gender inequality by transforming care systems, creating decent job opportunities, and fostering gender-responsive climate action in both business and society.

The report urges a paradigm shift beyond GDP and a growth-centric approach, advocating instead for measures that prioritize the well-being of people and health of the planet. The Asia and the Pacific region can experience inclusive growth and create a more prosperous future for all by recognizing, reducing, and redistributing care work, investing in quality care services, promoting decent work and financial inclusion, and supporting women's economic and political participation, including in climate-action.

“This report challenges all of our perceptions around the importance of care,” says Christine Arab, Regional Director of UN Women Asia and the Pacific. "It’s time to recognize that a truly thriving economy is one that values care, prioritizes the well-being of its people, and safeguards our planet for generations to come."

To catalyze progress towards a more equitable future, the report calls on policymakers to address the limitations of GDP and more fully capture all economic activities, human welfare, and sustainability. To do so, the report calls for increased investments in quality, reliable and timely gender data. This data is vital to enable governments, the private sector and other stakeholders to take actions to lift the barriers to women's economic empowerment and accelerate progress towards a more prosperous and equitable future for all.

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Source: UN Women

Legal Framework of an Order for the Release of Property in the Philippines

 Introduction

In the Philippines, an Order for the Release of Property is a legal document issued by a court or other competent authority directing the release or return of a property that has been previously seized, attached, or impounded. This typically occurs in the context of civil, criminal, or administrative proceedings, where property may be temporarily held to secure compliance with legal obligations or ensure its availability as evidence in court proceedings. Understanding the legal framework governing such orders is crucial for both individuals and entities involved in disputes over property.

This article examines the legal basis, grounds, and procedures for the issuance of an order for the release of property under Philippine law, as well as the rights and obligations of the parties involved.

 Legal Basis for the Release of Property

The legal framework for the release of property in the Philippines is grounded in several key legal provisions, including:

1. Rules of Court: The Rules of Civil Procedure and Rules of Criminal Procedure under the Rules of Court of the Philippines provide detailed procedures for the seizure and release of property in various legal contexts, including attachment, replevin, and seizure as evidence in criminal cases.

2. Civil Code of the Philippines: The Civil Code governs property rights and includes provisions on ownership, possession, and the restitution of unlawfully seized property.

3. Revised Penal Code: The Revised Penal Code contains provisions relating to the confiscation and return of property involved in criminal acts, particularly in relation to evidence, stolen goods, or contraband.

4. Special Laws: Other laws such as the Comprehensive Dangerous Drugs Act (Republic Act No. 9165), Anti-Graft and Corrupt Practices Act (Republic Act No. 3019), and Customs Modernization and Tariff Act (Republic Act No. 10863) also govern the seizure and release of property in relation to specific types of cases, such as drug-related offenses, graft, and smuggling.

 Common Scenarios for the Issuance of a Release Order for Property

The following are common scenarios where an order for the release of property may be issued:

1. Release of Attached Property (Civil Cases)

In civil litigation, a writ of attachment may be issued to prevent a defendant from disposing of property while the case is ongoing. The attachment serves to secure the satisfaction of a potential judgment. Once the case is resolved or if the attachment is lifted, the court may issue an order for the release of the attached property.

2. Release of Seized Property (Criminal Cases)

In criminal proceedings, property may be seized as evidence or as part of the investigation. After the trial, if the court determines that the property is no longer needed as evidence, or if the accused is acquitted, an order for the release of the property may be issued.

3. Release of Property in Replevin

In replevin actions, a party seeks the return of personal property that has been wrongfully detained by another. If the court rules in favor of the plaintiff, it may issue an order directing the release of the property to its rightful owner.

4. Release of Property Subject to Forfeiture

In cases where property is subject to forfeiture due to its connection with illegal activities (e.g., money laundering, graft, smuggling), a release order may be issued if the court or relevant authority determines that the property should be returned to its owner or custodian, especially if the forfeiture proceedings are resolved in favor of the property owner.

5. Release of Collateral in Foreclosure Proceedings

In some foreclosure cases, the court may issue a release order for property that has been seized or attached as collateral if the foreclosure has been legally resolved, such as through payment of the debt or a legal ruling in favor of the debtor.

 Grounds for the Issuance of a Release Order

An order for the release of property is typically issued based on the following grounds:

1. Resolution of Legal Proceedings: The most common ground for the issuance of a release order is the resolution of the legal case in which the property was seized. For example, if a case involving the attachment or seizure of property has been resolved in favor of the property owner, the court will issue an order to release the property.

2. Improper Seizure or Attachment: A party may also file a motion for the release of property if the seizure or attachment was made improperly or without legal basis. If the court finds that the property was wrongfully seized, it will issue an order for its release.

3. Compliance with Legal Obligations: If the property was held as security for compliance with a legal obligation, such as the payment of a debt, an order for release may be issued upon fulfillment of the obligation.

4. Substitution or Release of Surety: In certain cases, such as when a bond or surety is provided to secure the release of the property, the court may issue an order for the release of the property if it is satisfied that the bond or surety is sufficient.

 Procedures for Securing a Release Order

The process for securing a release order for property varies depending on the type of legal proceeding and the specific circumstances of the case. Below are the general steps involved:

1. Filing a Motion for Release

The party seeking the release of the property must file a motion for release with the court that has jurisdiction over the case. The motion must include relevant facts and legal arguments supporting the release of the property, such as the resolution of the case or the improper attachment.

2. Notice to Opposing Parties

After the motion is filed, the court will issue a notice to the opposing parties, allowing them to respond. If the opposing party objects to the release of the property, they may file an opposition or counter-motion.

3. Hearing

The court may schedule a hearing to hear both sides' arguments regarding the release of the property. During the hearing, the parties can present evidence and legal arguments to support their respective positions.

4. Issuance of the Release Order

If the court finds in favor of the party requesting the release of the property, it will issue an order for the release of property. The order will specify the terms and conditions of the release, including any obligations the party may need to fulfill before the property can be returned (e.g., payment of fees or the posting of a bond).

5. Enforcement of the Release Order

Once the release order is issued, the party in possession of the property must comply with the court’s directive and return or release the property to the rightful owner. Failure to comply with a release order may result in contempt of court or other legal consequences.

 Rights and Obligations of the Parties

The issuance of a release order imposes certain rights and obligations on the parties involved:

1. Rights of the Property Owner: Upon the issuance of a release order, the property owner has the right to have their property returned without delay. They may also claim compensation for damages if the property was wrongfully seized or detained.

2. Obligations of the Party in Possession: The party in possession of the property, such as law enforcement agencies or creditors, must promptly comply with the release order. Any delay or refusal to release the property can result in legal sanctions.

3. Payment of Costs and Fees: Depending on the circumstances, the court may require the party seeking the release to pay certain costs and fees associated with the release process, such as court fees, storage fees, or the cost of posting a bond.

 Legal Challenges to Release Orders

Opposing parties may challenge the issuance of a release order by filing a motion for reconsideration or appealing the court’s decision. Common grounds for challenging a release order include:

1. Pending Appeal or Legal Action: If there is a pending appeal or related legal action that could affect the disposition of the property, the opposing party may argue that the release of the property is premature.

2. Violation of Legal Requirements: If the party seeking the release has not fulfilled certain legal requirements, such as the payment of debts or the posting of a bond, the opposing party may argue that the release order should not be granted.

 Conclusion

An Order for the Release of Property is an important legal tool that ensures the return of property that has been seized, attached, or impounded during legal proceedings. The process of obtaining a release order is governed by specific laws and procedures, which seek to balance the rights of property owners with the interests of justice. Understanding the legal framework surrounding release orders helps parties navigate the legal process effectively, ensuring that property is released or returned in accordance with the law. Legal counsel is often necessary to ensure that all procedural requirements are met and that the property is properly returned to its rightful owner.

Source: Ziggurat Real Estate