What are the rights and responsibilities of a foreshore leaseholder?
A. 1) Utilize the area for commercial, industrial or residential purpose as stated in the lease application and contract and comply with Presidential Decree 1586 or the Environmental Impact Study System. 2) Pay the annual lease fee amounting to 3% of the appraised value of the land plus 1% of the value of the existing or proposed improvements; 3) Construct permanent improvements appropriate for whatever purpose is stated in the lease agreement subject to approval of the Secretary of Public Works and Highways and within 18 months from the date of the award; 4) Ensure that the premises or any part thereof is not assigned, sub-leased or transferred to a third party without the approval (in writing) of the DENR Secretary; 5) Waive any right to any reduction of rent on account of any loss or damage suffered by reason of extraordinary, unforeseen, fortuitous events; 6) Submit annually to the Department of Finance for approval, a tariff of any and all rates and fees derived to be charged to a
