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what is your right as a condo owner based on philippine law can you freely rent out your condo unit what will happen with your condo after 50 years can you still profit at the end of your condoamp;#39;s lifespan what is a condominium corporation and why should you care this is broker chris rania and iamp;#39;m going to answer this questions as we discuss condo ownership in the philippines now there are two kinds of condominium ownership in the philippines first is the leasehold ownership wherein you buy the right to live in the property for a fixed amount of time usually this contract is around 25 to 50 years when your contract expires you can either extend the lease or return the property to the land owner the second type of ownership is freehold ownership wherein you as an owner own a condo in perpetuity you can live in it for as long as you want and when you pass away your kids or legal lawyers will inherit it in the philippines most developers offer condos with freehold ownership