Practice question
A qualifying Section3 buyer paid a total of PHP600,000 over exactly six years of installments. Assume cancellation and no independent refund adjustment. What statutory cash surrender value rate and amount apply?
- 55 percent, or PHP330,000
- 50 percent, or PHP300,000
- 90 percent, or PHP540,000
- 100 percent, or PHP600,000
- 5 percent, or PHP30,000
Legal references
- RA6552: https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html Section3(a)–(b).
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