The remedy of the lessee, in case the lessor fails to make necessary repairs, is laid out under Articles 1658 and Article 1659 of the Civil Code of the Philippines, which state that: "Article 1658.
Under Republic Act No. 8556, also known as the Financing Company Act of 1998 (FCA), the term “financial leasing” refers to a mode of extending credit under which the lessor purchases or acquires, at ...
A key aspect of an operating lease is that they don't transfer ownership of the asset to the lessee at the end of the rental term. The asset remains the lessor's property during and after the ...