Land lots in Pasig, Metro Manila

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Metropolitan Manila (often shortened as Metro Manila; Tagalog: Kalakhang Maynila), officially the National Capital Region (NCR), is the seat of government and one of three defined metropolitan areas in the Philippines. It is composed of 16 cities: the city of Manila, Quezon City, Caloocan, Las Piñas, Makati, Malabon, Mandaluyong, Marikina, Muntinlupa, Navotas, Parañaque, Pasay, Pasig, San Juan, Taguig, and Valenzuela, as well as the municipality of Pateros. The region encompasses an area of 619.57 square kilometers (239.22 sq mi) and a population of 12,877,253 as of 2015. It is the second most populous and the most densely populated region of the Philippines. It is also the 9th most populous metropolitan area in Asia and the 5th most populous urban area in the world. The region is the center of culture, economy, education and government of the Philippines. Designated as a global power city, the region exerts a significant impact on commerce, finance, media, art, fashion, research, technology, education, and entertainment, both locally and internationally. It is the home to all the consulates and embassies in the Philippines, thereby making it an important center for international diplomacy in the country. Its economic power makes the region the country's premier center for finance and commerce. The region accounts for 37.2% of the gross domestic product of the Philippines.The region was established in 1975 through Presidential Decree No. 824 in response to the needs to sustain the growing population and for the creation for the center of political power and the seat of the Government of the Philippines. The Province of Manila, the predecessor entity of the region, is one of the first eight provinces that revolted against the Spanish colonial rule in the Philippines at the end of the 19th century. Manila's role in the Revolution is honored in the Flag of the Philippines, where the sun's eight rays symbolize the eight revolutionary provinces.

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In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A lot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries. Possible owner(s) of a lot can be one or more person(s) or another legal entity, such as a company/corporation, organization, government, or trust. A common form of ownership of a lot is called fee simple in some countries. A lot may also be defined as a small area of land that is empty except for pavement or similar improvement. An example would be a parking lot. This article covers lots as parcels of land meant to be owned as units by an owner(s). Like most other types of real estate, lots owned by private parties are subject to a periodic real estate tax payable by the owners to local governments such as a county or municipality. These real estate taxes are based on the assessed value of the real property; additional taxes usually apply to transfer of ownership and property sales. Other fees by government are possible for improvements such as curbs and sidewalks or an impact fee for building a house on a vacant lot.

Source: https://en.wikipedia.org/