What is maceda law?

Maceda Law in the Phillippines applies to the purchaser of real property by installment payments when the purchase becomes cancelled by a delinquency in payment. It provides the buyer with a right to a refund as a requisite for cancellation of contract due to delinquency when the buyer has paid at least two years. The refund is 50% of total payments; additional 5% per year after 5th year.