In the Philippines, a survivorship agreement is a legal document that outlines the rights and responsibilities of two or more parties in the event of the death of one of the parties. It is commonly used by couples who are not yet married but have acquired properties and assets together.

The survivorship agreement ensures that the surviving party will inherit the properties and assets without any hindrances or conflicts from other heirs or parties. This also protects the surviving party from potential legal battles with other heirs or parties who may claim rights to the same properties and assets.

Under Philippine law, a survivorship agreement is considered a valid and enforceable contract, provided that all parties have freely and voluntarily entered into it, without any coercion or undue influence. The agreement should also be in writing and signed by all parties involved.

It is crucial for parties to seek legal advice before entering into a survivorship agreement to ensure that all legal requirements are met. This will also help parties understand the legal implications and consequences of the agreement.

In addition, a survivorship agreement can be revoked or amended by mutual agreement of all parties involved. However, revocation or amendment also requires legal procedures and should be done with the guidance of legal professionals.

In conclusion, a survivorship agreement is a useful legal document for couples who have acquired properties and assets together. It provides protection and security to the surviving party in the event of the death of one of the parties. However, it is essential to seek legal advice before entering into such an agreement to ensure that all legal requirements are met and all parties` rights are protected.