Noli pushes for more housing reforms
President Noli “Kabayan” De Castro, chairman of the Housing
and Urban Development Coordinating Council (HUDCC)
will push for the immediate implementation of the value added tax (VAT) exemption of
real estate transactions up to
P2.5 million, as well as other
measures to further boost the housing industry.
before members of the Subdivision and Housing Developers Association (SHDA) and other
stakeholders at the joint HUDCC-SHDA National Developers
Convention in Bacolod City
Friday, De Castro said he will
actively coordinate with the BIR for the issuance of a circular implementing the provision in
Republic Act 9337 which
exempts for VAT the sale of residential lots valued up to P1.5 million, as well
as lots and other residential
units up to P2.5 million.
“This will be
a big help in lowering the prices of housing units. I trust that your savings
from the exemption will be
passed on to our buyers through
lower prices, or better quality of houses,” he said.
At the same
time, De Castro said he will also coordinate with the BIR for the necessary
adjustments in the application
of creditable witholding tax,
according to the recommendation of private developers.
President said that HUDCC will also look into other measures proposed by developers.
directed the HUDCC secretariat to evaluate the developers’ proposal to adjust the price
ceiling for low-cost housing,”
within this month I will convene the HUDCC council to discuss the proposed
adjustment of the low cost
housingloan ceiling, including the coresponding adjustments to Batas Pambansa 220 and the
guaranty coverage,” he added.
council recently approved the proposal to raise the loan ceiling for socialized
housing from P225,000 to
P300,000 to encourage more developers to venture into the production of socialized
President also assured that funds for housing will be ready and available for all
partner developers. According
to De Castro, “this year, the Pag-IBIG Fund has set aside
P22 billion worth of funds for
housing and another P28 billion next year.”
HUDCC is also working on further
streamlining processes related
to housing. In particular, the lead housing agency for the sector is in talks
with the Department of Environment and Natural
Resources (DENR) to speed
up the the processing of environmental clearance certificates (ECC) for housing
projects by limiting the
number of environmentally critical areas and shortening the list of requirements
talked to Secretary Defensor, and he told me that his target is to bring down the
number of requirements for EIS
applications to only two,” De
He called on
the developers to help draft a bill that will convert EO 45 into a law, to further
eliminate other hindrances to
the speedy processing of housing
permits that will require amending various laws.
your support, we should be able to finalize our version in time for the shelter month in
October,” he said.
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