Real estate players push for reforms in 2017
It’s that time of year when we should start compiling a Christmas wish list.
And for the country’s various developers, this is also the best moment to hope for the best. The Philippine economy, after all, grew 7.1 percent in the third quarter, which was faster than the International Monetary Fund’s full-year growth forecast of 6.4 percent.
This growth was faster than the country’s neighbors, such as China which recorded a growth in its gross domestic product (GDP) of 6.7 percent; Vietnam, 6.4 percent; Indonesia, 5 percent; and Malaysia, which posted a 4.3 percent growth.
Indeed, this is positive news for the sector, particularly for the residential developers as a booming economy often results in improved purchasing power. This meant that more Filipinos will be able to buy their own homes.
Developers meanwhile are also hoping that under the Duterte administration, new policies will be crafted for the benefit of the real estate industry, and while the current regulations will be reviewed, and further improved if needed.
Here are some of the organizations and individuals that are looking forward to a better year in 2017.
“For the Department of Agrarian Reform to set aside the proposed two-year moratorium on the conversion of 4.7 million of agricultural lands distributed under various agrarian reform programs since 1972 into subdivisions and industrial parks as this would prevent the government and the private sector from addressing the 5.5 million backlog in housing units especially those providing for shelter needs of the poor,” —The Organization of Socialized and Economic Housing Developers of the Philippines, Inc.
“The creation of the Department of Human Settlements and Urban Development as the lead agency in all housing and urban development matters such as planning and policy-making, regulatory mechanism, program implementation, and performance monitoring,”—Subdivision and Housing Developers Association, Inc. (SHDA)
“To do more partnerships with local government in building sustainable communities through various modes of poverty reduction programs,”
—Romarico Alvarez, chair, PA Properties
“For the Bangko Sentral ng Pilipinas to relax its very tight lending standards for real estate loans,”
—Jonathan Lu, president, PA Properties
“For all working-class homebuyers in the Philippines to undergo a short financial literacy seminar as this will give them long-term perspective, enable them to understand what they are doing, and why they are doing it. As developers, we can rely on them for consistent monthly payments with minimal supervision,”
—Januario Jesus Atencio, CEO and president of 8990 Holdings
