Streamlining of homebuilding approvals planned
MANILA -The Department of Trade and Industry (DTI) has committed to help speed up the processing of licenses and permits for the property sector, as part of its efforts to reduce the costs and expedite the construction of housing units in the country.
Trade Secretary Alfredo Pascual said the government welcomed the five-point agenda of Chamber of Real Estate and Builders’ Association, which has committed to build 500,000 housing units annually for the next 20 years.
“We acknowledge the gravity of the housing situation in our country and share the vision of a roof over the heads of all Filipino families,” Pascual said during the business group’s gala and awards night at the Conrad Manila last week.
Pascual also said that since the inclusion of mass housing in the government’s Investment Priorities Plan from 2003 to 2022, the Board of Investment has already accepted the registration of 806,577 units of low-cost housing.
According to government statistics, the real estate and property sector’s direct contribution to the Philippine economy was estimated at 8.2 percent as of the second quarter of this year.
It also provides employment to almost 5 million Filipinos, equivalent to nearly 10 percent of the country’s total labor force.
Further, the trade chief cited the important role of the construction industry in strengthening the Philippine economy, noting that it could generate almost 4,000 jobs for every P1-billion investment.
—Alden M. Monzon INQ