The Department of Trade and Industry (DTI) has committed to help streamline regulatory processes and remove unnecessary barriers to licenses and permits in housing which should help in reducing costs and expediting construction of housing units.
Speaking at the Chamber of Real Estate and Builders’ Associations (CREBA) Gala and Awards Night held at the Conrad, Manila on September 29, DTI Secretary Alfredo Pascual expressed support to the CREBA’s five-point agenda which commits to build 500,000 housing units annually for the next 20 years.
Pascual noted mass housing has consistently been listed in the annual Investment Priorities Plan of the Board of Investments (BOI), entitling projects to incentives.
He said from 2003 to 2022, the BOI has registered 806,577 units of economic and low-cost housing.
The real estate and property sector contributed 8.2 percent to the country’s GDP in the second quarter of the year and employed 4.88 million or 10 percent of the country’s total employment.
Construction alone can generate almost 4,000 jobs for every P1 billion investment.
