Price inflation of construction materials, rising land values, land use controls and building standards are some of the issues adversely affecting housing supply in the country, according to Rep. Francisco Benitez, chair of the House Committee on Urban Development and Housing.
Benitez made this observation at the
Philippine Housing and Real Estate Summit of the Chamber of Real Estate & Builders’ Associations, Inc. (CREBA) in celebration of its 49th founding anniversary recently.
Benitez said while housing needs increase, production has been low and slow.
Benitez added affordability has been severely affected as many families have crossed over the poverty threshold.
Benitez said his committee has passed the In-City Housing Bill and is deliberating the Sustainable Cities Bill in response to the sustainable development goal and urban agenda of the United Nations.
Keynoting the event, Senator Joseph Victor Ejercito, chair of the Senate Committee on Urban Development, Housing and Resettlement, said the real estate and housing industry is in a good position to lead the country out of the twin crises of the housing backlog of 6.8 million units and the economic woes arising from the pandemic.
Reporting that the industry generated nearly P126 billion in revenues in the second quarter of 2021 alone, Ejercito underscored its significant multiplier effect that can expedite the country’s economic recovery.
Benjamin Diokno, secretary of the Department of Finance (DOF), cited the pillars of support for the growth of housing and real estate in the country, among them the Property Valuation Reform Bill, to boost investor confidence. The DOF is also leading efforts to improve the bureaucratic efficiency of real property tax collection.
