MANILA, Philippines - Four national associations of real estate developers and other industry stakeholders will gather on Feb. 9, 7 p.m. at the Grand Ballroom of the Hotel Intercontinental in Makati City to honor Vice-President Jejomar C. Binay, chairman of the Housing and Urban Development Coordinating Council (HUDCC) for his role in the passage of BIR Revenue Regulation 16-2011 which took effect on Jan. 1, 2012.
These associations are the Chamber of Real Estate & Builders’ Associations Inc. (CREBA) led by its national president Charlie A. V. Gorayeb; the Subdivision and Housing Developers’ Association Inc. (SHDA) led by its national president Paul H. Tanchi; the National Real Estate Association Inc. (NREA) led by its national president Marissa M. Del Mar; and the Organization of Socialized Housing Developers in the Philippines Inc. (OSHDP) led by its national president Jefferson S. Bongat.
The issuance increases the threshold amounts for VAT-exempt transactions, as follows: (1) From P1.5 million to P1,919,500 for residential lots; and (2) From P2.5 million to P3,199,200 for house and lot packages and other residential dwellings thereby providing additional relief for buyers of real estate.
The realty groups said the landmark issuance was made possible through the support and endorsement by Binay to the BIR of reform measures espoused by the private sector.
Also to be honored during the event is BIR Commissioner Kim S. Jacinto-Henares.
“This issuance presents a huge opportunity for more Filipino families to own a home and for the property industry to develop more units which will unleash the widely-recognized economic multiplier effects of housing as a catalyst for national growth and development,” they concluded.