Four national associations of real estate developers and other industry stakeholders will gather on February 9, 2012, Thursday, 7:00 pm 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 in January 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 Engr. Jefferson S. Bongat.
The issuance increases the threshold amounts for VAT-exempt transactions, as follows: (1) From Php1.5 Million to Php1,919,500 for residential lots; and (2) From Php2.5 Million to Php3,199,200 for house and lot packages and other residential dwellings thereby providing additional relief for buyers of real estate.
The realty groups said that the landmark issuance was made possible through the support and endorsement by the Vice-President and Housing chief 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.
