Real Estate and Property sector highlighted for providing homes for Filipinos

DTI Photo

Recognizing the critical role of public and private partnership in developing the real estate and property sector, Department of Trade and Industry (DTI) Secretary Fred Pascual underscored the need to collaborate in addressing the huge housing backlog in the country during the Chamber of Real Estate and Builders’ Associations (CREBA) Gala and Awards Night held at the Conrad, Manila. The DTI Chief said that in working together, the organization’s vision can be complementary to the government’s goal of transforming the lives of Filipinos.

Secretary Pascual stressed, “As we gather under the theme ‘A Home for Every Filipino,’ 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. CREBA’s 50th-anniversary theme aligns with the target of President Ferdinand R. Marcos Jr. to build one million housing units every year under the Pambansang Pabahay para sa Pilipino Program (4PH).”

The trade and industry chief welcomed the ambitious and visionary five-point agenda of CREBA, which is their commitment to build 500,000 housing units annually for the next 20 years. He also emphasized that as CREBA’s government partner, the DTI is committing to help streamline regulatory processes and remove unnecessary barriers to licenses and permits which should help in reducing costs and expediting construction of housing units.

The CREBA is a three-day real estate, housing, and trade expo in conjunction with its 50th Anniversary National Convention. The real estate and property sector’s contribution to the Philippine economy is estimated at 8.2% for 2nd quarter of this year, indicating the employment of almost 5 million Filipinos (4.88 million), or almost 10% (9.9%) of the country’s total employment.

Secretary Pascual reported that since the start of tracking for mass housing included in the annual Investment Priorities Plan (IPP) from 2003 to 2022, the BOI has already registered an impressive 806,577 units of economic and low-cost housing. The data is estimated to show that 43% of all the housing units in this segment are issued with a License to Sell (LTS). Further, this showed the substantial contribution of BOI in the production of affordable housing in the country.

The DTI Chief also highlighted the incredible geographical location of the Philippines right at the edge of the Pacific Ocean, making it an impressive crossroads of supply routes. He further emphasized that the sector can take advantage of this strategic location that will enable convenient export and import markets from different countries across the globe.

The Trade and Industry Secretary also recognized the huge role of the construction industry in strengthening the Philippine economy with an ability to generate almost 4,000 jobs for every PHP 1 billion investment. Further, he noted that the construction sector has strong connections with over 20 key industries, ranging from real estate, education, mining, public utilities, manufacturing, and communications.

Emphasizing the pivotal role of the real estate and property sector in realizing the shared commitment to make homeownership a reality for all, Secretary Pascual underscored, “Building homes is not just about bricks and mortar; it’s about building communities. We must actively engage with the communities we serve, listening to their needs and aspirations. By involving them in the development process, we can create more vibrant and resilient neighborhoods. Together, with determination, innovation, and collaboration, we can make “A Home for Every Filipino” not just a theme for today, but a reality for tomorrow.”

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