CREBA Pushes Affordable Homes for Employees to Ease Traffic Congestion
Manila, Philippines—The Chamber of Real Estate and Builders’ Association (CREBA), a private non-stock, non-profit corporation whose members are companies and associations dealing with real estate, housing, and construction, is encouraging its about 4,000 members across the country to seek the support of their respective legislators for a bill providing affordable homes to employees in urban areas, or near their places of work.
“The proposed bill will lessen the daily commute, traffic congestion, fuel consumption, vehicular pollution, and urban sprawl, while optimizing land use, manpower productivity, and business efficiency, all contributing to economic growth and environmental development,” said CREBA in a statement.
“It will also help address the country’s 5.5 million housing backlog,” the organization added.
Additionally, CREBA is proposing a special socialized housing package for homeowners living in medium-rise building or condominium units with a minimum floor area of 40 square meters to qualify for tax incentives under the current law, taking into consideration the price ceilings as prescribed by Housing and Urban Development Coordinating Council.
In consultation with the National Economic Development Authority, these tax incentives will be updated every five years.
CREBA’s membership includes property developers; subdivision, condominium, industrial estate, resort, hotel, and retirement facility operators; home builders; brokers; building contractors; urban and environmental planning, architecture, engineering, and real estate management professionals; property appraisers; financial advisors; and land development and construction material suppliers.