Congress told to push land use, homebuyer financing bills

LAWMAKERS in the 20^th Congress should pass bills seeking to institutionalize a national land use policy and a homebuyer financing program for the poor to address the country’s housing woes, according to analysts.

“We believe this new chapter in national governance presents a vital opportunity to tackle with even greater focus the issue of homelessness which remains one of the country’s most urgent and persistent challenges,” Noel Toti M. Cariño, national president of the Chamber of Real Estate and Builders’ Associations, Inc. (CREBA), said in a Viber message.

The Philippines faces a housing deficit of 6.5 million units, which could rise to 22 million by 2040 if not addressed, according to the United Nations Human Settlements Program.

In a document sent to BusinessWorld, CREBA urged congressmen to pass the proposed national land use policy, which seeks to establish parameters for land use to address the unequal distribution of economic resources.

The measure, which is among the Marcos administration’s priority bills this year, has been stuck in Congress for nearly three decades.

CREBA also called for the passage of a bill that seeks to establish a centralized homebuyer financing program.

The proposed law aims “to establish a permanent revolving fund pool to be used exclusively for home lending to the low- and lower- middle-income, and link up lending operations with secondary market operations,” CREBA said.

The group is also pushing for amendments to Republic Act (RA) No. 7279, the Urban Development and Housing Act of 1992, which would address low private sector participation and lack of funding in housing projects.

CREBA also sought to amend RA 6552, the Realty Installment Buyers Protection Act, as its defects have led to “untold losses for developers.” The chamber noted this has impaired the financial capability of developers to cross-subsidize socialized and low-income housing.

Moreover, CREBA called for the approval of bills instituting land registration reforms, authorizing electronic notarization of real property transactions, and requiring usufruct for government-owned lands used in social housing projects.

“CREBA stands ready to work with the 20^th Congress in crafting legislation toward a future where every Filipino has a place to call home—and where housing becomes the cornerstone of a stronger, more resilient economy,” Mr. Cariño said.