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BOI Announces PHP3 Million Price Hike at the 2023 National Developers Convention in Cebu

The National Developers Convention 2023. (source: SHDA)

At the National Developers Convention held in Cebu City on October 5, 2023, hosted by the Subdivision and Housing Developers Association (SHDA), the Philippine Board of Investments (BOI) responded to the call from developers. It announced an increase in the threshold price per housing unit eligible for government tax incentives. The threshold price has been raised from PHP2 million to PHP3 million.

Mary Ann Raganit, Director of the Infrastructure and Service Industries Service at the BOI, has officially announced that the BOI has increased the threshold and extended the income tax holiday (ITH) period from four to six years.

The housing industry welcomed the recent changes in government policy, especially the developers and housing professionals who attended the 2-day convention. These changes include an extended threshold for tax incentives and a longer ITH period, which will provide developers with increased financial incentives to undertake housing projects. These changes will not only benefit developers but also have the potential to stimulate economic growth and encourage more housing projects to address the nation’s housing needs.

The first day of the National Developers Convention organized by the SHDA discussed significant issues and concerns within the housing industry. The event was graced by Secretary Jose Rizalino Acuzar from the Department of Human Settlements and Urban Development (DHSUD), who delivered a message from President Ferdinand “Bongbong” Marcos Jr. to the attendees.

During the convention, Pag-IBIG CEO Ms. Marilene Acosta delivered her keynote speech, followed by Dr. Stan Padojinog, President of the University of Asia and the Pacific. In his speech, Dr. Padojinog discussed other factors related to the Marcos administration’s “Pambansang Pabahay Para sa Filipino Housing” program, which aimed to build at least 6 million housing units in six years.

The breakout sessions covered the need for a collaborative housing roadmap, incentives for developers in the upcoming Survey of Income and Program Participation 2022, and discussions on community development using sustainable and renewable materials, real estate technology trends, and creating resilient communities.

Ar. Leonardo Dayao Jr., the SHDA National President, emphasized the collaboration of SHDA with Local Government Units (LGU) to empower the local housing sector, in line with this year’s theme of local development.

“Several developers of ours here are partnering with their different LGUs. We have one in Iloilo, Novaliches, so we have several developers already. The idea here is that we will partner with the local government who has the land so that we can help build and then make housing affordable,” Dayao stated.

At the convention, Cong. Eduardo “Edu” Rama, Representative of the South District of Cebu City, delivered the welcome message to kick off the event, attended by notable figures in the housing industry and local government officials.

“The reason why we have the convention yearly is to be able to assess where we are against the roadmap so that we know if we need to adjust strategies or we need to create new ones with the objective to be able to provide housing for each Filipino family,” shared SHDA National Chairman, Ms. Arlene Keh.

The following companies are sponsoring the event: 8990 Holdings Inc., Banco de Oro (BDO), Bank of the Philippine Islands (BPI), Holcim, MyCitiHomes, China Bank, APEC Homes, Davies Paints Philippines, Pag-IBIG Fund (HDMF), Joy-Nostalg, SMDC, Ayala Land, Phinma Construction Materials Group, Steeltech Colored Roofing, EastWest Bank, and Cebu LandMasters.

Written by
Tech Beat Philippines

Tech Beat Philippines is the social media news platform for all things technology. It is also a part of the GEARS section on Daddy's Day Out.

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