Lawmakers pledge support to real estate sector

Real estate stakeholders said land values saw a 5.1 percent uptick since March this year as the sector sees surges in interest in developable land, which bodes well for the property market

The re-opening of on-ground economic activities and the growing demand for high-end residences have opened opportunities for the domestic real estate sector that has been showing an uptick as the impact of the Covid-19 pandemic wanes.

On Friday, Senator Robinhood “Robin” Padilla and House Speaker Martin Romualdez will present their proposals to support the sustained growth of the property sector during the Mid-Year Membership Assembly and Honor Dinner of the National Real Estate Association (NREA).

Real estate stakeholders said land values saw a 5.1 percent uptick since March this year as the sector sees surges in interest in developable land, which bodes well for the property market.

Further, players in the industry maintained that various property indicators — from office, residential condos, and retail to hotels — are still modifying, but because of the shortage of developable land in Metro Manila’s central business districts, land values while slightly down from 2019 peak, remain relatively stable and is expected to pick up starting this year barring any severe Covid-19 outbreaks.

The NREA event, taking place at the Ayala Hall of Makati Sports Club, brings together various stakeholders in the industry on how to emerge from the disasters of the pandemic.

Architect Ronie Biando, NREA national president, said the event will also honor elected and reelected NREA members, including honorary members, in recognition of their dedicated and unwavering service to the country’s outstanding accomplishments as statesmen.

Among the honorees are Senator Sherwin Gatchalian, Senator Joseph Victor G. Ejercito; OFW Partylist Rep. Marissa del Mar, concurrent NREA Chair Emerita; and Undersecretary Epimaco Densing III of the Department of Education.

Except for Rep. Del Mar, the other honorees are NREA honorary members.

PHOTOGRAPH COURTESY OF DBP Productive partnership State-owned Development Bank of the Philippines (DBP) wanted stronger lending support to contract growers through a partnership with the local unit of an international agro-industrial and food conglomerate. DBP President Emmanuel Herbosa said the bank has agreed to provide credit assistance to qualified poultry contract growers of the Charoen Pokphand Foods Philippines Corp. (CPFPC) after signing a memorandum of agreement (MOA) with the company. At the MOA signing are (from left) CPF Philippines Vice President Phaisarn Rewriab; CPF Philippines Chief Finance Officer Supakitti Bunvet; CPF Philippines President Udomsak Aksornphakdee; DBP Senior Vice President Carolyn Olfindo; and DBP Assistant Vice President Rallen Verdadero.