DEVELOPERS WELCOME EASIER BIR RULES ON REALTY TRANSFER

Real estate developers affiliated with the Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP), Inc. said the recent reduction in the processing time in the transfer of real estate properties is a welcome move to clear bottlenecks in the delivery of housing particularly for low-income workers.

Atty. Christopher Ryan T. Tan, OSHDP National Chairman, expressed appreciation to the new leadership in the Bureau of Internal Revenue (BIR) for the issuance of BIR RMC 74-2016, and RMO 41-2016, which cuts to two (2) working days the issuance of tax clearance; and to five (5) working days (from 10 days) the issuance of a Certificate Authorizing Registration (CAR), respectively.

The tax clearances and CAR are required before a title on a housing unit may be transferred to a buyer, and cutting the processing time for these by at least 50% is a marked improvement that will impact on transaction costa and hasten housing acquisition, Atty. Tan said in a press statement.

He said that OSHDP, during its 7th National Developers Convention, together with the Housing and Urban Development Coordinating Council, scheduled on August 24 - 26, 2016 in Cagayan de Oro City, will address issues that hamper housing delivery including bottlenecks in housing permitting process, need for more innovations in housing finance, regulations, use of technology, and digital marketing, among other things.

For his part, Engr. George Richard F. Siton, OSHDP National President informed that President Rodrigo R. Duterte and Vice President Leni Robredo have been invited to this annual convergence of real estate developers and key stakeholders who are engaged in the value chains of affordable housing.