The Board of Investments signed a memorandum of agreement with Housing and Land Use Regulatory Board to speed up the processing of applications of various housing permits, licenses and clearances.
The BoI said these include locational clearance, development permit, certificate of registration and license to sell subdivision and condominium projects.
The agreement, signed in late 2016 by BoI managing head Ceferino Rodolfo and HLURB chief executive and commissioner Antonio Bernardo, further simplifies business processes and requirements for housing and real estate projects, thereby promoting ease of doing business in the country and making transactions more investor-friendly.
“It is important that we offer a conducive business environment to investors, a place where they could quickly set up and process their business requirements. An important first step is to make it easy for them to comply with government requirements,” Rodolfo said.
“By simplifying business processes and requirements, we make a good signal to the business community and this would entice them to invest more housing projects in the country,” he said.
Under the agreement, HLURB shall regularly provide BoI with copies of all relevant rules and guidelines and standards on housing and real estates. It will also provide BoI with a checklist of all requirements related to LCs, DPs CRLS of subdivision and condominium projects.
The agreement also allows duly authorized BoI representatives to assist in the submission and follow up of housing-related applications of projects or transact on behalf of the BOI-registered enterprises including projects that are of economic and environment significance.
HLURB shall also issue BOI applicants a certified true copy of the annotated LS signed by the regional director.
BoI in turn shall assist its registered business enterprises in the submission and follow up on the applications for LC of projects including the applications for DP and CRLS of subdivision and condominium projects.
Data showed investments approved by BoI in the mass housing sector jumped 53 percent in 2016 to P65.46 million from P43.95 registered in 2015.