The 28th national convention of the Chamber of Real Estate & Builders’ Associations, Inc. (CREBA) slated from October 9-12, at the Waterfront Hotel & Casino in Lahug, Cebu City, will center on key housing issues , among them the lack of long-term, affordable financing assistance for homebuyers, and the imminent imposition of value-added taxes on housing come 2021.
CREBA put its full support to the proposed creation of a Comprehensive Home Financing Program (CHFP) that will make all income-earning Filipinos entitled to fixed, low-interest, long-term housing loans.
Payable up to 30 years, CHFP loans for socialized housing shall be P1.5 Million and below at 3 percent fixed interest rate, and above P1.5 Million up to P3,199,200 at 4 percent for economic housing, VAT-free.
Meanwhile, CREBA recently appealed to Congress to shield housing purchases from the looming value-added tax imposition saying that millions of Overseas Filipinos and low-income earners who have yet to fulfil their dreams of having a home for their families will no longer afford the resulting surge in housing prices. CREBA national president Noel Toti M. Cariño (Seen here) said the group fears that the impending imposition of new taxes will result to a massive industry slowdown, as housing prices rise beyond affordability levels of the millions of homeless.