Homebuilders and property developers called for a review of Republic Act No. 10884 or the Balance Housing Act which aims to strike a balance on housing production and the increasing cost of building homes.
The Chamber of Real Estate and Builders Association said the required socialized component of a home/housing project was outrun by the rising cost of construction materials and increase in labor costs.
“The intent of the law is to build houses, but developers cannot build under those terms right now,” said CREBA president Noel Cariño.
“That’s why we call for a review of private sector participation on the Balance of Housing of 5 and 15 percent for vertical developments and subdivisions, respectfully,” he said.
He said the industry was compliant with the directive of the Department of Human Settlements and Urban Development “on paper, but the question is does this really reflect genuine compliance.”
The law encourages compliance, whether real deal compliance or alternative mode of compliance that is allowed by the government, or the developers would not be issued license to sell by the DHSUD. Othel V. Campos