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Friday, March 29, 2024

Diokno expects real estate sector to pick up soon

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Finance Secretary Benjamin Diokno expects the demand for real estate services to increase following the easing of mobility restrictions imposed at the height of the COVID-19 pandemic.

“Our economic prospects are promising. Real estate services, such as rentals, are expected to pick up now that employees are reporting back to the office,” Diokno said at the 62nd National Convention and Election of the Philippine Association of Real Estate Boards.

Real estate is a significant player in the Philippine economy, but commercial spaces, home rentals and sales took a downturn during the pandemic. The government calls for support from the private sector as it strives to exceed pre-pandemic macroeconomic targets.

Diokno said the revival of the tourism sector would also propel the real estate industry’s growth as travel restrictions become less stringent.

Diokno assured the real estate sector that the Marcos administration was committed to supporting the private sector’s growth by modernizing industries, creating more job and investment opportunities and improving overall quality of life.
He said the government held a series of Philippine economic briefings to attract investors.

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He said the government would harness the private sector’s potential through the Public-Private Partnership mechanism to implement impactful projects consistent with the country’s development goals.

“This administration is more than ready to implement game-changing reforms to cultivate a favorable environment for potential investors,” Diokno said.

He said the implementation of the Corporate Recovery and Tax Incentives for Enterprises Law and economic liberalization measures such as Public Service Act, Retail Trade Liberalization Act and Foreign Investments Act are game-changing reforms that would provide an ideal investment climate for foreign investors.

He said the Real Estate Investment Trust Law also enhanced the country’s real estate sector.

“The REIT is a powerful financial tool that enables the public to participate by becoming shareholders in stable and lucrative real estate projects. REITs play an important role in deepening our capital markets which will in turn power property development in the Philippines,” he said.

REIT enhances economic activity through yields that will be reinvested into real estate and infrastructure projects.
Diokno said the government would pursue remaining reforms such as the Real Property Valuation and Assessment Reform Bill.

He said the bill aims to adopt global standards in property valuation. It provides for a transparent approach to promote investor confidence in the property markets and help solve right-of-way issues in many infrastructure projects.

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