Saturday, March 7, 2009
THE president of property developer Housing Development Corp. Friday urged local leaders in the country to support the housing sector in this time of crisis.
JJ B. Atencio, HDC president, said the housing or real estate sector remains on top in terms of income generation for the local economy.
"Housing sector generates a lot of economic development for the community. Two hundred eighty-eight industries benefit whenever the housing sector moves. We can consider the growth of day care centers, parlors, sari-sari stores, construction, and other industries whenever a subdivision is being developed," Atencio said.
Atencio also revealed that for every one peso that a developer invests, it contributes P16 to the country's gross national product (GNP).
"Let us support the housing sector. We should now help the sector as much as we can," Atencio said.
Atencio, however, said the market for real estate or the housing sector will be affected by the global financial crisis, considering that most of the affected sectors of the global economic downturn are Overseas Filipino Workers (OFWs) and the seafarers, top markets for property development.
"If you are a developer and your market are OFWs and seafarers, you would be cautious because these markets are more vulnerable to the downturn," he said. (JGRS)
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