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HUDCC insists on P3-M ceiling

BY BEN ARNOLD O. DE VERA REPORTER
[ manilatimes.net ] May 5, 2011
THE Housing and Urban Development Coordinating Council (HUDCC) wants the P3-million ceiling on mass housing units retained.
Vice President and HUDCC Chairman Jejomar Binay told reporters on Wednesday that the inter-agency body agrees with the inclusion of mass housing in the preferred activities list of the proposed 2011 Investment Priorities Plan (IPP).
But Binay said HUDCC would still have to meet with the Department of Finance and the Board of Investments (BOI) to resolve the cost ceiling, which has delayed the approval of the 2011 IPP.
HUDCC is opposing the BOI’s proposal that only mass housing units worth P2.5 million and below could avail of tax and other incentives under the 2011 IPP. Citing its study, the BOI said such a ceiling could be considered affordable housing for the middle-income market.
HUDCC defines mass housing as units that cost between P751,000 and P3 million.
Binay said tax incentives should be granted to units worth up to P3-million to encourage developers to put up more projects to address the housing backlog, estimated at about 3.6 million.
The BOI granted tax perks to fewer mass housing projects during the first quarter―23 projects worth about P6.87 billion, compared with 40 projects worth about P13.1 billion that were registered during the first quarter of last year.
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