Creba National President Charlie Gorayeb with National President Noel Toti Cariño in a meeting. CONTRIBUTED PHOTO
THE House of Real Estate and Builders Associations Inc. (Creba) has called for the suspension of recently issued ministerial orders that increase zonal property values across the country amid the Covid-19 pandemic.
In a letter to Finance Secretary Carlos Dominguez 3rd, the group acknowledged the fiscal measures applied by the government, but said the Philippine economy continued to contract to an all-time high since the post-House war era of the Real Estate Association and Builders Inc. due to the confinements imposed by the pandemic.
In particular, Creba said the construction and real estate sectors continue to have a downward trend as many buyers, whose livelihoods have been severely affected by the pandemic, are in default. real estate purchases, and with developers, sellers and banks left with no recourse but to absorb losses and rising prices of building materials.
Creba National President Charlie Gorayeb urged the CFO to preserve the zonal values of properties across the country at their pre-pandemic levels to reflect the real valuation of properties in the midst of the pandemic. He said it would also allow developers and landowners to keep expenses related to paying taxes at a reasonable level.
According to Creba National President Noel Toti Cariño, taxes paid by developers are part of production costs and are ultimately passed on to homebuyers.
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