Need to catch up with what’s happening in the Philippine real estate industry? Here’s a roundup of the top real estate news this week (Dec. 9-15, 2022).
- Pag-IBIG posts record-high P38.06-B net income in Jan.-Oct. 2022; up 39%
Government housing agency Pag-IBIG Fund earned a record income of P38.6 billion in the first 10 months of the year. It easily surpassed the total 2021 earnings of P34.73 billion. According to its leadership, this is proof of the agency’s excellent handling of members’ contributions. Businessworld
- NHMFC’s securitization offering gets SEC OK
Property developers now have more options to comply with the Balanced Housing Development Program. This after the Securities and Exchange Commission gave its approval. The BHDP calls for developers to contribute to the government’s socialized housing projects. Philippine Star
- Philippines office vacancy rate drops in Q3
The vacancy rate for Grade A offices in Metro Manila dropped by 10 basis points in the third quarter, closing at 16.1 percent, according to a report by Cushman & Wakefield. The property research and consultancy company added that “demand is slowly recovering” from the start of the pandemic. Philippine Star
- Vista Land brings condo living to the countryside
Affordable condominium living will soon be available in the outskirts of Metro Manila through Vista Land and Lifescapes’ Asterra project. The condominium development will merge the laid-back atmosphere of rural living and the modern conveniences of city life. Asterra will feature four to seven levels and target starting families and young professionals. Philippine Star
- House of Representatives approves property valuation reform bill
The Lower House of Congress has approved on third reading House Bill 6558, or the proposed Real Property Valuation and Assessment Reform Act. The priority legislation seeks to develop “a just, equitable, impartial, and nationally consistent real property valuation based on internationally accepted standards.” This valuation shall govern appraisers and assessors in all local government units in determining the value of lands, buildings, machinery, and other real properties. Real Estate News.PH
- Housing agency seeks support of gov’t financial institutions
The Department of Human Settlement and Urban Development is enjoining the GSIS, SSS, Landbank of the Philippines, and the Development Bank of the Philippines to designate their respective investment funds to the government’s national housing program. It also revealed that the Pag-IBIG Fund’s allocated P250 billion will go a long way in its implementation of the program. Real Estate News.PH
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Featured Image: Real Estate News.PH