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What are the accomplishments of the 2016 presidential candidates that in some way benefited the real estate industry?
It is election year, and once again Filipinos will choose a new president and vice-president, along with a dozen new senators, countless congressmen, and local officials. Aside from the usual electioneering and mudslinging among the candidates, a few news outlets will also outline the accomplishments and contributions of the five candidates for the presidency. Although many “Philippine Presidential Candidates 2016 Profiles” have already been written and reported, how many of them actually mention something that has benefited Philippine real estate in any way? With this in mind, Lamudi Philippines looks at the accomplishments and achievements of the five candidates for president—Mar Roxas, Grace Poe, Rodrigo Duterte, Jejomar Binay, and Miriam Defensor Santiago. Let us see how and if they have affected the real estate industry in some way.
Mar Roxas
Manual “Mar” Araneta Roxas II was a former congressman, senator, and a 2010 vice-presidential candidate. He may not have authored laws directly related to real estate, but he did push for two that in a way benefited the industry. One is Republic Act 8748, which is an amendment to the Special Economic Zone Act. In this amendment, establishments operating within eco-zones are required to remit five percent of their gross income: three percent to the national government, and two percent directly to the treasurer’s office of the city or municipality where the eco-zone is located. The latter gives much-needed income to local governments, which can then be spent on basic services. An equally important amendment is the “call to provide disturbance compensation” for residents who were displaced or evicted to give way for the construction of these eco-zones.
Another important piece of legislation that Roxas was a part of is Republic Act 8756, which calls for giving incentives to multinational companies (MNC) who establish regional headquarters in the Philippines. Its aim is to make the Philippines more attractive to foreign investments. This law affects the real estate industry because as more MNCs move to the country, the demand for commercial as well as residential properties increases to be able to accommodate them.
Miriam Defensor Santiago
Miriam Defensor Santiago is the most prolific senator to date. She has filed a total of 1,231 bills and resolutions during the Fourteenth Congress (2007–2010), which is almost twice as much as the chamber’s second placer (former senator and now Vista Land president and CEO Manny Villar). Among the bills Senator Santiago co-authored is the Republic Act 9646, also known as the Real Estate Service Act or the RESA Law. This piece of legislation called for the professionalization of real estate services. It mandates all real estate practitioners to be licensed by the Professional Regulation Commission (PRC), the same way that lawyers, doctors, engineers, nurses, and architects, among other professionals, are licensed by the agency.
Grace Poe
Mary Grace Natividad Sonora Poe-Llamanzares made election history by garnering the highest number of votes for any elected official during the May 2013 elections. In spite of this, Poe still has to leave an indelible mark on the real estate industry. She did, however, lead hearings on public transportation, most notably on the rehabilitation of Metro Manila’s commuter trains, the MRT and the LRT, which indirectly affects the real estate industry by improving the overall livability and workability in the capital.
Jejomar Binay
Vice-president Jejomar “Jojo” Cabauatan Binay, Sr. cited a number of accomplishments for the country’s key housing agencies as head of the Housing and Urban Development Coordinating Council (HUDCC). According to his spokesperson, lawyer Rico Quicho, among his accomplishments is the provision of houses, lots, and house and lot packages to almost 800,000 poor families, the total value of which amounts to PHP 268.826 billion.
Quicho also noted that during Binay’s term as the HUDCC chief, the Pag-IBIG Fund became the Philippines’ largest shelter agency with assets reaching more than PHP 376 billion. In addition, under Binay’s watch, the Housing and Land Use Regulatory Board (HLURB) also became stricter in monitoring the real estate industry, most notably on real estate advertisements. For example, real estate developers are prohibited from including information that can mislead buyers, such as inaccurate locations and exaggerations.
Rodrigo Duterte
Rodrigo “Digong” Roa Duterte, has been the long-time mayor of Davao City, but has yet to make his political contributions throughout the country. However, his accomplishments as a local chief executive is well lauded. Many believe that Davao City became safer and more progressive under his watch, although many may not agree with this style. Among his most important ordinances is the Comprehensive Land Use Plan, which outlines flood- and landslide-prone areas within Davao City where human settlement is prohibited. Tough-talking Duterte is also quite popular for his focus on peace and order, and many of his supporters hope he can accomplish in the entire Philippines what he was able to do in Davao City.
Main image via Shutterstock
