The Philippines Expects Real Estate Reforms Bill Before Elections
In 2023, the Philippine economy is estimated to be at ₱24.27 trillion ($435.67 billion), making it the world's 34th largest by nominal GDP and 14th largest in Asia, according to the International Monetary Fund. With many tourists opting for the Philippines as their destination, an increasing number of expatriates, and numerous investment opportunities provided by the government, the country's real estate industry is contributing significantly to this.
The Philippines is looking at more changes in the real estate scenario in the country as Finance Secretary Benjamin Diokno has restated his commitment to deliver real property tax administration reforms by 2025, before the elections. He recently made his intentions clear at the launch of the Local Governance Reform Project (LGRP), which is bringing together 20 local government units (LGUs) and partner state universities and colleges. The LGRP initiative aims to improve how real property tax is administered in the Philippines.
Moreover, the country’s Real Estate Investment Trust (REIT) Law also offers promises to enhance the sector, as it allows the public to participate in the progress by becoming shareholders in stable and lucrative real estate projects. There are also indications that the government is looking forward to passing the Real Property Valuation and Assessment Reform Bill. This can be translated into a lot of opportunities for entrepreneurs in the segment. The investments are expected to flow, creating a more favorable ecosystem for startups. In this yearly special issue, we have curated some interesting stories from the Philippines’ real estate industry. Do let us know your thoughts.