THE Chamber of Real Estate and Builders’ Associations (Creba) is targeting to develop 10 million homes by 2040 as it looks to address the country’s widening housing backlog.
Creba national president Noel Toti Cariño called for further housing reforms to address the supply gap in the industry to serve the Filipinos who need them the most.
“The backlog is real,” he said at the opening of the Creba national convention in Cebu City Thursday, Oct. 10, 2019. “It is something that we should all be addressing ourselves to. The reality is we have to do something about this and it has to be a package of housing reforms.”
Cariño said the reforms should start in laws concerning the real estate sector, citing the need to make housing more affordable for Filipinos.
“Not only for the boom in the industry. The boom is there but the question is, are we really addressing the real need?” he said.
Cariño said the country has become a very desirable place to invest in but beyond this, there are other needs that should be taken care of especially the affordability of housing.
“We have to balance our response to the social responsibility that we should be addressing ourselves to. We say there’s a construction boom so therefore we’re experiencing a lot of sales but who is buying? If who is buying is one and the same person, are you really making a significant social response to the need for housing?” the Creba president said.
Cariño said not only land is becoming expensive but it is also becoming scarce.
“The people who buy, they speculate and then they wait. These are not probably the people who need it. It’s an investment but those who will be buying and needing it to use, they are the ones that cannot buy immediately,” he said.
With this, Creba is pushing for housing loans that will allow Filipinos to borrow longer and cheaper.
“We have to be cognizant to the sector that really needs a roof over their heads. Generally, every Filipino should have a roof over their heads. That is the requirement of a sensible government that as long as there are citizens who do not have homes then we should really be concerned about this,” he said.
The 28th Creba conference which opened Thursday at the Waterfront Cebu City Hotel and Casino will run until Oct. 12.