BIR: Real estate sector vital to Phl revenue, national growth

The Bureau of Internal Revenue (BIR) has extolled the important role of the real estate industry in generating revenues for the Philippine government, which are vital in supporting the Marcos administration’s key programs.

During the National Real Estate Association (NREA) Mid-Year General Membership Assembly and Mass Oath-taking of Real Estate Salespersons on Friday at the AIM Conference Center, BIR Commissioner Romeo Lumagui Jr. shared crucial updates on BIR policies, offering insights highly relevant to the current landscape of the real estate industry.

“The real estate industry has played an indispensable role in the country. For 2024, real estate activities contributed P124.02 billion in revenues, which represented approximately 4.4 percent of the BIR’s total revenue collection for the said year. I am confident that the real estate industry will contribute ever more significantly to the country’s revenue collections,” Lumagui said.

Pag-IBIG Fund Senior Vice President for Sales/Business Development Sector and concurrent Senior Vice President for Marketing and Product Development Sector, Fermin A. Sta. Teresa, also shared the latest Pag-IBIG policies and offers benefiting both individual members and the real estate/property industry.

The National Home Mortgage Finance Corporation (NHMFC) made a significant presentation detailing their HLRPP2: SHeLTeR Program, a key initiative designed to bridge the country’s socialized housing backlog by providing a liquidity facility for socialized housing originators and increasing loan accessibility for the low-income sector. This includes both socialized subdivisions and condominiums.

Additionally, Department of the Interior and Local Government (DILG) Director Anna Liza Bonagua provided updates on recent developments and programs from the department.

The event also featured a special message and insights on urban challenges and the evolving real estate industry from NREA Past Chairman and President, world-renowned architect Felino A. Palafox Jr.

Beyond the presentations, the NREA marked internal milestones with the launch of the NREA e-Library, a new resource for knowledge and research, and the NREA Leadership Quest aimed at nurturing future leaders within the real estate sector.

“The NREA extends its sincere gratitude to all speakers, attendees, and sponsors for making this event a resounding success. The valuable insights shared and the camaraderie fostered underscore NREA's commitment to empowering real estate professionals and advancing the industry,” NREA Board Chairlady Imelda C. Magtoto said.

NREA President Amador Tolentino Jr. delivered his opening remarks and presented a comprehensive mid-year report on the association's achievements, followed by a message from NREA Chair-Emerita and Chairlady of the Board of Advisers, Congresswoman Marissa "Del Mar" P. Magsino.

The event brought together approximately 300 delegates and guests from both the government and private sectors, including real estate practitioners and other stakeholders.