In anticipation of the 2016 national elections, real estate website Lamudi Philippines (www.lamudi.com.ph) enumerates the accomplishments of the five candidates for president—Mar Roxas III, Grace Poe-Llamanzares, Rodrigo Duterte, Jejomar Binay Jr., and Miriam Defensor Santiago—that have somehow affected the real estate industry.
Mar A. Roxas III
Former congressman and senator and 2010 vice-presidential candidate Mar A. Roxas may not have pushed pieces of legislation directly related to real estate, but he did author two that in way benefited the industry.
One is Republic Act 8748, which is an amendment to the Special Economic Zone Act. In this amendment, although establishments operating within these eco-zones are exempted from paying taxes, they are required to remit 5 percent of their gross income earned: 3 percent to the national government and 2 percent directly to the treasurer’s office of the city or municipality where the eco-zone is located.
In addition, this piece of legislation also called for providing for disturbance compensation for residents who were displaced or evicted to give way for the construction of these eco-zones.
Another important piece of legislation Roxas authored is Republic Act 8756, which calls for giving incentives to multinational companies who establish regional headquarters in the country. Among the incentives include issuance of multiple-entry visas to the foreign employees and immediate family members of said companies, a fixed withholding tax on compensation of 15 percent, and exemption on value-added tax, among others.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
