Manila: Streamlining of tax exemption application process for socialized and economic housing will help boost development of housing projects for low-income households, Finance Secretary Frederick Go said Monday. In a statement, Go said the move of the Bureau of Internal Revenue to streamline the processes for tax exemption for these projects is aimed at enhancing efficiency and ease of doing business.

According to Philippines News Agency, Go expressed full support for the Bureau of Internal Revenue's efforts, highlighting his commitment to enhancing the ease of doing business for development partners. He emphasized that this initiative is crucial for providing more affordable homes to low-income Filipino families.

A proposed Joint Memorandum Circular is expected to be issued by the Department of Human Settlements and Urban Development in collaboration with other government agencies. This circular will introduce the One-Stop Shop Processing Center platform, which aims to generate the required documents for more efficient processing of tax exemption applications.

The Joint Memorandum Circular also sets new maximum price ceilings for housing projects. The ceiling for new house-and-lot packages in subdivisions is increased to PHP950,000 from the previous PHP850,000. Meanwhile, the price ceiling for condominium units with land developments remains at PHP1.8 million.

To apply for the Certificate of Tax Exemption, applicants are required to submit a Socialized Housing Certification issued by the Department of Human Settlements and Urban Development.