Hoppler held the second if its talk series for real estate professionals at the SMX Convention Center. Entitled “A Legal Counsel on Philippine TRAIN Law,” the industry experts discussed the effects of the newly enacted Tax Reform for Acceleration and Inclusion (TRAIN) law on the real estate industry.
After the opening remarks from Hoppler CEO Ramon Ballesca Jr., Hadry H. Lipana, current President and CEO of Conveyance Realty Services, went into details regarding the TRAIN Law Amendments on Estate Tax. He comprehensively discussed updated rates, allowable deductions, and administrative provisions during his talk.
Atty. Cesar Nickolai Soriano, an experienced CPA-Lawyer, then talked about the effects of the TRAIN Law on real estate brokers by tackling issues concerning income tax, withholding tax, and VAT.
Research Manager Joey Roi Bondoc of Colliers International Philippines, one of the leading real estate services company in the country, talked about the property market overview for the first quarter of 2018. He covered both office and residential sectors in his talk.
Last to speak was Atty. Christopher Ryan Tan, vice president of the Center for Housing and Independent Research Synergies, Inc. (CHAIRS). The focus of his talk was about the effects of TRAIN Law on the residential real estate. He particularly discussed how the exemption of VAT on housing affected the market.
Of course, the floor was opened to participants for questions and further discussion. After honorary plaques were presented to the speakers, winners of the raffle were announced. Hoppler President and COO Raymond Gonzalez then concluded the event with a closing speech.
This recently held event was timely to President Rodrigo Duterte’s State of the Nation Address (SONA). The President made it clear that tax reform continues to be a priority for the current administration.
Despite critics saying that the TRAIN Law is responsible for the recent surge in fuel and sugar prices, the government will continue with its legislation. In fact, he mentioned that the TRAIN Law is only the beginning of the current administration's Comprehensive Tax Reform Program.
President Duterte made his stand clear through this statement: "Some have incorrectly blamed our effort towards a fairer tax system for all the price increases in the past months, and some are irresponsibly suggesting to stop the TRAIN implementation. We can not and should not."
He said that one of the TRAIN Law’s goals is to fund the government's infrastructure project, which is promised to bring continued growth to many Filipinos in the country.
Lastly, he gave an assurance that the law would take necessary measures, in the form of subsidies, to help Filipinos, especially the poor and the elderly during the price surge.