CEBU CITY – Against the backdrop of a macroeconomic slowdown, more developments in the real estate sector could become an economic stimulus for the country as increase in industry projects could create more job opportunities, a group of real estate developers said.

Members of the Chamber of Real Estate and Builders Association Inc. (Creba) said they will lobby for government to come up with an efficient housing program that not only addresses the housing backlog in the Philippines but creates more jobs.

“The housing industry can become an economic stimulus,” said Creba Chairman Jimmy Cura, who led a panel discussion attended by real estate companies and government agencies during the recently concluded Creba-Cebu induction of officers.

Creba-Cebu has 34 members that include developers, builders and real estate brokers.

Cura zeroed in on the multiplier effect of developing the country’s real estate sector which, according to estimates by real estate players, generates about 60 jobs for every house being constructed.

Creba-Cebu President Jose Soberano said there are a lot of emerging real estate opportunities in tourism that industry players can capitalize on. Significant growth in annual tourist arrivals, especially in Cebu, has led to more condominium and condominium-hotel projects which foreigners can own.

Soberano said Creba-Cebu will actively partner with the Department of Tourism’s “Live Your Dream Campaign” that encourages foreigners to invest in condominium units in the Philippines instead of regularly paying for hotel accommodations during their visit here.

As a tourist destination, Cebu can attract more foreign direct investments by exploring and improving the information and technology sector, said Cebu Investments and Promotions Center Managing Director Joel Mari Yu.

Cura also called on government to speed up infrastructure projects – airports, bridges and roads – that will support the needs of the real estate industry.

“Infrastructure for tourism is woefully lacking,” Cura lamented.