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October 30, 2009BIR RULING [SH-(105) 685-09]RR 11-97/RA 7279; S-20-003-2003Mr. Ricardo G. Ong8/F 111 Paseo de Roxas Bldg.111 Paseo de Roxas cor. Legaspi St.Legaspi Village, Makati CitySir :This refers to your letter dated October 21, 2009 requesting on behalf of your client, First Advance Development Corporation (FADC), for exemption from taxes pursuant to the provisions of Republic Act (RA) No. 7279 or the "Urban Development and Housing Act of 1992". It appears that FADC is a domestic corporation created under Philippine laws and with principal place of business at 3rd Floor, Sayoc Abella Bldg., Aguinaldo Highway cor. Tamsui Bayan Luma II, Imus, Cavite. It is the owner and developer of a socialized housing project known as Ciudad Nuevo Phase 5 in Brgy. Timalan, Naic, Cavite with a total land area of 132,258 sq.m. under Development Permit No. 2009-0002-H-NC dated October 19, 2009.In reply, please be informed that Section 20 of RA No. 7279, reads:"Sec. 20. Incentives for the Private Sector Participating in Socialized Housing. — To encourage greater private sector participation in socialized housing and further...