Realestateplagued by colorum players
The Philippines should address the effect of ASEAN integration to the real estate sector, especially now that there are already foreigners such as Koreans, Japanese, Chinese nationals selling Philippine properties.
Anthony Gerard professionals, and also Leuterio, president of the lays down the rules which Allied Chamber of Real these professionals have Estate Brokers and Licensed to adhere to, so that they Salesmen (PhilAcre), said may be registered under that the inter-selling of real the Professional Regulation estate properties within the Commission (PRC) and be ASEAN region should be allowed to continue their defined by the government practice. under this new environment. Despite the RESA Law,
Republic Act 9646 or Leuterio said, the industry is the Real Estate Service Act, lost at how to properly handle, otherwise known as RESA if not sanction, foreigners Law, which took effect on who are selling Philippine July 30, 2009, deals primarily properties in their respective with the acts generally countries. considered to be real estate There must be clearer services, the qualifications of policies for agents or brokers those who may practice the who are selling properties. profession, and the penalties “We are flooded with corresponding to violations of lot ‘colorum’ practitioners,” its provisions. he said.
The law protects the Meanwhile, the real rights of those who call estate brokerage industry is themselves real estate pushing for the creation of Real Estate Commission to regulate practicing players and professionals.
Just like the insurance industry that has Insurance Commission (IC), the real estate sector, with its sustaining strength in the Philippines, should also have similar governing body, said Filipino Homes founder and chief executive officer Anthony Gerard Leuterio in an interview yesterday.
Leuterio said that despite its buoyant shape, the sector should be ruled by a body that will police, monitor, and regulate the practices of both developers and property sellers.
While there is an existing Housing and Urban Development Coordinating Council of the Philippines (HDUCC), its function is too broad, he said.
The Real Estate Commission, on the other hand, can focus on standardization of practices— setting up ethics blueprint among real estate brokers and agents, among others.