By Nancy R. Cudis
AS SOON as the implementing rules are out next year, the Professional Regulation Commission (PRC) will regulate and supervise the real estate services instead of the Department of Trade and Industry (DTI).
Real estate practitioners have yet to come up with the guidelines to carry out the Real Estate Service Act of the Philippines (Resa).
The PRC began last month gathering nominations from the real estate industry on who will form the Professional Regulatory Board of Real Estate Service that will draft the implementing rules and regulations of the Resa.
Emily Amie Cabillada, president of the Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb), said the board will be created this month or early next year.
President Arroyo signed Resa into law last June 29. The law, which is designed to develop the real estate industry through proper and effective regulation and supervision, took effect on July 30.
Cabillada said that 90 days after implementation of the Resa law, the DTI will turn over its responsibility of real estate services to the PRC.
But the PRC cannot carry out these functions because the Professional Regulatory Board of Real Estate Service has yet to be created.
Although the DTI and PRC reported to have signed a memorandum of agreement to address this matter, the details of the agreement have not yet been disclosed, said DTI 7 regulatory division chief Josh Carol Ventura.
While waiting for an order, the DTI will help out the PRC and the real estate industry, especially during the turnover of functions, through its trade regulation and consumer protection office, she said.
Cabillada said the DTI will still assume some functions while the board is being created.
According to the Resa law or Republic Act 9646, the Professional Regulatory Board of Real Estate Service will be composed of a chairperson and four members who will be appointed by the President from the list of names recommended by the PRC.
These recommendations are based on the list of nominees submitted by the accredited and integrated professional organization of real estate practitioners.
The licenses of real estate consultant, appraisers, brokers and salespersons cannot be renewed until the board and the IRR are created.
There is, however, a provision in the Resa law that gives them a grace period of two years while the board is being formed, Cabillada said.
Also, the board is to conduct licensure tests for the practice of the real estate service profession.
Published in the Sun.Star Cebu newspaper on December 12, 2009.
Thursday, December 17, 2009
Real estate industry posts 15% sales hike
(The Freeman) Updated December 11, 2009 12:00 AM
CEBU, Philippines - The real estate industry in Cebu posted a 15 percent increase in sales this year despite the gloomy economic ambiance.
Cebu Realtors Board Inc. president Emily Cabillada said that they had a very good year for 2009 compared to 2008.
Cabillada said that they saw a general increase of 10 to 15 percent in terms of sales performance with a huge chunk of sales generated coming from the Overseas Filipino Workers.
According to Cabillada, OFWs see real estate as a good investment for their hard-earned money as it gives them the assurance that they have something good to see whenever they come back from work.
She said that most of the investments come from the United States but still the local market plays a vital role in the development of the real estate industry.
Cabillada said that this has also been noted as there is even more demand than the supply considering also the growing population of the locals plus the immigrants that come to Cebu.
She said that they also credit the growth of the industry through the easy payment schemes that realty developers are coming up with in order to gather more clients who appreciate the more convenient ways of paying and owning house and lots.
Cabillada said that they are looking forward for the coming year in which they are optimistic of the continuous growth of the industry. “We are seeing a better 2010.”
According to Cabillada, aside from OFW’s they mostly have starting up families as clients and the young professionals.
For the coming year, Cabillada said that they are focused on educating the people on the Real Estate law or the act regulating the practice of real estate service in the Philippines, which is created for the purpose a professional regulatory board of real estate service.
Also, she said that they will be having real estate seminars, forums and fairs to help the real estate agents and also to introduce further the industry to the public.
At present, PAREB-CEREB has around 145 active members and more than 2,000 members all over the country for PAREB.— AJ de la Torre
CEBU, Philippines - The real estate industry in Cebu posted a 15 percent increase in sales this year despite the gloomy economic ambiance.
Cebu Realtors Board Inc. president Emily Cabillada said that they had a very good year for 2009 compared to 2008.
Cabillada said that they saw a general increase of 10 to 15 percent in terms of sales performance with a huge chunk of sales generated coming from the Overseas Filipino Workers.
According to Cabillada, OFWs see real estate as a good investment for their hard-earned money as it gives them the assurance that they have something good to see whenever they come back from work.
She said that most of the investments come from the United States but still the local market plays a vital role in the development of the real estate industry.
Cabillada said that this has also been noted as there is even more demand than the supply considering also the growing population of the locals plus the immigrants that come to Cebu.
She said that they also credit the growth of the industry through the easy payment schemes that realty developers are coming up with in order to gather more clients who appreciate the more convenient ways of paying and owning house and lots.
Cabillada said that they are looking forward for the coming year in which they are optimistic of the continuous growth of the industry. “We are seeing a better 2010.”
According to Cabillada, aside from OFW’s they mostly have starting up families as clients and the young professionals.
For the coming year, Cabillada said that they are focused on educating the people on the Real Estate law or the act regulating the practice of real estate service in the Philippines, which is created for the purpose a professional regulatory board of real estate service.
Also, she said that they will be having real estate seminars, forums and fairs to help the real estate agents and also to introduce further the industry to the public.
At present, PAREB-CEREB has around 145 active members and more than 2,000 members all over the country for PAREB.— AJ de la Torre
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