Real estate law enacted, finally

Philippine Daily Inquirer
First Posted 08:29:00 07/15/2009

Filed Under: Real Estate, Laws

MANILA, Philippines—After 20 years, the Real Estate Service Act (RESA) was signed into law by President Gloria Macapagal-Arroyo on June 29.

Republic Act No. 9646, hopes to professionalize and regulate the practice of real estate in the country through the development of technically competent, trained and accountable real estate practitioners in the country.

Under the new law, real estate consultants, appraisers, local government assessors and brokers will be overseen by the Professional Regulatory Board of Real Estate Service under the Professional Regulation Commission (PRC).

They will be subjected to a licensing process that will require them to pass a technical examination, comply with the program of continuing education and training, and observe the Code of Conduct and Responsibilities.

Salespersons, although not considered part of the professional group, will be accredited by the PRC, after undergoing training and working under a licensed real estate broker.

RESA will require real estate practitioners to post a Professional Indemnity Insurance/Cash or Surety Bond upon taking their oath to practice the profession before the PRC.

The new law is expected to stimulate the property market, encourage investments in construction and development, generate employment and increase revenues for the government.

It was sponsored in the House by Iloilo City Representative Rep. Raul T. Gonzalez Jr., chair of the Committee on Civil Service and Professional Regulation, and in the Senate by Sen. Panfilo M. Lacson, acting chair of the Committee on Civil Service and Government Reorganization.

The law, according to Senate President Juan Ponce Enrile, should protect the public from unscrupulous real estate service practitioners.

Filinvest discloses new resort plan on Mactan

By Doris Dumlao
Philippine Daily Inquirer
First Posted 14:07:00 07/17/2009

MANILA, Philippines -- The Gotianuns’ holding company Filinvest Development Corp. is putting up a new wholly owned subsidiary for an upcoming P4-billion upscale leisure estate project – Seascapes Resort Town – on Mactan Island, Cebu.

In a disclosure to the Philippine Stock Exchange on Friday, FDC said it has filed with the Securities and Exchange Commission an application for the incorporation of Seascapes Resorts Inc., whose primary purpose would be to manage a hotel and resort business.

The proposed new subsidiary will have an authorized capital stock of P100 million.

FDC plans to launch later this year the 12-hectare residential resort community Seascapes which offers a 2.5-hectare beach club, fully furnished 280 casitas, villas, condos and 56 premium lots. It finished the development of the raw land to provide road access and landscaping in 2006 and has started pre-selling beach club shares and the casitas fractional shares.

The resort plans to have a soft launch in the third quarter of this year, based on the company's annual report.