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).
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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.
Saturday, January 30, 2010
Real estate law confab
A SYMPOSIUM on the Real Estate Service Act (RESA) will be held tomorrow, Saturday at the Cebu Rajah Park Hotel from 8:30 a.m. to 11:30 a.m.
The RESA law or Republic Act 9646 was recently passed to professionalize real estate practice.
The resource speaker is Ariel Martinez, a lawyer, realtor and real estate reviewer.
Martinez will answer various concerns of real estate practitioners regarding license renewal, especially those that will expire on Dec. 31, application for real estate salesman’s license, continuing education program and real estate review and licensure examination.
He will also explain to the participants some provisions of the RESA.
The Philippine Association of Realtors Boards Inc.-Cebu Realtors Board Inc. (PAREB-Cereb), the event organizer, invites all real estate practitioners, developers or anybody who wants to know more about the law to attend.
The registration fee is P600, inclusive of snacks and handouts. Interested parties may call Emma at 2323940 or text Tita at (0922) 3297225 and Purie at (0917) 5462508 or email at cerebinfo@yahoo.com.
The RESA law or Republic Act 9646 was recently passed to professionalize real estate practice.
The resource speaker is Ariel Martinez, a lawyer, realtor and real estate reviewer.
Martinez will answer various concerns of real estate practitioners regarding license renewal, especially those that will expire on Dec. 31, application for real estate salesman’s license, continuing education program and real estate review and licensure examination.
He will also explain to the participants some provisions of the RESA.
The Philippine Association of Realtors Boards Inc.-Cebu Realtors Board Inc. (PAREB-Cereb), the event organizer, invites all real estate practitioners, developers or anybody who wants to know more about the law to attend.
The registration fee is P600, inclusive of snacks and handouts. Interested parties may call Emma at 2323940 or text Tita at (0922) 3297225 and Purie at (0917) 5462508 or email at cerebinfo@yahoo.com.
Property firm going public in 2010l
Philippine Daily Inquirer
GLOBE ASIATIQUE REALTY HOLDINGS Corp., a big player in the affordable residential property market, is planning an initial public offering of shares worth up to P3 billion and may be the first company to sell new equity in the Philippine Stock Exchange in 2010.
GA founder, chair and president Delfin Lee said in an interview Wednesday that the property company would tap the capital market to sustain the company’s robust expansion, which is being driven by a huge backlog of low-cost housing supply in the country.
The application for IPO, worth at least P1 billion to as high as P3 billion and equivalent to about 15-26 percent of the firm’s outstanding stock, is now only awaiting approval from the Securities and Exchange Commission and the PSE. The debut on the local bourse is estimated to happen by February next year, GA executive vice president Dexter Lee said.
BDO Capital and RCBC Capital have been mandated as underwriter for the public offering.
The company sells housing units for as low as P400,000 in its township projects. It distinguishes itself from competition by offering affordable residential units that offer amenities seen only in more expensive developments. “They don’t look like low-cost housing at all,” the GA president said.
“These projects gain market acceptability because they have assured financing from Pag-Ibig. The beauty of this project is our focus on the real market, the end users,” he added.
About 70 percent of its business comes from the low-cost residential market and only 30 percent from the high-end market. GA welcomes the entry of bigger players into the affordable housing market, given that the property industry, at present, could produce only 300,000 housing units a year or a small fraction of the more than 3 million domestic backlog in housing units. Doris C. Dumlao
GLOBE ASIATIQUE REALTY HOLDINGS Corp., a big player in the affordable residential property market, is planning an initial public offering of shares worth up to P3 billion and may be the first company to sell new equity in the Philippine Stock Exchange in 2010.
GA founder, chair and president Delfin Lee said in an interview Wednesday that the property company would tap the capital market to sustain the company’s robust expansion, which is being driven by a huge backlog of low-cost housing supply in the country.
The application for IPO, worth at least P1 billion to as high as P3 billion and equivalent to about 15-26 percent of the firm’s outstanding stock, is now only awaiting approval from the Securities and Exchange Commission and the PSE. The debut on the local bourse is estimated to happen by February next year, GA executive vice president Dexter Lee said.
BDO Capital and RCBC Capital have been mandated as underwriter for the public offering.
The company sells housing units for as low as P400,000 in its township projects. It distinguishes itself from competition by offering affordable residential units that offer amenities seen only in more expensive developments. “They don’t look like low-cost housing at all,” the GA president said.
“These projects gain market acceptability because they have assured financing from Pag-Ibig. The beauty of this project is our focus on the real market, the end users,” he added.
About 70 percent of its business comes from the low-cost residential market and only 30 percent from the high-end market. GA welcomes the entry of bigger players into the affordable housing market, given that the property industry, at present, could produce only 300,000 housing units a year or a small fraction of the more than 3 million domestic backlog in housing units. Doris C. Dumlao
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