THE real estate brokerage industry is pushing for the creation of a real estate commission to regulate the practices of both developers and property sellers.
Anthony Gerard Leuterio, president of the Philippine Allied Chamber of Real Estate Brokers and Licensed Salesmen (PhilAcre), said that with the busy real estate activities in the country, the government should create a body that would regulate all stakeholders in the industry.
“Just like the creation of an insurance commission, the real estate industry should also be protected,” said Leuterio, also the founder and chief executive officer of Filipino Homes and Leuterio Realty and Brokerage.
According to Leuterio, the real estate commission should focus on the standardization of practices in the industry and setting up of the ethics blueprint among real estate brokers and agents, among others.
“The commission will help police the industry, especially now that there are foreigners already such as Koreans, Japanese, Chinese nationals, selling Philippine properties,” said Leuterio.
“There must be clearer policies for agents or brokers who are selling properties because we are flooded with a lot of unlicensed practitioners,” he added.
Besides the creation of a real estate commission, the industry is also clamoring for the establishment of a housing department.
In October, the Senate approved on third and final reading the bill seeking to consolidate all housing agencies with the creation of the Department of Human Settlements and Urban Development.
The passage into law of Senate Bill 1578, which seeks to create a single housing department, would streamline bureaucracy and compel shelter agencies to work more harmoniously, and connect their plans and programs.
The Philippines is facing more than two million housing needs this year. The figure is projected to balloon to 6.5 million by the end of 2022.
Sen. Joseph Victor “JV” Ejercito, chairman of the Senate committee on urban planning, housing and resettlement, said the department would be responsible for all housing and urban concerns, including planning, policy-making, regulations, program coordination and performance monitoring.
The agency would combine the administrative functions of the Housing and Urban Development Coordinating Council and the planning and regulatory functions of the Housing and Land Use Regulatory Board. (KOC)