Property stakeholders have banded together to draft a bill that would lift restrictive provisions in the practice of real estate brokering in the Philippines.
In a press conference, Estrella Elamparo, counsel of the A Better Real Estate Philippines (ABREP) said the draft bill amending Real Estate Service Act of 2009 (RESA) will be submitted to the appropriate committee for consideration soon.
Specifically, ABREP wants changes in the requirement for a broker to have a Bachelor of Science in Real Estate Management (BSREM) degree to practise the profession and the 1:20 rule of one licensed real estate broker to have 20 salespersons.
ABREP also wants to introduce provisions where the role of technology in the industry will be defined.
ABREP president Anthony Leuterio said the Chamber of Real Estate Builders Associations, the National Real Estate Association, the Real Estate Brokers Association of the Philippines , the Organization of Socialized and Economic Housing Developers of the Philippines , the Subdivision and Housing Developers Association, have made specific positions on proposed amendments to RESA.
Leuterio added ABREP has reached out to the Professional Regulation Commission on the proposed amendments.
The group said lifting the restrictive rules could help address the 6.5-million housing backlog in the country.
“RESA is a pre-automation law that does not serve the purpose it was intended to. It was supposed to professionalize the industry, but instead, it’s stopping the industry from progressing,” Leuterio said.