There has been a major change in the realm of the real estate sector of Philippines, the notable republic on the Philippine Islands. The regulation of the real estate practice is transferred to the Professional Regulation Commission (PRC) by the Department of Trade and Industry (DTI) owing to the passage of Republic Act 9646 also known as the Real Estate Service Act of the Philippines.
As per the DTI undersecretary for Trade Regulation Zenaida Cuison Maglaya, from the coming 30 July 2009, the DTI field offices will cease to operate and hence, they will steer clear of accepting applications for license, whether initial or renewal or real estate consultants, appraisers, brokers and salespersons. As a result of the transfer, all records of the DTI field offices pertaining to licensed practitioners will be transmitted to the BTRCP.
What will happen to the existing cases or those that are under consideration? It has come to the knowledge, cases involving violation of Act 2728 as amended, whether pending or those that are filed previous to the effectivity of RA 9646, shall remain with the DTI given the prospective application of the law.
RA 9646 repeals Section 3 (e) of Act No. 2728, the law from which the DTI draws its authority to regulate the real estate service, thus we have to transfer of the function to the PRC,” said
Section 4 of RA 9646 states that, “There is hereby created a Professional Regulatory Board of Real Estate Service, hereinafter referred to as the Board, under the supervision and administrative control of the Professional Regulation Commission (PRC)”
The Philippine Real Estate industry is witnessing a thorough change at the moment since widespread construction transforms the capital Metro Manila into a rapidly increasing world-class metropolis. The far-flung provinces and major cities are also developing into vibrant economic growth areas that balance the main engine that is Metro Manila.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.