New Real Estate Law to Benefit Practitioners

Article excerpt

The new Real Estate Service Act of the Philippines, Republic Act No. 9646 (RESA), is expected to further strengthen the expertise of 30,000 practitioners in the country, develop a corps of competent consultants, appraisers, brokers and assessors, both private and public, and maximize the potentials of the industry.This was the pronouncement of Dr. Eduardo G. Ong, Chairman of the Professional Regulatory Board of Real Estate Service (PRB-RES) of the Professional Regulation Commission (PRC), during the recently-held Chamber of Real Estate and Builders Association (CREBA) General Membership Meeting.Also during the meeting, CREBA national president Jun Dulalia led the launch of its first International Convention to be held in Macau on October 26 & 27, 2010 and signed two memorandum of agreements with Pag-Ibig on Social Housing Program and with MMDA on a Cable Television Tie-up regarding real estate.RESA created the PRB-RES, composed of a chairperson and four members appointed by the President of the Philippines, under the administration of the PRC, to supervise and regulate the registration, licensure and practice of real estate service in the country.Hence, the board will conduct the licensure examinations for practitioners and issue, suspend, revoke or reinstate certificates of registration or professional identification cards. …