Tuesday, February 2, 2010

The RESA Law, Republic Act 9646: What can it do for the Real Estate Industry in contrast.. Part 1

I was able to participate the annual national planning session of Real Estate Brokers Association of the Philippines last January 9, 2010 at University of the Philippines-Diliman and have acquired some news and information on the said law which was in the making for the last 22 years in professionalizing the practice of Real Estate Services and I am very much happy with it for with the new updates being given to us by experts and lecturers such as CRB Engr. Bong Cruz of REBAP Greenhills and Immediate Past President Julius Topacio of REBAP Mandaluyong Chapter and the returning president CRB Emily Duterte.

I was impressed on one of the speaker especially CRB Bong Cruz on how he delivers his thoughts on the challenges the real estate industry will facing with this new law. It so happened that the fruits of labor on lobbying this law paid off thanks to Senators Panfilo Lacson, Antonio Trillanes IV and Rodolfo Biazon and other members from congress that had this bill authored and made to reality - see RESA bill during its creation with other congressmen who co-authored this bill into law.

A brief bio on Engr. Bong Cruz, is a well-known among the real estate circuit as one of the top lecturers and reviewers on Comprehensive Real Estate Seminar and Review in the Philippines and also in Continuing Education Program for Real Estate Brokers. He made some outline on how real estate professionals should comprehended and understand in order to keep themselves abreast with latest news as we wait for a few more months on the implementing rules and regulations of this law. He made comparison between the RA No. 9646 and the old and phased out Ministry Order No. 39 which was created during President Ferdinand Marcos regime in a manner how it will affect the latter from the newest law.

This law would give teeth and claws in apprehending, removing and scrutinizing other illegal entities engaging in real estate which had tarnished the industry for many years and improve the image and relations of real estate professionals to the public. Many of the real estate organizations in the country are working hard to meet the demands of improving the service and at the same becoming equivocal of being committed of being in service to others.

View the Real Estate Service Act of the Philippines - 2009.

RESA law or Republic Act No. 9646 in turn will help promote professionalism among the real estate brokers, real assessors, real estate appraisers, real estate salemen and real estate consultants not just as occupation but a recognized occupation by the Professional Regulation Commission under the Professional Regulatory Board for Real Estate Services.

Will update you more on the next part of this blog.

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