House bill seeks transparency, accountability in condo management

MANILA, Philippines — A proposed measure seek ing to promote transparency, accountability and good governance in condominium management has been filed in Congress.

House Bill 5869 or the Condominium Transparency and Socialized Housing Act, authored by 1Tahanan party list Rep. Nathaniel Oducado, mandates all condominium corporations and manage ment bodies to submit annual audited financial statements certified by an independent external auditor.

Oducado said these reports must be made accessi ble to all unit owners at least once a year and whenever reasonably requested.

“Any proposed increase in association dues must also be backed by a presentation of the audited statements during a general assembly,” he said.

Under the proposed mea sure, unit owners will have the right to inspect and obtain copies of financial and man agement records, ensuring full transparency in the use of association dues.

Officers who fail to comply would be held accountable and may face administrative fines and suspension from office.

The Department of Hu man Settlements and Urban Development (DHSUD), in coordination with the Securities and Exchange Commission, will serve as the oversight agency, empowered to investigate mismanagement, issue compliance orders, and impose sanctions on erring condominium corporations.

Oducado further ex plained that in order to address the housing shortage, the measure also allows the conversion of abandoned or underutilized condominium properties into socialized housing projects, to be undertaken by DHSUD in co operation with the National Housing Authority (NHA) and concerned local governments