PAREB opens chapters within the ASEAN bloc

CEBU, Philippines – The Philippine Association of Real Estate Boards, Inc. is gearing up for the much anticipated ASEAN integration by establishing chapters in the region especially in Thailand, Vietnam and Malaysia.

PAREB past president Dr. Tomasito Z. Academia said in an interview yesterday that Filipinos working within the ASEAN region will be able to acquire their license in these chapters and promote and sell properties abroad.

Academia, who is a professor of Real Estate Management in both graduate and under-graduate studies at the University of San Carlos and University of San Jose-Recoletos, said that although an agreement with government has yet to be finalized, private sector players in the real estate brokerage sector in the Philippines are already stepping up to establish a solid foundation within the ASEAN bloc.

This move, he said will provide at least two advantages for Filipinos to promote and market properties in the Philippines, specifically condominiums, in preparation also for the free-flow of real estate marketers once the integration is fully implemented.

Once a chapter will be formed abroad, Academia said the Professional Regulations Commission will set up an offshore licensing examination.

The Philippines, specifically Cebu is even ahead in the curb in terms of providing a pool of professionals in real estate management as major universities are now offering a complete course for the profession.

Academia said University of Cebu, USJ-R and USC offered a four-year course for the profession three years ago. These universities will have its first set of B.S. Real Estate Management graduates in 2016.

"We are even ahead with Manila," Academia told The Freeman in an interview yesterday.

The real estate management expert added that the robust growth of the country’s real estate sector, which is seen to linger a little longer, would also provide real estate management professionals brighter and bigger opportunities ahead, significantly with the integration.

Currently, PAREB has over 4,000 members across the country, with 62 member boards including the Cebu Real Estate Board.

Meanwhile, according to Cuervo Property Advisory, ASEAN can be an opportunity for businesses, including the real estate industry. The region has ASEAN Valuers Association, a group that caters to real estate professional in Southeast Asia.