More property groups joi call to amend RESA Law

CEBU, Philippines —  Big real estate organizations in the Philippines have officially signify their commitment to help the country take advantage of the sustaining momentum of the property sector under the new normal.

The Chamber of Real Estate Builders Associations (CREBA), the National Real Estate Association (NREA), the Real Estate Brokers Association of the Philippines (REBAP), the Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP), the Subdivision and Housing Developers Association (SHDA) have officially joined the call to revise the Real Estate Service Act of 2009 or (RESA).

REBAP National Board Edwin Calamba announced in a virtual press conference that the organization and its members are joining the campaign for a better real estate which will fit to the new normal environment.

 “Amending the RESA is not just to benefit to the select few but for the betterment of the whole industry,” said Calamba.

 Likewise, Chamber of Real Estate Builders Associations (CREBA) National President Noel Cariño also expressed the group’s strong support for the law makers to alter some provisions of the RESA law which are not helping the current state of real estate, especially in a technology-driven environment right now.

For years, several controversial provisions in RESA have been at the center of public outcry. One such provision that has recently been highlighted by the law’s critics is Section 32’s rule on the 1-is-to-20 ratio for real estate brokers to salespersons.

“We cannot sell so many real estate units if we do not have enough agents, which is restricted by this 1-is-to-20 rule. The law provides that only those who are graduates of BSREM can apply to become a licensed broker---and less than 100 people graduate from this course, a big number of which are not passing the board exam,” explain d NREA’s immediate past president Benny Cabrieto Jr.

Meanwhile, renowned real estate developer, consultant, and TV host RJ Ledesma echoed the sentiment that RESA’s current restrictions to brokers, salespersons, and the overall salesforce has aggravated the housing backlog by depriving developers of a provincial network of on-ground touchpoints.

 “The largest amount of housing backlog is not found in the city, it is out there in the province, the rural areas. How do we identify where to put up those houses for people who need it? And how do we connect the developers to these places?” said Ledesma adding that the developer has no means because he has no one to market there. We need more people to help us identify these underserved areas.”

These real estate groups are also supporting to push a proposed bill to make way for some amendments of the RESA Law.

The real estate sector is one of the very few industries that continue to see positive stride amid the pandemic.

With high hopes in the post pandemic times, real estate stakeholders are asking the government and law makers to tweak some of the provisions of the RESA law.