We're all been waiting to see how the Philippine Real Estate sector will be regulated and managed. Currently governed by PRC (Professional Regulation Commission) thru the Real Estate Service Act Law (RA 9646) with the Department of Human Settlements and Urban Development (DHSUD). Previously handled by Housing and Land Use Regulatory Board (HLURB) and now absorbed in DHSUD. As the DHSUD's name implies, it acts as the primary national government entity responsible for the management of housing, human settlement and urban development.
In a live virtual meeting led by the DHSUD under Secretary Eduardo D. Del Rosario with different government agencies last July 03, 2021, the Joint Memorandum Circular has been symbolically signed. This is for the creation of Anti-Illegal Real Estate Practices Inter-Agency Task Force co-chaired by DILG Secretary Eduardo M. Año and DOJ Secretary Menardo I. Guevarra.
According to Sec. Del Rosario, DHSUD continues to receive an alarming number of reports on Real Estate-related illegal transactions specifically on housing, subdivision, and condominium projects with unregistered Real Estate Developers and unregistered Real Estate Brokers. He calls swindlers are taking advantage of social media and other marketing tools to post and share false advertisements and promotions. DHSUD is reminding the public that Real Estate Developers must have a legitimate operation by registering their projects and receiving License to Sell. This also includes the licensed Real Estate Brokers and registered Salespersons selling projects without License to Sell.
It was good seeing all the different agencies gathering together with a goal in mind. This memorandum circular Here are the principal agencies of the task force:
- Department of Human Settlements and Urban Development (DHSUD) - Secretary Eduardo D. Del Rosario
- Department of the Interior and Local Government (DILG) - Secretary Eduardo M. Año
- Department of Justice (DOJ) - Secretary Menardo I. Guevarra
- Department of Environment and Natural Resources (DENR) - Secretary Roy A. Cimatu
- Land Registration Authority (LRA) - Administrator Renato D. Bermejo
- Professional Regulation Commission (PRC) - Chairman Hon. Teofilo S. Pilando, Jr.
- Philippine National Police (PNP) - Chief Lieutenant General Guillermo Lorenzo T. Eleazar
- National Bureau of Investigation (NBI) - Officer-In-Charge Eric B. Distor represented by NCR Regional Director Atty. Cesar Bacani
The meeting was also joined in the board room with Undersecretary Meynardo A. Sabili, Assistant Secretary Leira S. Buan, and other DHSUD key officials. Professional Regulatory Board of Real Estate Services headed by board member, Hon. Pilar M. Torres-Banaag.
The original memo was yet to be signed by all the agencies and soon after, they will release the Implementing Rules and Regulations.
Source: DHSUD Official Facebook Page, watch the replay here:
https://www.facebook.com/DHSUDgovph/videos/843048746636343/
Honey Pearl Mose - Maat
Licensed Real Estate Broker No. 12914
hp.maat@markeot.com