Filipino Homes and Philippine Regulatory Commission (PRC) will work together in reinforcing the campaign against foreign “colorum” practitioners.
Anthony Gerard Leuterio, founder of Filipino Homes said in an interview that besides the influx of foreign real estate buyers is the rise of non-Filipino immigrants selling local properties to their fellow citizens in the country.
According to Leuterio, this kind of practice has to stop since foreigners are not allowed to perform the craft here in the Philippines. He also added that doing such will protect the real estate industry and the thousands of jobs that depend on it.
As part of pushing through with the campaign, Leuterio said that they will be coordinating with the chairperson for Real Estate Service of the PRC, Ofelia Binag to strengthen their purpose of concern.
Leuterio warned the public of the possible result of the said conflict, “If we won’t take immediate action on this, maybe in the next two years plenty of real estate agents will lose their jobs…and this is happening in Manila already.”
Other than the disadvantage mentioned by Leuterio, Filipinos will also be deprived of buying properties at the accurate market price. He emphasized that realtors and all other citizens should protect the real estate Philippines industry and the local market.
Real estate services firm Leechiu Property Consultants said earlier in 2019 that foreign buyers particularly from mainland China, have now overtaken the overseas filipino workers as number one buyers of residential projects in the country.
Section 23 on Foreign Reciprocity of the Real Estate Service Act (Resa) Law of 2009 states, “No foreign real estate service practitioner shall be admitted to the licensure examination or be given a certificate of registration or professional identification card, or be entitled to any of the privileges under this Act unless the country of which he/she is a citizen specifically allows Filipino real estate service practitioners to practice within its territorial limits on the same basis as citizens of such foreign country.”