The Housing and Land Use Regulatory Board (HLURB), the planning, regulatory and quasi-judicial body of the government for land-use development, recently published two sets of revised implementing rules and regulations (Board Resolutions No. 921 and 922) for Presidential Decree No. 957, otherwise known as the “Subdivision and Condominium Buyers’ Protective Decree.”
PD 957 seeks to protect prospective buyers of real estate properties from possible fraud and other malpractices in the industry.
Board Resolution No. 921 is the 2014 revised implementing rules and regulations (IRR) on advertisements while the 922 is the 2014 revised IRR on dealers, brokers and salesmen.
Subdivision and Housing Developers Association president Armenia Ballesteros said: “This is quite important for us so we have organized together with Organization of Socialized Housing Developers of the Philippines a business forum that would tackle these two board resolutions. No less than HLURB Commissioner and chief executive officer Antonio Bernardo will serve as speaker.”
The business forum will be held on Feb. 25 at the Metropolitan Club located at the corner of Estrella and Amapola streets in Bel-Air III, Makati City (near Rockwell Center).
Also invited as resource persons were Vice President Jejomar Binay, chair, Housing and Urban Development Coordinating Council; Sen. JV Ejercito; Representatives Alberto Benitez and Romero Quimbo; National Housing Authority general manager Chito Cruz; Home Development Mutual Fund president and CEO Darlene Marie Berberabe; Home Guaranty Corp. president Manuel Sanchez; Social Housing Finance Corp. president Ana Oliveros; National Home Mortgage Finance Corp. president Felixberto Bustos Jr.; and Land Registration Authority administrator Eulalio Diaz III.
The issues that will be tackled include sections of Board Resolution No. 921 that state that “any announcement or advertisement about a project, or about its operations or activities, must reflect the real facts and must be presented in a manner that will not tend to mislead or deceive the public” (section 5) as well as “all representations in an advertisement shall form part of the sales warranties enforceable against the owner or developer (section 9).”
On the other hand, another interesting issue to be tackled is section 6 of Board Resolution No. 922 that requires all brokers and salespersons to be registered and licensed or accredited by the Professional Regulatory Board of Real Estate Service before they can engage in the practice of real estate services.
SHDA chair Ricky Celis said: “These provisions and so many others will have an impact on the operations of our members as well as how their staff will do their work. The expert opinion that will be imparted during the business forum would greatly benefit us and ensure we will all be in compliance with all the provisions stated in these two board resolutions.”