Real Estate Industry in the Philippines: Problems, Policy Implications and Societal Contributions

Abstract

Addressing the problems of the real estate industry enhances and creates positive policy implications and societal contributions.This paper described the profile of the real estate human resources. It also described the problems encountered by the respondents. Further, policy implications and societal contributions of real estate industry were identified. Descriptive method was used in this paper. A total of 239 human real estate resources (163 males and 76 females) were surveyed using a questionnaire. In relation to the gathered and analyzed data, this research has concluded that, first, the top three most common problems encountered by the real estate industry were unlicensed real estate persons, commissions received, and unethical practices. In spite of the presence of RA 9646, individuals are not yet aware of its implementing rules and regulations. It projects the traditional selling and buying of properties which sometimes caused problems to stakeholders. Second, these problems encountered have policy implications on the real estate industry such as land conversion, areas prone to calamity and hazards, and hidden charges upon turnover. Policy implications from different situations were generated such as from different government agencies. And last, despite of these problems and policy implications, real estate industry has societal contributions such as it can be a source of employment for the people, provides shelter to the people for social protection and security, and it is one of the sources of the government’s income. Jobs generated, taxes collected and social housing shared by the real industry are the major contributions of the real estate industry. The researcher recommends that Information dissemination for the awareness of RA 9646 for the professionalism of the industry must be participated for the benefit of the stakeholders. Implementation and proper monitoring of this law through authorized group improve the professionalism in the industry. Vigilant buyers and seeking necessary information before investing hard earned money in real properties must be done by prospective buyers in order to prevent future problems. Income generated from assessors can be improved over the years through proper payments on real property tax. Following the proper land use must be practiced in order to get the highest and best use of the property.