Booster to real estate sector
SPEAKER Martin G. Romualdez vowed to approve the proposed National Land Use Act by the end of 2022 and support other bills for the development of the real estate sector in an assembly of the National Real Estate Association (NREA).
The measure was included in the State of the Nation Address (SONA) of President Ferdinand “Bongbong” Marcos.
“We share with the President a common desire to craft a unified framework that will govern the use of land resources in the country. We need to harmonize and integrate conflicting laws, policies, principles and guidelines on land use and physical planning. Our policy experts noted that there are around 30 overlapping environmental and ecological protection laws and policies on the use of water and land management,” Romualdez said in a speech at the NREA midyear membership assembly held in Makati City.
“My dear friends at NREA, we in the House of Representatives are committed to approve the National Land Use Act as soon as possible. We expect to approve this measure on third and final reading before the year is over,” the Speaker added.
He urged the NREA to study and submit position papers on the other legislative measures now filed in Congress that have an impact on the development of the real estate sector.
“We will not pass any law affecting your sector without hearing you first,” Romualdez stressed, as he recognized the valuable contributions of the real estate industry to the country.
He said Congress enacted Republic Act (RA) No. 9646 or the Real Estate Service Act of the Philippines in 2009 to address some issues in the industry and to “develop and nurture through proper and effective regulation and supervision a corps of technically competent, responsible and respected professional real estate service practitioners whose standards of practice and service shall be globally competitive and will promote the growth of the real estate industry.”
