During the Sectoral Meeting with representatives from different Real Estate organizations, associations, and individuals last November 6, Professional Regulation Commission Chairperson, Teresita Manzala met with Real Estate practitioners to integrate and unify.She stressed the need for us to develop, educate, train, and be internationally competent.
She warned the Filipino Real Estate practitioners to prepare for the new Trade and Business Agreement with the ASEAN by 2015 whereby the Philippines will open its boundaries with our Southeast Asian Real Estate Professionals. With this scenario and situation, global competition will demand and call for all Filipino Real Estate practitioners be equip with International best practices, governance, and prestigious professional competence.
Meanwhile, Ramon C.F. Cuervo, a Professional Real Estate Appraiser and Consultant, confirmed in his previous blog the growth of real estate industry, particularly in the housing, commercial, and retail sectors. Commenting on the news article published in the front page of Business World November 7, 2012 issue- Boom, not Bubble, Mr. Cuervo advised that the Filipino professionals must try to improve in their professional education, skills, and training, so as to sustain the growth and development of the industry.
According to the article, the country’s oldest bank stated that the high-rise residential sector is in a boom, but it is unlikely it will cause an asset bubble, especially with precautions taken by monetary authorities.
The Asset Management Group of the Bank of the Philippine Islands said that the present economic situation of the country is somewhat similar to the 1997 Asian Financial Crisis, wherein the financial and real estate sectors are both quite healthy and experiencing robust growth. There are fears that an asset bubble is developing in high rise residential sectors, similar to what triggered the 1997 crisis, because of the low interest rate and the investor’s search for higher yields.
But BPI said that there are no indications of an oversupply of or speculative demand for properties. “Thus far, all of the data gathered points to a boom in the high-rise sector of the Philippine real estate industry, with no real signs of a slowdown or a bubble about to burst,” it said. “An uptick on the supply side has been matched with steady demand and property prices have exhibited no sudden or significant upsurges.”
“We believe that the strong Philippine property market should last for several more years as the banking system remains conservative through preemptive regulations from the Bangko Sentral ng Pilipinas (BSP),” BPI Asset Management said.
Mr. Cuervo, a member of the Board of PRC’s Professional Regulation on Real Estate Service, in line with the challenge of Chairperson Manzala, advises that Filipino Real Estate practitioners needs to develop further and enhance their professional skills. They need better and higher standards on continuous education so as to be at par with international standards and quality. They should also have global prestige in their professional practice. To be able to meet the demands of global competitiveness, the Filipino real estate professionals must have international reputation, being well-formed, and adhere to strict Code of Ethics and Moral Principles.
Real Estate Professionals- appraisers, brokers, and consultants should be united into one association without bias, prejudice, and discrimination to any professional, group, or association.
Examples of Global Real Estate Professionals are the likes of Bansan Choa, David Lee Chiu, Fernando Camus, Roque Sorioso, and Evangeline Yia.
To better understand why we need to be competent in our professional service, let’s take the advice of Dr. Jesus Estanislao in his Manila Bulletin article. Dr. Estanislao mentioned the very importance of education and to the need to take it very seriously. Even after we graduate from college, we need to continue our studies because the interest in building up more knowledge never fades. We always yearn for learning to better equip us more and to keep our mind duly stocked with adequate and proper knowledge. He also said that “A sound in mind in a sound body” would serve us well.
For professional duty, he stated that “Professional service specifies our duty to acquire and continuously improve our professional expertise, which is used to serve others in a manner that uses the specialized skills, including the inter-personal, of a given profession. In the practice of our profession, we are called upon to draw from our vast stock of competence, which we deploy with due care and respect towards those who come to us with their needs.”
He ended his article with a significant message: “These manifold duties tell us that we should continuously build ourselves up. There is no let-up in our efforts to improve and develop ourselves. There is no end to taking good care of ourselves, in body, mind, spirit, and special expertise so we can serve others better and make a more positive influence in the world.”
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