MANILA, Philippines - The multi-billion property sector has reached another milestone, as real estate stakeholders have formally organized themselves to dialogue with key government agencies for more efficient and transparent land transactions.
The Organization of Property Stakeholders Inc. (TOPS) and government agencies led by the Land Registration Authority (LRA) met last October 18 for the TOPS-LRA Summit 2013 in Marco Polo Hotel, Davao City.
TOPS is a broad-based group of organizations including real estate developers and brokers, banks and other financial institutions, and government agencies involved in the multi-billion-peso property sector.
The member organizations started out as separate entities attending quarterly meetings with the LRA and discussing pervading challenges in the property sector’s dealings with government agencies. LRA administrator Eulalio Diaz III wanted to hear straight from the private sector their common issues and experiences regarding property registration processes and how those could be resolved or improved.
The stakeholders have been calling for relevant reforms regarding slowness, bureaucracy, accountability and the need for standardization in registration processes.
Eventually in 2011, Diaz suggested that the stakeholders organize themselves and push through with their initiatives as a group. He acknowledged that the organizations are key collaborators and participants in the successful pursuit of LRA’s objectives of modernizing and improving registration processes so it is only suitable to partner with the sector in resolving property registration concerns.
The series of meetings between the group and the LRA resulted in the formation and incorporation of TOPS in 2012.
In light of the group’s call for a simpler and smoother processing of property titles, TOPS president Michael Jansen Abella noted that they are gearing towards enhanced collaboration with government agencies, coming up with changes such as the implementation of standardized forms and requirements in all Registries of Deeds (RD).