Property Summit to seek ways to quicken interface with gov’t
October 5, 2013
The bureaucratic mill that slows down transactions and the rapid computerization of land titles and other property documents are on top of the agenda of a gathering of a broad-based organization of property developers, brokers, financiers and allied industry leaders.
Such survival and growth issues is expected to dominate the discussion of the TOPS Summit 2013 to be held at the Marco Polo Hotel in Davao City on Oct. 18 this year. TOPS stands for The Organization of Property Stakeholders who represents a billion-peso sector. In this summit, TOPS brings together private sector and government agencies for a fruitful dialogue and consultation on how to improve interface processes, enhance security of land titles and speed up and make easy transactions among transacting parties.
TOPS President Michael Jansen T. Abella cited the ongoing computerization by the Land Registration Authority (LRA) of the land titling system, “This is a boon to the property business,” he said, adding, however, that there remain challenges in standardization of forms and other documents among the Registries of Deeds (RD) across the country.
He pointed out that TOPS is working with key government agencies such as LRA to maximize the use of technology in streamlining processes between the transacting public and concerned government agencies.
Abella acknowledged the support of the Aquino administration in greatly improving the property registration system in the country. “We can consider this as a working partnership between the private sector and the government.” Summit participants will seek ways to enhance operational efficiency, particularly common standard operating procedures among RDs. Another interesting topic is the project of cashless payment of government fees using the Internet and saving the client an extra trip to the RD office.
Linkages with other concerned government agencies such as Pag-IBIG for real estate loans and the Bureau of Internal Revenue for shared information between and among agencies for purposes of fair and efficient tax coding will also be discussed.
Representatives from financial institutions will address standardization of mortgage, loan and other registrable documents.