Can Foreign Brokers Practice in the Philippines?
QUESTION: Can foreigners now practice real estate service in the Philippines?
ANSWER: The answer is at SEC. 23 of RA 9646. Issuance of Special or Temporary Permit Upon application and payment of the required fees and, subject to the approval of the Commission, the Board may issue special/temporary permit to real estate service practitioners from foreign countries whose services are urgently needed in the absence or unavailability of local real estate service practitioners for the purpose of promoting or enhancing the practice of the profession in the Philippines.
SEC.24. Foreign Reciprocity No foreign real estate service practitioner shall be admitted to the licensure examination or be given a certificate of registration or a professional identification card, or be entitled to any of the privileges under this Act unless the country of which he/she is a citizen specifically allows Filipino real estate service practitioners to practice within its territorial limits on the same basis as citizens of such foreign country.
1. There is no other country yet that has authorized Filipino citizen brokers (who are neither residents nor citizen in their country) to practice real estate brokerage in their country.
2. There is oversupply of brokers all over the Philippines.
3. If the client require a bigger professional performance bond that local borkers cannot meet, a foreign broker who meets the requirement may be allowed to practice here, but only for that specific client.