PHILIPPINE INSTITUTE OF REAL ESTATE PRACTITIONERS (PhilRES) INC.

Phaltra Building, 139 Matahimik Street UP Diliman Village, Quezon City

Board Resolution FAIPO# 2012- 106 WHEREAS, in reply to PhilRES letter dated November 15, 2012 informing the Honorable Chairperson Teresista R. Manzala of the Professional Regulation Commission (PRC) of the postponement of PhilRES National Election from November18, 2012 to November 30, 2012, the National Directorate received via email on November 22, 2012 her letter dated November 20, 2012 addressed to PhilRES National President Gener R. Sison, copy furnished the Board of Real Estate Service and real estate stakeholders, reminding PhilRES of her instructions as contained in her earlier letter dated November 13, 2012, as follows: (1) For PhilRES to temporarily postpone the election until such time that all registered members, namely the 16,500 Real Estate Professionals, will be able to enjoy their benefits and privileges pursuant to Section 34 of RA No. 9646, including the right to participate in the National Election; It is paramount to amending basically the election rules, to wit: (a) Election Rules and Procedures; (b) Independent and Credible COMELEC; (c) Automatic Memberships; and (d) Allow members to vote and be voted upon; and After it is settled and agreed upon, we can proceed with the election in the soonest possible time, preferably not earlier than 60 days, or on any date thereafter.

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(3)

WHEREAS, at the instance of the Professional Regulatory Board of Real Estate Service (PRBRES), PhilRES has for several times postponed the holding of its First National Elections, from the original date mandated by PRBRES on 28 February 2012 to 31 March 2012, later moved for at least two (2) new dates, from 9 June 2012 to 11 August 2012; WHEREAS, for the scheduled 11 August 2012 election, PhilRES deemed it proper to reschedule the same to 18 November 2012 in the light of the 98-gap as enunciated in the PhilRES By-Laws making mandatory the November 2012 National Election. This Decision was made known to the PRC and the PRBRES; WHEREAS, the PhilRES By-Laws, incorporating the provisions mandated by the PRBRES, was duly registered with the Securities & Exchange Commission upon favorable endorsement by the PRC through the recommendation of the PRBRES; WHEREAS, Section 19 of the PhilRES By-Laws prescribes the requirements for membership admission to PhilRES by all duly licensed real estate service practitioners whose names are verified to be true and appear in the Roster of Real Estate Service Practitioners Registry of the PRC and who shall automatically become bona fide members of PhilRES; WHEREAS, under Section 31 of the said By-Laws specifically provides that only Regular Members in Good Standing are entitled to exercise the right to vote on all matters relating to the affairs of PhilRES (subject to the provisions of residency requirements as applicable) as required and to vote and be voted upon during PhilRES elections subject to the provisions of residency requirements and other requirements as applicable; WHEREAS, as a gesture of respect to the Honorable PRC Chairperson Manzala and in consideration of her assurance for PhilRES to proceed with the election in the soonest possible time, preferably not earlier than 60 days, or on any date thereafter, the PhilRES National Directorate hereby graciously accede to comply with her instruction;

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NOW, THEREFORE, BE IT RESOLVED by the PhilRES National Directorate that the latest schedule of the First National Elections on 30 November 2012 be, and is hereby temporarily postponed to allow admission of some 16,500 duly licensed real estate professionals as automatic and mandatory members of PhilRES pursuant to Section 34 of Republic Act 9646 (the Real Estate Service Act of the Philippines) and their compliance to the requirements for Membership in Good Standing for them to enjoy the benefits and privileges of members, including the right to participate in the national elections RESOLVED FURTHER, that PhilRES be, and is hereby authorized to cause the necessary amendments to the Election Rules as proposed by the PRC Chairperson; RESOLVED FURTHERMORE, that following the assurance of the honorable PRC Chairperson Manzala to PhilRES proceeding with its national election in the soonest possible time after the first two (2) conditions above mentioned are settled and agreed upon, the First National Elections be, and is hereby set on March 1, 2013 counted not earlier than 60 days from November 30, 2012; RESOLVED MOREOVER, to urge the honorable PRC Chairperson Manzala to issue the corresponding circular or directive enjoining the 16,500 duly licensed real estate service practitioners, more or less, to formalize their membership with PhilRES in accordance with Section 34 and 38 of RA 9646 as well as the PhilRES By-Laws; together with the publication and wide dissemination of the new date of the First Regular National Election of PhilRES, the duly Accredited and Integrated Professional Organization (AIPO) of real estate service practitioners; RESOLVED FINALLY,.to furnish a copy of this Resolution the honorable Chairperson Manzala and Commissioners of the PRC, the honorable Chairman and Commissioners of the PRBRES and the stakeholders. UNANIMOUSLY ADOPTED by the PhilRES National Directorate in its Special Meeting held on 27 November 2012 at the Maxs Restaurant, Shaw Boulevard, Mandaluyong City. CERTIFIED BY:

JOSEFINA D. MAGUMCIA, REB Secretary-General ATTESTED BY:

PILAR M. TORRES-BANAAG, CPA, MBA, REB, REA, REC Board Chairperson