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Filinvest Land Incorporated

An industrial overview

Nature of the Company

Filinvest Land Incorporated is a subsidiary of Filinvest Development Corporation which


has more than 40 years of experience in real estate development.

It is originally engaged in the small-scale financing of second hand cars in 1955, then
later expanded into consumer finance in partnerships with foreign institutions.

It is a property developer engaged mainly in the development of residential and


commercial customers. FLI has over 50 years of real estate espertise and has developed
over 2,500 hectares of land, having provided home/home sites for over 200,000 families.

Profile of the Industry

Brief description of the products or services produced by competitors of the industry


and Major Players

Looking at the Philippines real estate market, one will notice that the industry is still dominated
by a few major players. According to the Department of Trade and Industry, there are over
105,927 developers in the real estate industry including SMEs with however only a few
dominating the market. Ayala Land Inc, SM Prime Holdings and Megaworld Corporation have
consolidated themselves into not only providing residential infrastructures to the Filipino people
but also entertainment with their lease businesses.

Brief description of the products or services produced by competitors of the industry


and Major Players

The real estate industry gives people an opportunity to have a better life by providing
homes, career and entertainment. The industry also makes the country look modern and at the
same time inhabitable. It is an integral part of our countrys development to create commercial
and residential areas that are business and community and likewise important, environment
friendly. The real estate industry makes these things possible.

Origin of the Industry

The real estate industry started with simple buy, sell and lease exchange transactions. As the
industry began to grow, the need for agents arose. The term, real estate broker was used to refer
to the agents looking for buyers, sellers or lessees of real estate property. The job became a
necessity mainly because of the needs of those who wanted to buy, sell or lease their property but
did not have the time to do it themselves or did not have enough knowledge on how they are to
go about doing business in the field of real estate so they hired agents to do it for them. The
industry started growing larger as the population grew and thus forming the brokerage business
or practice we now have today.

On November 7, 1938, Mr. Hoskins organized the Manila Real Estate Brokers
Association and later on would be followed by the formation of groups by other brokers in the
provinces. Through the representation of these organizations, Commerce Administrative Order
No. 3-6 was promulgated on July 29, 1939 by the Bureau of Commerce to implement the
provisions of Act No. 3969.
After World War II and the devastation of Manila and other urban centres came a
rapid increase of many unlicensed real estate brokers from the Bureau of Commerce victimizing
many innocent buyers by selling them non-existing real estate properties. To arrest this problem,
the Philippine Association of Real Estate Brokers, Inc. (PAREB) was organized in 1960, Mr.
Varias being elected the first President. This association made representations to the Department
of Commerce and Industry to repeal Commerce Administrative Order No. 3-6 and promulgate a
new Administrative Order. The Commerce Administrative Order No. 60, series of 1960 was
promulgated by the department. This provided a more efficient mechanism in licensing real
estate salesman, brokers and appraisers and raised it to a profession rather than a mere
business. In 1975 the Department Administrative Order No. 1-75, Series of 1975 was again
promulgated, and finally in 1985, Ministry Order (MO) No. 39, Series of 1985, was issued to
replace Department Administrative Order No. 1-75. MO No. 39 is periodically being updated in
order to make it relevant to new developments in the real estate field. There are various real
estate associations tasked with the responsibility of policing their own ranks as well as in
charting their specific functions, activities and responsibilities in contributing to the growth of
the real estate industry.In 1992, DTIs Department Administrative Order (DAO) No. 97 created

the Realty Service Council of the Philippines (RESCOP). It mandated the RESCOP as the
consultative body of the DTI
In July 2009, the Department of Trade and Industry (DTI) relinquished all its real
estate functions to the Professional Regulations Commission (PRC) by virtue of R.A. No. 9646
known as the Real Estate Service Act of the Philippines.

Historical description

Mr. Colin M. Hoskins appears to have been the pioneer in the real estate brokerage in the
Philippines. After serving in the U.S. Army in the 1st World War, Hoskins stayed in the
Philippines, joined government service and engaged in business. In 1920, he engaged in real
estate which became his full time job. He wanted to raise the standard of practice in the real
estate brokerage business. During that time, there were no laws or government agencies
regulating the operations of the real estate brokers.
Afterwards, the Bureau of Commerce was formed in 1918 and they created laws in order to
regulate exchanges in the business sector which did not include the real estate industry until the
law was modified 1932.