MANILA - Government should stop unlicensed real estate brokers who do not pay the correct taxes, the country's largest real estate service organization said Monday.
The industry loses an estimated P12 billion per year because of the "colorums" or illegal sellers, Rey Cartojano, national chair of the Philippine Association of Real Estate Boards said.
"There should be strong move from regulatory agencies to put a stop to this practice," Cartojano told ANC's "Market Edge with Cathy Yang."
Regulators are urged to monitor websites and social media, where most of the illegal sales are posted, Cartojano said.
"These people should be warned that they cannot just sell property if they are not owner and if they do not have the necessary license issued by the Professional Regulation Commission," he said.
Under the Real Estate Service Act, real estate brokers are required to obtain a license and pass the board exam before any transaction.