The growth of the local property technology (proptech) is seen to give the local real estate industry a boost.
The Covid-19 pandemic has greatly impacted the real estate industry. It has discouraged traditional practices, and this in turn, provided the impetus to introduce proptech as an alternative on how to conduct business.
Real Estate Brokers in the Philippines can do business such as selling, negotiating, signing contracts, and even turnover of property -- all online. Local proptech companies such as Earthauz have emerged to help Filipino Realtors adapt to the ongoing pandemic and its effects to real estate industry.
Proptech will recalibrate the real estate industry towards digital advancement to create more modern, applicable and efficient methods, processes and policies.
Proptech is seen to benefit key players in the real estate industry by 2022 – developers, investors and the government. For developers, it seeks to assess the resilience of buildings and develop a roadmap to improve the resilience based on the Building Resilience Index.
For investors, particularly banks, proptech can help to integrate disaster risk reduction, climate change adaptation and resilience on investment decisions using the same index. On the part of the government, it serves to provide a guide on crafting relevant policies to ensure these objectives are met.
The PropTech Consortium, a collaboration between different public & private sectors and industries, gathered to integrate sustainable, smart, resilient and innovative technologies into real estate.
A Tripartite Memorandum of Understanding (MOU) was signed by the Department of Energy (DoE), Department of Human Settlements and Urban Development (DHSUD) and the Energy Regulatory Commission (ERC).
The Tripartite MOU seeks to support the sustainable and digital transformation of the housing industry by making it greener, resilient, digitally connected and more inclusive.
Under the MOU, the DSHUD shall encourage stakeholders to undertake energy conservation plans, programs and activities, and will also develop programs to give incentives to stakeholders who abide by the Guidelines on Energy Conserving Design of Buildings.
The ERC will promote more digital transformation programs in the public sector in order to increase efficiency and transparency in securing permits and licenses. This will also include the promulgation of rules and regulations on new technologies that will create more utility savings for the communities that use renewable energy.
The DoE's contribution is to prepare, integrate, coordinate, supervise and control all plans, programs, projects and activities of the government pertaining to energy exploration, development, utilization, distribution and conservation.
The three agencies agree to work together to in helping formulate policies and train each other's personnel to ensure proper implementation of these policies