Drilon said it is inappropriate to burden some 42,000 real estate agents and brokers with a job that should be done by the Land Registration Authority or the Bureau of Internal Revenue itself.
“And they need to submit tons of requirements to the AMLC. Why burden agents and brokers with all these paper works?” he pointed out. Under the current law, Drilon said the AMLC can already require the LRA and all its Registries of Deeds to submit to the AMLC, reports on all real estate transactions involving an amount in excess of P500,000.00) within 15 days from the date of registration of the transaction.
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