Transforming Real Estate Through Technological Advancements: A Reflection on the E-Government Act's Role in Government Appraisal and Assessment
The Real Estate Brokers Association of the Philippines (REBAP) Real Estate & Allied Partners (REAP) Expo 2023 held at SM Megamall, Mandaluyong shared one of the most promising and intriguing keynote addresses delivered by Department of Information and Communications Technology (DICT) Assistant Secretary, Edwin Ligot - the government’s intent to establish an integrated, interconnected, and interoperable information and resource-sharing and communications network spanning the entirety of the national and local government through the Senate Bill No. 1738 or the E-Government (E-Gov) Act. As I reflect upon his insights, I am particularly intrigued by the potential of the E-Gov Act on how it can revolutionize government appraisal and assessment in the real estate sector.
Assistant Secretary Ligot's address resonated with the idea that we are in the midst of the Fourth Industrial Revolution, a period marked by the integration of digital technology into every facet of our lives. The real estate industry is no exception. These technologies can revolutionize data collection and analysis, increase transparency, enhance efficiency, improve the real estate application experience, and ensure better compliance.
In my opinion, the E-Government Act, Senate Bill No. 1738, emerges as a cornerstone in the pursuit of digital transformation in real estate. As I delve into the implications of this act, I envision a future where all real estate sales transactions are seamlessly recorded in a secure, centralized database. This database would facilitate the exchange of information between various government bodies, such as the Bureau of Internal Revenue (BIR) and local government units (LGUs) for government appraisal and assessments.
From the perspective of government appraisal and assessment, the potential of the E-Government Act becomes truly transformative. Imagine a scenario where real estate assessors can harness the power of this integrated database to automate the appraisal process. By analyzing a wealth of real property sales transactions data within a specific area, assessors can develop a sophisticated computer system in assessing the value of the properties. This system would not only streamline the appraisal process but also ensure timeliness and accuracy in updating the market value and assessed value of properties in dynamic neighborhoods.
The benefits of this automated appraisal process are multifaceted. Firstly, it reduces the burden on assessors, freeing them from laborious manual calculations and data collection. Secondly, it enhances the accuracy of property valuations by utilizing real-time market data, thereby reducing errors and inconsistencies. Thirdly, it enables assessors to keep pace with the rapid fluctuations in property values that often occur in burgeoning and declining neighborhoods.
Assistant Secretary Ligot's address highlighted several priority projects under the E-Government Act, including eTravel, eGovApp, eLGU App, eGov Cloud, eGov Pay, eReport, and eVisa. Of these, my primary focus centers on the eLGU App and eGov Cloud, as they hold immense potential for enhancing government appraisal and assessment in the real estate sector.
The eLGU App, which aims to streamline processes within local government units, aligns perfectly with the vision of seamless data sharing and integration. This application can serve as the bridge between local governments and the centralized database mandated by the E-Government Act. Real-time access to property transactions, land titles, and assessment records would empower local governments to make informed decisions about tax assessments and property valuations.
In the realm of digital transformation, data security is paramount. The eGov Cloud project, with its focus on secure cloud infrastructure, provides the necessary framework for safeguarding sensitive property-related data. This secure cloud environment not only ensures the confidentiality and integrity of information but also offers scalability, allowing government agencies to accommodate growing data volumes as real estate transactions continue to expand.
As I reflect on Assistant Secretary Edwin Ligot's keynote address and the potential of the E-Government Act, I am filled with optimism about the future of government appraisal and assessment in the real estate sector. The fusion of digital technology, data integration, and streamlined processes holds the promise of greater efficiency, transparency, and accuracy. Although I must admit that the system works the way it is built and the quality of its output is based on the quality and correctness of data inputs.
In this digital era, the real estate industry must adapt to the changing landscape, embracing the Fourth Industrial Revolution and the opportunities it presents. The implementation of the E-Government Act, particularly the eLGU App and eGov Cloud, can be a catalyst for this transformation. By automating appraisal processes, integrating data, and ensuring data security, we pave the way for a real estate sector that is not only efficient but also responsive to the evolving needs of property owners and investors.
In conclusion, the fusion of technology and government policy, as outlined in Assistant Secretary Ligot's address, paints a picture of a future where real estate appraisal and assessment are no longer hindered by manual processes and fragmented data. Instead, they are characterized by seamless integration, accuracy, and transparency, benefiting both government agencies and citizens alike. As we step into this era of digital transformation, the possibilities are boundless, and the potential to revolutionize real estate is within reach.