The Philippine real estate market enjoys a sustained, strong demand among both Filipinos and foreigners as it was named as the ‘fastest growing economy’ in the ASEAN-5 as of the first half of 2022.
Maria Margarita Saenz-Resurreccion, Group Head of Sales at Federal Land, Inc. outlined that this is because of several drivers that pushed the country to the top of the economic ladder despite the grips of the pandemic, as follows.
Strategic Location. The Philippines’ central location as an archipelagic nation paves way for trade and tourism to boost the country’s revenues. And with that, the demand for real estate development grows further as more developers continue to build more mixed-use properties all around the country.
“We are in the hub of the ASEAN region. We are in a good location. We are a great trading hub – we have seaports all over our archipelago. Aside from that, even then we have a lot more areas that are being developed in the Philippines. Developers are continuing to build residential developments, offices, commercial, and even resorts outside Metro Manila including the fringes of Metro Manila like Cavite, Laguna, Bulacan and Pampanga,” said Saenz-Resurreccion during her keynote speech “Is real estate a solid investment in the Philippines?” at the Philippine Property and Investment Exhibition.
Consistent Economic Growth. The Philippines also made strategic step-by-step decisions to strike the balance between COVID-related restrictions and reopening trade which helped the country recover from a negative economic rate when the world closed down in 2020.
“Given the pandemic, we can say that the Philippines is doing well compared to other countries. Despite the global economic crisis we have still achieved economic growth. Following the relaxation of the COVID-19 restrictions, the vaccination program of the government, and private sectors. In fact, according to several global experts, the Philippines remains the strongest growing economy in the ASEAN-5 in 2022,” explained Saenz-Resurreccion.
OFWs’ remittances. Federal Land, Inc. Group Head of Sales highlighted that the consistent contribution of OFWs in the form of remittances provided the Philippines that economic safety net.
“Your remittances are driving the economy of our country. Practically the entire world grounded to a stop because of COVID-19 pandemic pero yung mga kababayan natin walang hinto – nagpapadala nang nagpapadala pa rin sa mga pamilya nila. So kaunting dip lang siya sa 2020,” said Saenz-Ressurreccion.