OFW- Overseas Filipino Workers.
Kayo ang mga bagong Bayani ng Bansang Pilipinas?
OFW remittances fueling growth in real estate
In 2006, OFWs sent back to their local beneficiaries $12.6 billion through the banking system alone. The central bank estimates that this amount is even understated by an average of 30 percent because of funds sent home through informal channels.
At the low end, this means that as much as $4.2 billion in OFW funds were spent on the real estate sector last year–a figure that will rise further, given the central bank’s expectations of as much as $14 billion in remittances for 2007.
“OFWs are really the main factor driving up this market,” said Antonio, whose firm has launched several projects aimed at this cash-rich sector. “In our case, at least 50 percent of our sales come from OFW [buyers].”
What are the effect to the country?
Large and small real estate developers are now investing heavily in wooing expatriate Filipino buyers. These include property blue-chip Ayala Land Inc., Megaworld Corp. and Robinsons Land Corp.
Indeed, the latest data from the National Statistical Coordination Board revealed that the property sector had recorded the fastest growth rate among various monitored industries in recent months.
In the fourth quarter of 2006, for example, gross revenues of the real estate sector grew by 40 percent compared the same period in the previous year.
This marks the 15th consecutive quarter of double-digit growth for the sector since 2003. “The properties cost from P500,000 to P1.5 million and from P1.5 million to P2.5 million or P3 million per unit.”
The manufacturing and the transportation and communication sector–the previous darling of the economy–grew by 8.5 percent and 8.4 percent, respectively.
How many Filipinos in the country were given Jobs in the section of mason, carpenter, construction worker, sales and marketing, accounting, and a lot more?
How many family’s are able to have better food, shelter and clothing from their purchases?
I mean, countless days and night of work away from their family. A choice our OFW made to give a better life for their family back here in the Philippines.
What is the prediction?
“Nowadays, you have high-earning professionals like nurses and information technology people who are highly valued by their employers abroad,” he said. “As long as deployment numbers keep rising, this market will stay strong.”
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