Now is the time to invest in Philippine property, survey says
Now is the time to invest in Philippine property, survey says
Filipino expats are confident that change is coming
Despite the unpredictability of the new government, Filipinos in the UAE have an overwhelmingly positive outlook on the quality of life and investment climate in the Philippines, pollsters say.
In a survey of 1,000 Filipinos working or living in the emirates, corporate communications agency New Perspective Media found that a “whopping 98 percent” envisage “true positive change” back home after the election of President Rodrigo Duterte. Questioned if now is the best time to invest in Philippine property, 90 percent of respondents answered in the affirmative, with 80 percent choosing real estate as the best investment method—20 percent opted for other options such as stocks, mutual funds, and bonds.
Karen Remo, the agency’s managing director, says the findings mean “an affirmative boost to the new administration” of the country. “Our survey supports the increasing appetite of the Filipinos and the international community to invest in real estate. This is in response to the positive forecasts of good investment returns in the Philippines, which is now being considered the Asia’s rising tiger.”
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Duterte, who won the May elections by a landslide, has been accused of abetting vigilantism and extrajudicial killings of illicit drug pushers. Recently, he has been embroiled in a diplomatic gaffe involving the cursing of President Barack Obama in a public forum.
The survey found that 97 percent of respondents believe the quality of life in the ASEAN nation will improve. Ninety-three percent also think that the investment environment in the Philippines is improving, as opposed to 2 percent who think it is deteriorating.
Still, not all Filipino expats are too keen on investing in Philippine real estate. “The political situation in the Philippines is not yet stable,” Marlon Nogar, who works in a restaurant in the UAE, told Khaleej Times. “Before I invest my hard-earned money I want to make sure that it is safe.”
A strong driver of economic growth in the Philippines, remittances from overseas Filipino workers (OFWs) hit USD2.7 billion in March. The UAE is the second most popular working destination for OFWs, accounting for 15.4 percent of the workforce, according to the Philippine Statistical Authority.
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Source: Property Report