Makati, Philippines (PressExposure) October 01, 2009 -- A third from the record-high foreign remittances sent back home by overseas Filipino workers is spent mainly on real estate investments, therefore making our local property market more stronger than the previous years, all according to industry players and market watchers.
This trend marks the end of the era where almost all of the OFW remittances were spent on consumer goods, with little left for savings and other investments. According to statistics, in 2006, OFWs sent back their local beneficiaries amounting to $ 12.6 billion through the banking system alone. It is estimated by the central bank that this amount is even understated by an average of 30 percent because of funds sent home through informal channels. This means that as much as $4.2 billion in OFW funds were spent on real estate last yearâa number that will further rise, given the expectations of the central bank of as much as $14 billion in remittances for the year 2007.
Large and small real estate developers are now investing heavily on getting their expatriate Filipino buyers. These organizations go for periodic sales tours in Europe and the US, targeting Filipino buyers, some even setting up their own sales offices in areas with high percentage of potential clients. According to the National Statistical Coordination Board, it shows that the property sector has recorded the fastest growth rate in the recent months.
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