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Exploring the Philippines: Economy, Diaspora, and Real Estate Insights

This overview of the Philippines delves into key aspects such as the overwhelming presence of Overseas Filipinos, contributing significantly to the country's GDP through $20.1 billion in remittances. It highlights the Filipino workforce, primarily in sectors like business processing and service industries. With a promising tourism potential and a growing real estate market, foreign investment is regulated yet vibrant, due to expatriate demand for housing. Learn about cultural nuances in business etiquette that shape interactions within this dynamic region.

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Exploring the Philippines: Economy, Diaspora, and Real Estate Insights

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  1. 7. A Look at the Philippines Page 129

  2. Geography Page 130

  3. Philippine Diaspora • 12 million Overseas Filipinos (OF), Overseas Filipino Workers (OFW) • Workers’ remittances $20.1 billion, 13% of GDP • 2nd largest Asian-American group in U.S. • California, Hawaii, Illinois, New Jersey, New York, Washington, D.C., Texas, and Florida • Median household income of $78,000 Page 131

  4. Philippine Economy • Exports to: China, United States, Singapore, and Japan • Agricultural • Industrial • Mining • Infrastructure impedes development outside metro areas • Tourism potential Page 133

  5. Overtaking India • English-speaking workers • Service attitudes • Low wages & office rents • Makati City, Manila, Quezon City, Cebu City • Driving office space, residential, retail development The Big StoryBusiness Processing Centers Page 133

  6. Two Trends Seat leasing Serviced offices Furnished office spaces All expenses non-rent expenses included May furnish support staff • Turnkey • Fully equipped call center operation base • Company only needs to supply the workers Page 134

  7. BERDE • Building for Ecologically Responsive Design Excellence • Philippine Green Building Council • Local green building rating system • Patterned after LEED Page 135

  8. Foreign Ownership of Real Estate • Cannot own land • Condos okay if no more than 40% foreign occupancy • Single-family home okay but not the land • Foreign natural heirs of a Filipino citizen may inherit, cannot sell to foreigner • Corporations less than 40% foreign ownership may acquire land Page 135

  9. Homeownership • Influx of expatriates and retirees keeps market active • government encourages return of expatriates, those with family ties • Citizenship Retention and Reacquisition Act • Special Resident Retiree’s Visa Page 135-136

  10. Luxury condos • 2–3 month’s rent deposit • Rent paid in advance, post-dated checks • Standard rental • 2 month’s rent deposit • “Customs of the place “ Rental Property Page 136

  11. Real Estate Professionals in the Philippines • National licensing • Challenge to develop the real estate management skills • Chamber of Real Estate and Builders Association Page 137

  12. Names • Initial Contact and Introductions • Business Cards • Negotiations and Decisions • Demeanor • Social Etiquette Doing Business in the PhilippinesBeyond the Basics Page 141-143

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