A delegation from the Chamber of Real Estate & Builders' Associations, Inc. (CREBA) in the Philippines presented a profile of the country as ripe for investment opportunities. In fact, the Filipino real estate group is organizing a trade mission of real estate professionals to that country with the Filipino American Real Estate Professional Association (FAREPA) here, assisted by the Silicon Valley Association of Realtors.
FAREPA co-presidents Tess Crescini and Wilma Baltar welcomed over 55 real estate professionals who came to hear about the real estate investment boom in the Philippines from National Association of Realtors President's Liaison to the Philippines Jennifer Tasto and CREBA Realtor members Fely Embrador, Mary Ann Fajardo, NAR International Realtor of the Year Evangeline "Vangie" Yia, Bernard "Blu" Umali and Juvi Vargas.
Umali spoke on the Philippines being an excellent place to invest because of its solid economic prospects. There are five reasons to invest in Philippine real estate, Umali said - solid economic indicators, strong demand for housing, steady property appreciation, a healthy rental market, and relatively more affordable home prices.
Umali indicated last year, the Philippines' GDP grew the fastest in three years. At 6.8 percent, it surpassed the 4.8 percent GDP of the Association of Southeast Asian Nations (ASEAN). The country received a 4.9 percent increase in remittances from Overseas Filipino Workers (OFW) in 2016. The number of OFWs who worked abroad at any time during the period April to September 2016 was estimated at 2.2 million.
The Filipino Realtors also noted in 2016, the Philippines received a 10 percent revenue increase from business process outsourcing companies. Tourist arrivals increased 11 percent last year. Lending rates are low, with the average lending bank mortgage at 6.25 percent. As of June of 2016, real estate loans amounted to 1.4 Philippine trillion pesos.
Embrador explained how former natural born Filipino citizens can acquire land in the Philippines, a topic many Filipino real estate professionals present were eager to learn more about, while Vargas described the step by step process of selling and transferring real estate in the Philippines. Fajardo explained the estate and transfer of property to heirs.
Attributing the successful program to team effort among the three real estate organizations, Crescini stated, "This relationship is just the beginning of what is in the future of global business for all of us, with friendship at its foundation," said Crescini.
"The relationship and connections made was certainly priceless. We look forward to the trade mission and our continued connections," said Tasto.
Yia thanked everyone for their warm welcome. "Let's continue the building of the relationship with CREBA, FAREPA and SILVAR, and looking forward to start working on the upcoming trade mission to the Philippines," said Yia.
Real estate professionals interested in participating in the 2018 trade mission should contact Tess Crescini at tess@heritagehi.com, or Wilma Baltar at wilmabaltar@kw.com, or Robert Balina at robert@synergizerealty.com. SILVAR, as NAR's Ambassador Association to the Philippines and with CREBA as its partner association there, will assist in coordinating the trade mission project.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
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For further information, please email or call the SILVAR office at (408) 200-0100.