Event Coverage
SILVAR & FAREPA Host Delegation from the Philippines
FAREPA, CREBA and SILVAR Board Members pose for a photo after the program.
SILVAR and FAREPA SV (Filipino American Real Estate Professional Association Silicon Valley) hosted a delegation from the Chamber of Real Estate & Builders' Associations, Inc. (CREBA) on Tuesday. The members of CREBA then gave a presentation to members on the business of real estate in the Philippines.
FAREPA Co-Presidents Tess Crescini and Wilma Baltar welcomed over 55 people at the event. National Association of REALTORS® (NAR) President's Liaison to the Philippines Jennifer Tasto introduced the CREBA panelists 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. In 2016, 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.
Umali 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
Vargas described the step by step process of selling and transferring real estate in the Philippines, while Embrador explained how former natural born Filipino citizens can acquire land in the Philippines. Fajardo explained the estate and transfer of property to heirs.
At the close of the program, FAREPA officers and directors announced that the real estate association will be embarking on a trade mission to the Philippines next year. Those interested in participating in the trade mission should contact Tess Crescini at tess@heritagehi.com, or Wilma Baltar at wilmabaltar@kw.com, or Robert Balina at robert@synergizerealty.com. The trade mission is endorsed by SILVAR, as SILVAR is NAR's Ambassador Association to the Philippines. CREBA is its partner association there.
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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.
For further information, please email or call the SILVAR office at (408) 200-0100.