Glenn Peñaranda, Commercial Counsellor of the Philippine Trade & Investment Centre (PTIC)-Singapore spoke at the recent STProperty Philippine Property Market Opportunities and Outlook Seminar in Singapore. He shared his insights on the economic outlook and growth potential of the Philippines, making the country an attractive prospect for real estate. “The Philippines posted one of the fastest growth rates in Asia at 7.2 percent in 2013 and continued its growth trajectory this year. Investment grade ratings by Standard & Poor’s and Fitch and Moody’s recognized the emergence of the Philippines as a dynamic market in the global economy, resilient amidst various economic uncertainties.”
Attended by developers, property agents and home buyers, the event also featured industry experts from Shang Properties, Philippine Retirement Authority, Pinoy Properties Investment Corporation and STProperty. Topics covered retirement in the Philippines, securing retirement visa, effective property management, as well as achieving high rental yield or resale.
Increasing incomes and remittances from Filipinos working and living abroad contribute to the rising real estate spending in the Philippines. Additionally, the excellent performance of the Information Technology-Business Process Management industry translates to increased office space requirements. The growing densities in Manila have also pushed rents upwards, and have encouraged vertical developments with remarkable returns. According to an STProperty data, luxury condominiums have been on a resurgence, with demand coming not only from local investors but also from regional investors who are attracted to yields that are among the highest in the region.