OFWs’ remittances boosting property sector’s growth

By Rizal Raoul S. Reyes

pursued by the Marcos administtration is a good stimulus to encourage developers and buyers as well to venture into areas outside the National Capital Region.

“OFW remittance growth to help lift demand for vertical and horizontal residential projects. We see the development of more extensive integrated communities outside Metro Manila,” Colliers Philippines said its latest report.

Lumina, TFC make OFW’s dream come true

In a recent online press briefing, Santos Knight Frank Chairman and CEO Rick Santos stressed that the remittances are a big boost to the local property sector as investing in the real estate through buying a horizontal or vertical housing unit is one of the priorities of a typical OFW working across the different parts of the world.

“Investors are capitalizing on the arbitrage on the prices across different markets as part of boosting the investment portfolio,” he said.

As the housing demand continues to rise, Santos pointed out this will benefit more developers around the country to meet the housing needs of the OFWs. After a positive 2022 fourth quarter performance, Santos emphasized the sector expects the rebound to accelerate in 2023, “propelled by a resilient and stable economy and by the sustained growth of OFW remittances and household spending, weathering headwinds such as interest rate hikes and inflation.”

“Second homes will still be on the rise in emerging estate developments and destinations,” he said.

Further, Santos said the infrastructure development being

Luzv I MIN dA PELON , a n OFW based in Kuwait, achieved her dream to her own abode through the partnership between affordable housing developer Lumina and The Filipino Channel (TFC), a 24-hour global subscription television network that is patronized by OFWs all over the world.

For Pelon, purchasing or building her own home is a major step to achieve a “better life” in which they may envision their families leading safe, secure, and comfortable lives through the years.

This is an aspiration that OFWs share with most average Filipinos, one that Lumina Homes is