OFW Remittances Increase. Real Estate Industry Boom.

OFW remittances are on track in achieving a 15% increase this year. First semester figures post a 17.2% increase from the same period last year. Despite the brewing economic turmoil in the US and other markets, Filipinos continue to remit. The increased number of skilled and higher paid workers abroad very much contribute to this continued growth in volume and and amount of remittances.

The local real estate industry highly benefits from these resilient inflows as more and more OFWs are purchasing condominium units in Ortigas, Fort Bonifacio, Manila, Makati and Quezon City. Property agents report a general average of a 60% to 70%  of their sales are from OFWs - those with a significant amount of buying power.

This development will further strengthen the industry as we know it. Investors are expected to continue to invest here in the Philippines.