Philippines realty promises stability

The Philippines seeks to draw more investment from UAE expatriates and residents by holding its first property show in Dubai this month. The show's project director and chairman of the Philippine Business Council - Abu Dhabi chapter Jose Tuano is upbeat about the venture.

Gulf News: Why is it the best time for overseas Filipinos and UAE residents to buy properties in the Philippines?

Tuano: Prices in the Philippines are still relatively low compared to other Asian countries. The growth in the Philippines real estate market is driven by realistic demand from commercial and residential end-users, and not by speculators. This attracts long-term investors. Filipinos are resilient investors who do not easily withdraw their investments in case of regional and global crisis.

Gulf News: Will UAE-based Filipinos' investments in Philippine real estate continue to rise?

Tuano: I'm very optimistic that UAE-based Filipinos will continue to buy residential properties in the Philippines as it is everyone's ultimate dream to have a home for their families when they return, instead of renting or staying with relatives. We are looking at an increase of about 20 per cent from last year. Those who have plans to migrate elsewhere still consider buying in the home country for security of long-term investment with stable returns. More foreign investors are investing in Philippine properties developed by top developers.

Gulf News: Isn't the low dirham-peso exchange rate a negative factor?

Tuano: Filipinos are long-term investors and not speculators who react to fluctuations. In fact, the peso is one of the most stable currencies in Asia since 2007 despite the energy crisis and inflation. If the peso is weak, an investor can buy more properties with less dirham. If the peso is strong, an investor benefits from the higher return on his investment.

Gulf News: Why is real estate a top priority for overseas Filipinos?

Tuano: Sending one's children to school and having one's own home are the ultimate objectives for all expatriates. However, many UAE residents now are investing in second homes.

Gulf News: Why did you decide to hold a property show in Dubai?

Tuano: Dubai is a good place to launch pioneering branded events. We plan to take the show to other Gulf states and eventually integrate with more established international shows in the Gulf region. Our aim is to promote the Philippines as a property investment destination in the Asia Pacific region.