Overseas money sparks housing boom

Manila: Money sent home by Filipino workers abroad has led to a boom in house construction in Central and Western Visayas region, a banking official said.

Ludivinia Gador, deputy director for the Bangko Sentral ng Pilipines (Central Bank of the Philippines) department of economic statistics, said that in Central Visayas, 4,232 residential buildings had been constructed in the first half of 2007 while 1,324 houses were built in Western Visayas during the same period. "OFWs (Overseas Filipino Workers) who send money to their families back home are still considered a major driver of the country's economy," Gador said.

Main reason

House construction provides not only jobs for locals but also provides employment to others involved in related industries.

Although a great number of them were already employed, the main reason why Filipinos choose to work abroad is to earn and save enough money to build a roof above their heads and to provide good education to their children.

According to the BSP, money sent by OFWs through banks, as of the first quarter of this year, reached $4 billion (Dh14.68 billion) and remittances are expected to reach $15.7 billion by the end of the year.