WASHINGTON, D.C.- Philippine Ambassador to the US Albert del Rosario today announced the promotion of the Philippine property development sector in the US market as one of the priority economic diplomacy initiatives of the embassy and all Philippine consulates in the US.
Ambassador del Rosario said that this fresh undertaking which will be implemented beginning the 2nd quarter of this year “will serve the two-fold purpose of boosting foreign investments and of increasing remittance inflows into the Philippines.”
He added that “since this sector has a significant multiplier effect on the entire Philippine economy, the movements in this sector are often used as a benchmark against which any economy is measured.”
The Philippine envoy noted that “the Filipino-American community is composed of individuals who either have high levels of disposable income which they can use to urchase property in the Philippines, or have modest means, and thus, will find it attractive to buy good property in the Philippines at a much lower cost than those in the US.” The other advantage of this program, he explained, is that it will “improve the level of remittance inflows which go through the formal channels of the financial system.” Ambassador del Rosario said that “given that our current campaign in the US has resulted in a 31% increase in remittances, or 60% of total remittances for 2005, we view this undertaking as one which will not only sustain, but also improve, the level of remittances moving forward.”
Under this project, venues will be provided for Filipino property developers so that they can meet with and promote their products to the Filipino-American community in different parts of the US, through the assistance of the Embassy and the Consulates General.
A Philippine property development roadshow is slated to be held in the US throughout the month of May. The possibility of designating certain week-ends as open houses in the consular offices — where consular services will be rendered while at the same time, property developers can market their products — is also being considered. The program will be a collaborative effort of the Department of Foreign Affairs (DFA), the Department of Trade and Industry (DTI) and the leading Philippine property developers. The DFA, through the Consuls General, will mobilize the market- side comprised of the Filipino- American community. For its part, the DTI will mobilize the supply-side, primarily the Philippine-based property developers and possibly, interested financial and banking institutions.
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