More families of migrant Filipino workers have recently acquired houses, supporting the growth of the remittance-driven real estate industry.
“The percentage of OFW households that apportioned part of their remittances for amortization or full payment for houses purchased increased to 15 percent in the first quarter from 10.5 percent in the previous quarter,” said Rosabel Guerrero, director of Bangko Sentral’s Department of Economic Statistics.
The percentage of families that allocated remittances for houses was also significantly up from just 11.2 percent in the first quarter of 2009, based on a component of the Bangko Sentral’s Consumer Expectations Survey, which focused on OFW households.
The Chamber of Thrift Banks earlier confirmed that sales of new housing developments were bullish this year, supported by a projected double-digit growth in remittances.
Migrant workers’ families are considered more qualified to avail of bank loans forhouse and lots, costing P1 million and up, with a down payment of 20 to 30 percent. This means a down payment of at least P300,000 for the smallest housing unit.
Remittances, which grew 5.6 percent to $17.3 billion in 2009, are expected to rise 6 percent this year, according to Bangko Sentral Deputy Gov.Diwa Guinigundo. Banks, however, foresee a faster growth, given the pace of global economic recovery.
The survey also showed that 6.6 percent of OFW families used remittances to purchase motor vehicles in the first quarter of 2010, slightly down from 6.7 percent in the fourth quarter, but up from 5.5 percent a year ago.
Those acquiring appliances and consumer durables rose to 30 percent in the first quarter from 26 percent in the fourth quarter of 2009 and 24.7 percent a year earlier.
The percentage of households that allocated portions of their remittances to savings has also steadily increased since the second quarter of 2009.
As of the first quarter of 2010, savers rose to 50.4 percent from 44.8 percent in the fourth quarter. Households using remittances for investment decreased to 5.8 percent from 7.1 percent in the fourth quarter. –Roderick T. dela Cruz, Manila Standard Today
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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