There are more indicators a Philippine economy is on its way to its recovery after the considerable impact of the COVID-19 pandemic. The said indicators may consequently influence the real estate industry. While there is no particular course of events for the turnaround, the expectation is coming up in the last quarter before it ramps up next year.
Playing the central role in its recovery is the OFW remittances. The data shows that after the decline last quarter, OFW remittance begins to getting back. The Bangko Sentral ng Pilipinas found that OFWs sent more cash into the nation during June following a three-month slide.
Joey Bondoc, Senior Research Manager at Colliers International Philippines, said, “This may increase Filipino consumer confidence and help resuscitate a retail sector reeling from the pandemic and strict social distancing measures. Recovery of global economies in 2021 should also result in a rebound of OFW remittances, and we forecast a positive impact on residential demand across the Philippines,”
Moreover, the Philippine property segment was given a lift as the Bangko Sentral ng Pilipinas (BSP) declared it had expanded the nation’s significant banks’ land credit limit. An extra PHP1.2 trillion is currently accessible for land loaning, which the national bank expectations can uphold the returning of the economy.