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Philippines Economy Beats Credit Crunch
February 26, 2009Article by Ray Withers
Putting cash in to Philippines property could result as one way of beating the credit crunch as the Pacific islands nation economy is expected to soar ahead of most other countries during 2009. Economic growth is expected to exceed 3.7% when that of most of the rest of the world is shrinking. Economic growth coupled with falling interest rates makes Philippines real estate an interesting option. Government sources say the year-end balance of payments is expected to be $500 million in the black – a massive increase on 2008’s $89 million surplus.
The money comes from the proceeds of a global bond and cash from privatising the country’s national grid.
The International Monetary Fund backs the figures in a report issued late in 2008. Philippines investment property is available from several sources – including international property consultants Property Frontiers, who have two developments:
Cacao Pearl Island, Palawan, Philippines
Palawan is an archipelago of over 1,700 tropical islands, in a pristine and undeveloped region with only a few exclusive luxury resorts. It’s fast becoming an eco-tourism hotspot with excellent diving. The Cacao Pearl is a 47-hectare private tropical island that is home to coconut palms, papaya trees, tropical rainforest and three kilometres of dramatic coastline and coral that will be sensitively developed into an eco-resort of 100 villas.
The majority of the island will remain untouched to enable guests to experience the natural charm of the Pacific, while offering the upmost comfort and relaxation with a spa area, restaurants and bars, all 100% carbon neutral. Each villa is set in a plot of 800-1400 square metres, ensuring guests the upmost privacy on the beachfront or in the rainforest gardens. Cacao Pearl Island is being sustainably developed and run as a completely carbon-neutral resort, protecting the natural environment and using solely replaceable and recyclable materials. In addition 100% of the resort’s net operating profits will be distributed through a foundation into the hands of local community programmes.
Plus with net yields to owners in excess of 12% easily achievable at the resort, Cacao Pearl is a socially responsible opportunity for the astute investor. One bed villas cost from £131,768 to £218,589 for a top range two-bedroom villa.
Raffles Residences Makati, Manila, Philippines
Raffles Residences Makati will occupy the top 20 floors of the Raffles Hotel, and true to its reputation as the entertainment hub of Manila, Raffles promises to deliver an urban paradise with elegant restaurants and the “Long Bar” made famous by the Raffles in Singapore.
The development offers:
- Four bed penthouses – prices on request
- Located in the financial and lifestyle hub of Manila
- Up to 80% HSBC mortgages available to foreign investors
- Excellent rental and capital growth potential for these already very popular properties
- The Makati District is home to the Makati Stock Exchange and the Makati Business Club