Philippines - a viable investment and retirement destination

In this blog, we will endeavor to provide information regarding the Philippine economy, investment, tourism and real estate in general and also in owning, selling, renting or leasing out properties in particular. Also posted are independent articles that the website administrator feels can help investors and retirees understand why the Philippines is a viable investment or retirement destination.

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RESA Bills Senate No. 2963 and House No. 3514 is now REPUBLIC ACT NO. 9646 signed by PGMA last June 29, 2009. Official Publication was made last July 15, 2009 at Phil. Daily Inquirer, page B-10 of the Business Section and after 15 days from date of publication or on July 30, the RESA law now becomes effective. Deal with licensed brokers only. Better still, deal with a Realtor ®.

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Why Invest In Real Estate In The Philippines

High Literacy Rate: 93.4% UNESCO 2007

Hospitable: The Philippines is predominantly Christian. 83% are Cahtolic. 5% are Muslims. The rest are mostly comprised of different Christian sects.

Strategic Location: It is a few hours plane ride away to major desitnations in the Far East and centrally located in the global trade and market.

First Class Lifestyle: Discover the best of sun, sea, sand and style in the tropical setting teeming with the best of western amenities. The Philippines is second home to expatriates who enjoy the company of the warmest people in the region, the country’s openness to varied cultures and a decidedly global outlook. Expats enjoy accessible and affordable luxuries – business centers, housing, schools, hospitals, shopping malls, hotels and restaurants, beach resorts, and recreation centers.

Abundant Resources: An archipelago like the Philippines offers diverse natural resources, from land to marine to mineral resources. It is also the biggest copper producer in Southeast Asia and among the top ten producer of gold in the world. It is also home to 2,145 fish species, four times more than those found in the Bahamas. The 7,100 islands boast of beautiful beaches and breathtaking sceneries that offer soothing leisure and relaxation spots for vacationers and tourists.

Low Cost of Doing Business: Wages are typically less than a fifth of that in the U.S. Local communication, electricity and housing costs are also 50% lower compared to the U.S. rates. Foreign companies that are now outsourcing programming and business processes to the Philippines estimate 30 to 40% business cost savings, 15 to 30% call center services and application systems and 35 to 50% software development.

Liberalized and Business Friendly Economy -An open economy allows 100% foreign ownership in almost all sectors and supports a Build-Operate-Transfer (BOT) investment scheme that other Asian countries emulate. Government corporations are being privatized and the banking, insurance, shipping telecommunications and power industries have been deregulated. Incentive packages include the corporate income tax, reduced to a current 32%, with companies in the Special Economic Zones are subject to only 5% overall tax rates. Multinationals looking for regional headquarters are entitled to incentives such as tax exemptions and tax and duty-free importation of specific equipment and materials

Unlimited Business Opportunity: As Asian economies integrate within the vast framework of the ASEAN Free Trade Agreement (AFTA), the Philippines is the natural and most strategic location for firms that want access to the large ASEAN market and its vast trade opportunities. The Philippines has enhanced and primed up various areas for investors and offers a dynamic consumer market accustomed to an array of product choices created by a competitive domestic economy

Developing Infrastructure for Globl Market: A well-developed communication, transportation, business and economic infrastructure links the three major islands and distinguishes the Philippine economy. Highly accessible by air, water and cyberspace, liberalization of inter-island shipping and domestic aviation further sparked improved facilities and services. The container terminals are suited to handle cargo traffic at the highest levels of efficiency.

Communication provides redundant international connectivity 24/7 with fiber optic cable as primary backbone network and satellite as backup. Economic reforms emphasize regional growth, converting remote areas into business centers. The landmark BOT legislation allows private investors to build and operate infrastructure, then turn it over to the Philippine government after a set period of time.