The Philippines, as an economy, is galloping its way back to the top. As we ended 2010, The World Bank registered the year-end growth of the Philippines to about 7.3%, from a growth of about 1.1% in 2009 we are experiencing a very optimistic economy. The Philippines is seeing its highest growth since the post Marcus era, which was over 20 years ago.
When referring to the real estate industry, it is hard to find a public real estate company that is not doing well. The backlog of the Philippine economy is estimated to be around 3.7 million, with that number drastically increasing parallel to the Philippine population. In short, the market for real estate is growing at a pace that is benefiting most players in the real estate industry. As real estate companies prosper, so does competition. Ultimately, it is the customer that benefits; like most other facets of business (and in life), as competition improves so does the quality of the product. For businesses competing for customers, they need to have a product that is more innovative, cheaper, and of better quality than their competitors. In the marketing world, we would call this the differentiating factor; “What makes us different or better than the rest?”
Investing in real estate at this time in this economy is favorable. The BSP sees no urgent need to raise the current interest rates despite the overall rising interest rates in the region, furthermore, Bangko Sentral ng Pilipinas(BSP) estimates that between 2011-2014 inflation rates will remain between the levels of 3-5%. The need for housing in the Philippines is crucial especially with the backlog of housing. As the market continues to grow, there are many opportunities to make some money investing in real estate.
The Philippines has been given a great opportunity to shine, economically. Continuing this growth, the Philippines may soon become a very strong player in Southeast Asia.