A street in Metro Manila, Philippines.
PHOTO BY AYALA LAND
6 reasons why Philippines is newest investment destination for Middle East investors
DUBAI – With the Philippines’ stable economic growth, more and more investors are attracted to invest in the country, particularly in real estate, an industry expert said.
The Middle East market, especially the UAE, has seen an increase in property investment in the Philippines, making the Asian country one of the most lucrative investment destinations for Middle East investors, said Janice Ong, UAE manager of real estate developer Ayala Land.
“We at Ayala Land have seen an overwhelming increase of real estate investors for the last couple of years. In fact, Ayala Land has set-up an office in Dubai to service the current investors,” Ong said.
“We have been doing several activities in the region such as seminars and exhibition to further educate the public especially the locals from the UAE to invest in the Philippines,” she added.
Here are Ong’s top ten reasons why it is great to invest in the Philippines:
For the past three years, the Philippines has shown a stable economic performance by increasing its annual Gross Domestic Product (GDP) rate to 1.5 – 2.0 quarterly. One of the growth strategies is the “Build Build Build” program of the Philippine government to develop infrastructure in the country. The Philippines is set to have its own subway, expand its train system, and develop more road networks to make cities more accessible to one another.
This economic growth and stability has attracted local and foreign investors. In December 2018, Ayala Land Inc. announced a 2 percent increase of property investments from the Middle East.
The Middle East has one of the largest population of Filipino expatriates. In the UAE alone, there are more than 700,000 Filipinos living and residing in the country. With that number, Filipinos are a force in terms of retail and investment, attracting several companies to invest and have a share of this dynamic market. Due to the number of Filipinos living in the region, more investors are growing confident to invest in the Philippines as they feel at home since they have been interacting with a lot of Filipinos at work or in the community.
With almost everyone in the Philippines speaking basic English, it is easier for any investor to make business transactions there. In fact, the Philippines is the world’s third largest English-speaking country and is home to several tourists and foreign students. The country is diverse with several influences; from Spanish, American, Japanese and now Korean and Middle East, so it is considered as one of the most welcoming, multi-cultural countries in the world.
The Philippines is one of the world’s fastest growing economy and undoubtedly, here you can find the most reasonable property investments in the world. Real estate investment aims for the new generation to create income through purchasing, leasing, managing or selling a piece of realty property for a higher price that it was acquired.
The Philippines plays a vital role in the emerging economic block of the ASEAN region. Its strategic location for trade and industry makes it more appealing to investors. The country’s direct connectivity to other parts of the world makes it one of the best investment destinations in the world.
Big names in several industries created their own offices in the Philippines as they believe that the country is changing its economic drive for the coming years. Brands such as Coca-Cola, Google, Samsung, Microsoft have established their own offices and not to mention hospitality brands such as Shangri-La, Sofitel, Marriott International, Peninsula, Hyatt and Nobu.
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