{"id":2806,"date":"2019-04-19T12:11:50","date_gmt":"2019-04-19T12:11:50","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=2806"},"modified":"2021-09-08T09:18:15","modified_gmt":"2021-09-08T02:18:15","slug":"chinese-detente-means-more-funds-in-the-philippines","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/chinese-detente-means-more-funds-in-the-philippines\/","title":{"rendered":"Chinese d\u00e9tente means more funds in the Philippines"},"content":{"rendered":"

Against the backdrop of a stable economy<\/span><\/span>,<\/span><\/span>\u00a0and war<\/span><\/span>m<\/span><\/span>\u00a0Sino-Philippine relations, residential spaces in the Philippines\u00a0<\/span><\/span>are riding\u00a0<\/span><\/span>an unlikely boom<\/span><\/span><\/p>\n

\"\"
Manila Bay. Joseph Oropel\/Shutterstock<\/figcaption><\/figure>\n

China\u2019s influence in its\u00a0<\/span>\u201c<\/span>backyard<\/span>\u201d<\/span>\u00a0has long been a\u00a0<\/span>divisive issue with Southeast Asian electorates worried about its growing heft.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The Philippines is no exception.<\/span>\u00a0<\/span><\/p>\n

Philippine President Rodrigo Duterte<\/span>\u00a0has a close relationship\u00a0<\/span>with\u00a0<\/span>Chinese premier Xi Jinping,\u00a0<\/span>but critics<\/span>\u00a0believe this d\u00e9tente has become all too cosy<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Discomfited by unilateral Chinese reclamation of territory in the\u00a0<\/span>W<\/span>est\u00a0<\/span>Philippine Sea, critics of Duterte’s perceived coddling of China have latched onto the colossal rise of Chinese workers in offshore gaming firms\u2014150,000 documented at last count<\/span>\u2014<\/span>as further evidence of reckless surrender to the mighty superpower to the north.<\/span>\u00a0<\/span><\/p>\n

But what observers on both sides of the debate can\u2019t deny is that this influx from China h<\/span>as be<\/span>en<\/span>\u00a0highly beneficial to the property market in the Philippines.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u201cWarmer ties between the Philippines and\u00a0<\/span>m<\/span>ainland China have generated healthy investor demand from the latter, as individuals<\/span>\u00a0<\/span>a<\/span>nd firms have been snapping up residential\u00a0<\/span>condominium units in the Metro Manila Bay Area,\u201d says Christophe Vicic, country head of JLL Philippines.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

China accounted for nearly USD190 million\u00a0<\/span>of<\/span>\u00a0net foreign direct investments (FDI)\u00a0<\/span>into<\/span>\u00a0the Philippines in the first 10 months of 2018, up\u00a0<\/span>from USD13 million in 2017. Net inflows of FDI from all sources <\/span>rose 8.4 percent\u00a0<\/span>year-on-year\u00a0<\/span>over the same period to<\/span>\u00a0USD8.5 billion.\u00a0<\/span>T<\/span>he<\/span>\u00a0economy\u00a0<\/span>ascended<\/span>\u00a06.2 percent in 2018, the seventh consecutive year of GDP growth above\u00a0<\/span>six<\/span>\u00a0percent for a nation of 107 million.\u00a0<\/span>\u00a0<\/span><\/p>\n

The fact that prices for new condos can be one-fifth of other popular markets like Hong Kong makes investing in the Philippines seem a bargain<\/span><\/span><\/p><\/blockquote>\n

\u201cOur outlook for the Philippine real estate market remains positive, underpinned by stable macro fundamentals that would support the growth of the sector,\u201d says Vicic<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Chinese mainlanders have gravitated towards the Philippines\u2019 comparatively affordable residential market and its promise of solid appreciation<\/span>.\u00a0<\/span>\u201cThe fact that prices for new condos\u00a0<\/span>can be one-fifth of other popular markets like Hong Kong makes<\/span>\u00a0investing in<\/span>\u00a0the\u00a0<\/span>Philippines\u00a0<\/span>seem<\/span>\u00a0<\/span>a bargain,\u201d says Carrie Law, CEO of property portal Juwai.com, which recorded a 200.6 percent climb last year in Chinese home-<\/span>buying enquiries for the Philippines.\u00a0<\/span>\u00a0<\/span><\/p>\n

Swiss private bank Julius Baer rated\u00a0<\/span>Manila\u00a0<\/span>as one of Asia\u2019s\u00a0<\/span>most price-competitive cities for residential property<\/span>\u00a0last year.\u00a0<\/span>At 5.1 percent, Manila\u2019s rental yield is higher than Bangkok (<\/span>four<\/span>\u00a0percent), Singapore (2.9 percent), Shanghai (<\/span>two<\/span>\u00a0percent) and Hong Kong (<\/span>two<\/span>\u00a0percent), according to Colliers International.\u00a0<\/span>\u201cLocal and foreign investors have been acquiring completed and pre-selling units across the country\u2019s capital<\/span>,<\/span>\u00a0<\/span>enticed by attractive yields<\/span>\u00a0<\/span>that<\/span>\u00a0are among the highest in Asia,\u201d says Joey Roi Bondoc, research manager for Colliers Philippines.<\/span>\u00a0<\/span><\/p>\n

The consultancy predicts the luxury residential market to continue breaching PHP400,000 (USD7,600) per square metre this year<\/span>, with c<\/span>ondominium prices<\/span>\u00a0<\/span>rising<\/span>\u00a0<\/span>4.7 percent a year from 2019 to 2021.<\/span>\u00a0<\/span><\/p>\n

Trump Tower Manila,<\/span>\u00a0<\/span>which bagged\u00a0<\/span>Best Luxury Condo Development in Metro Manila at last year\u2019s\u00a0<\/span>P<\/span>ropertyGuru<\/span>\u00a0Philippines Property A<\/span>ward<\/span>s, offers Herm\u00e8s-furnished units at PHP469,000<\/span>\u00a0per\u00a0<\/span>sqm<\/span>.<\/span>\u00a0Highly commended winners in the same category,\u00a0<\/span>The Albany\u00a0<\/span>and The Imperium at Capitol Commons, a<\/span>veraged at PHP267,000<\/span>\u00a0per\u00a0<\/span>sqm\u00a0<\/span>and<\/span>\u00a0PHP190,000<\/span>\u00a0per\u00a0<\/span>sqm<\/span>, respectively.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
The award-winning Trump Tower Manila<\/figcaption><\/figure>\n

M<\/span>onthly take-up of residential space accelerated by more than 20 percent\u00a0<\/span>in the last quarter of 2018\u00a0<\/span>compared to the third quarter, according to\u00a0<\/span>S<\/span>antos Knight Frank.<\/span>\u00a0<\/span>Chinese investors<\/span>,<\/span>\u00a0hav<\/span>ing<\/span>\u00a0\u201csaturated\u201d the Bay Area<\/span>\u00a0<\/span>where<\/span>\u00a0<\/span>gami<\/span>n<\/span>g firms and<\/span>\u00a0casinos\u00a0<\/span>are\u00a0<\/span>concentrated<\/span>,<\/span>\u00a0<\/span>are\u00a0<\/span>searching for property in\u00a0<\/span>areas with higher vacancies\u00a0<\/span>like\u00a0<\/span>Alabang, Ortiga<\/span>s,<\/span>\u00a0and Quezon City<\/span>, says Santos Knight Frank corporate communications manager Paolo\u00a0Abellanosa.\u00a0<\/span>\u00a0<\/span><\/p>\n

To expedite the formation of Chinese-backed reclamation projects in Manila Bay, <\/span>Duterte<\/span>\u00a0<\/span>recent<\/span>ly\u00a0<\/span>subsumed\u00a0<\/span>the Philippine Reclamation Authority<\/span>\u00a0into his office<\/span>. \u201cReclamation addresses a key hurdle in investments which is the availability of land,\u201d Vicic says. \u201cIt\u2019s still a challenge to match foreign requirements with local opportunities as foreign investors typically require huge tracts of land\u00a0<\/span>not available in the market. This is coupled with rising land values which also limit the number of interested players and feasible investment projects.\u201d<\/span>\u00a0<\/span><\/p>\n

Online<\/span>\u00a0gaming\u00a0<\/span>f<\/span>irms accounted for a 22 percent share or 221,000\u00a0<\/span>sqm<\/span>\u00a0of total transactions in the office segment last year, trailing the 490,000\u00a0<\/span>sqm<\/span>\u00a0of transactions commanded by the information technology\u00a0<\/span>and business process management\u00a0<\/span>(IT<\/span>BPM<\/span>) sector, according to\u00a0Pronove\u00a0Tai International Property Consultants.<\/span>\u00a0<\/span><\/p>\n

More: JLL\u2019s Christophe Vicic shares what\u2019s on the horizon for Philippines property market<\/strong><\/a><\/p>\n

\u201cOnline gaming firms<\/span>\u00a0will continue to drive the rental rates in the office market\u00a0<\/span>in the medium term,\u201d\u00a0<\/span>says\u00a0<\/span>Monique\u00a0Pronove, CEO of\u00a0Pronove\u00a0Tai International Property Consultants<\/span>.<\/span>\u00a0<\/span>\u201c<\/span>The effect on rates is even more pronounced in the residential market where\u00a0<\/span>Chinese tenants will continue to enter into a lease agreement even at premium rates.<\/span>\u201d<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

While Chinese migrants\u00a0<\/span>filed<\/span>\u00a0into Manila<\/span>,\u00a0<\/span>overseas Filipino workers<\/span>\u00a0(OFW)\u00a0<\/span>remitted USD23.768 billion\u00a0<\/span>in the first 10 months of\u00a0<\/span>2018<\/span>\u2014<\/span>a 4.4<\/span>–<\/span>percent\u00a0<\/span>annual\u00a0<\/span>growth. \u201cThe continued growth of\u00a0<\/span>OF\u00a0remittances is supporting residential sale demand, particularly in the mid-tier segment,\u201d Vicic says.\u00a0<\/span>\u00a0<\/span><\/p>\n

The rehabilitation of top tourist draw Boracay Island did little to cripple international arrivals, increasing 7.68 percent year-on-year in 2018 to 7.1 million, including 970,000 Chinese tourists from January to September.<\/span>\u00a0<\/span>\u201cThe hospitality and tourism industries are the sectors outside Metro Manila that will benefit more from inbound Chinese capital,\u201d\u00a0<\/span>says\u00a0Pronove<\/span>, adding that m<\/span>ainland Chinese<\/span>–<\/span>owned companies have started venturing in<\/span>to<\/span>\u00a0travel agencies.\u00a0<\/span>More Filipinos are also trave<\/span>l<\/span>ling these days,\u00a0<\/span>with<\/span>\u00a0<\/span>60 million domestic trips\u00a0<\/span>recorded\u00a0<\/span>annually<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
Boracay Island. Matyas Rehak\/Shutterstock<\/figcaption><\/figure>\n

Filipino workers have found greater wherewithal to own homes through another Duterte\u00a0<\/span>policy<\/span>, the Tax Reform for Acceleration and Inclusion (TRAIN) Act<\/span>\u00a0or<\/span>\u00a0<\/span>the initial salvo of the Comprehensive Tax Reform Program (CTRP)<\/span>.\u00a0<\/span>\u201cThe TRAIN 1 package\u00a0<\/span>has<\/span>\u00a0led to higher disposable income<\/span>s<\/span>\u00a0and supported the already healthy domestic consumption of the country, including\u00a0<\/span>the residential market,\u201d Vicic says.<\/span>\u00a0<\/span><\/p>\n

Risk<\/span>\u00a0looms this year, however, as i<\/span>nvestors\u00a0<\/span>steel<\/span>\u00a0themselves for political, legislative and bureaucratic\u00a0<\/span>pressures<\/span>. \u201cThere\u2019s a bit of headwinds from the upcoming elections as some investors are adopting a wait-and-see attitude to evaluate the risk profile of the country,” <\/span>Vicic says. “<\/span>Admittedly, there has been mixed reception among investors. Nonetheless, it\u2019s still business as usual for the major and established players while prospective entrants have been more cautious or apprehensive, overall.\u201d\u00a0<\/span><\/p>\n

Uncertainty is high time\u00a0<\/span>to remember\u00a0<\/span>the\u00a0<\/span>selling points that have made\u00a0<\/span>Philippine\u00a0<\/span>property\u00a0<\/span>a\u00a0<\/span>recurrent<\/span>, albeit problematic, favourite.\u00a0<\/span>While\u00a0<\/span>election candidates<\/span>\u00a0<\/span>dance\u00a0<\/span>the latest\u00a0<\/span>round of musical chairs<\/span>,\u00a0<\/span>one thing remains constant: real estate\u2019s ability to sustain<\/span>\u00a0<\/span>demand on all fronts<\/span>,<\/span>\u00a0from\u00a0<\/span>the Chinese up north<\/span>\u00a0and\u00a0<\/span>the American outsourcers west<\/span>\u00a0to\u00a0<\/span>the OFWs east<\/span>.<\/span>\u00a0<\/span><\/p>\n

This article originally appeared in Issue No. 153 of PropertyGuru Property Report Magazine<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Against the backdrop of a stable economy, and warm Sino-Philippine relations, residential spaces in the Philippines are riding an unlikely boom <\/p>\n","protected":false},"author":8,"featured_media":20009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81],"tags":[128,127,131,129,130],"class_list":["post-2806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","tag-luzon","tag-manila","tag-mindanao","tag-philippines","tag-visayas","news_country-philippines","news_author-al-gerard-de-la-cruz"],"acf":[],"yoast_head":"\nChinese d\u00e9tente means more funds in the Philippines | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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