RP property developers lure FilAm investors

Philippine Ambassador to the US Willy C. Gaa reported that the 2nd Bayan Ko, Bahay Ko (BKBK) Property Development Roadshow in the United States kicked off in Washington, DC over the weekend 2007 to open the month-long commemorations of the 109th Anniversary of Philippine Independence. “Bayan Ko, Bahay Ko" provides a strategic venue for the Filipino-American community to enhance or reestablish their ties with the Philippines through investment in real estate. Promoting the property development sector will have a multiplier effect on the Philippine economy, primarily on the remittance campaign," Gaa said. The successful launching of the BKBK roadshow last year encouraged the Philippine embassy and the Philippine consular posts in the US to pursue the initiative as an annual priority project, he said. Top Philippine property developers will visit four more cities, namely New York on June 5-6, Los Angeles on June 9-10, Chicago on June 13-14, and San Francisco on June 16-17. Property developers are invited based on the following criteria: (a) track record; (b) quality of products and services; (c) established system of providing the buyers proof of payments/remittances; (d) size of the company/net worth; (e) presence of accredited local agents; and (f) level of commitment. The construction boom in the Philippines is attributed to the expected 20-30% annual growth of the country's Business Process Outsourcing (BPO), which includes call centers, outsourced accounting and transcription firms. Promoting the Philippines as a viable retirement haven is also driving the demand for concept domiciles, from luxury residences and managed farms, to condotels and resort homes. According to Gaa, the property developers participating in the 2007 BKBK roadshow are Fillnvest Land, Globe Asiatique, G&W Architects, LandCo Pacific, Megaworld Corporation, Shang Grand Tower , and SM Investments. The San Francisco leg of the BKBK roadshow, in partnership with the Fiesta Filipina 2007 organizers, has additional participating property developers: Ayala Land, Brittany Corporation, Century Properties, Jardine Properties, Philtown Properties, and The Lakeshore Corporation. US Banks such as SunTrust, Wachovia and Citibank have also confirmed participation in the BKBK DC leg, offering the Filipino-American community a wide-range of their innovative banking products and services. - GMANews.TV