Real estate, which is one of the industries hit hard by the global contagion, is projected to bounce back in 2023 as remittances from overseas Filipino workers are expected to increase this Christmas season.

During its 31st-year anniversary celebration and installation of a new set of officers of the National Real Estate Association, One Filipinos Worldwide Partylist Representative and NREA chairperson emerita, Marissa "Del Mar" Magsino said projections from various stakeholders and the industry's property values are set to recover in 2023 in the pre-sale and secondary markets.

"Property prices and rents can also expect percentage increases based on a rebound in local and foreign investor sentiments," Magsino said.

This, as all industries and the economy have already opened, and there is an easing of restrictions on foreign investments, which is perceived to steer more employment and market competition.

"This, in turn, can increase the demand for more land, houses, buildings, and commercial space. Our Overseas Filipino Workers are expected to lead the push in residential demand in 2023 whose remittances contribute significantly to the country's demand for housing units," she said in her keynote address.

"Our 'modern-day heroes' are backing the country's affordable to middle-income price segments of real estate in the Philippines," she added.

Earlier, the University of Asia and the Pacific senior economist Cid Terosa said that expected influxes of OFW remittances ahead of the holidays will also help support the Philippine peso against the United States dollar, as dollars sent home by OFWs usually surge before the year ends.

Thriving technology

Rep. Magsino also highlighted the thriving information technology and business process outsourcing sectors, which entails a demand in more workforce and space.

"The digitization of the core business processes and activities of the real estate industry will also enable developers and investors to reach out to a larger section of potential buyers, while property owners are kept updated on matters regarding their properties and investments," she said.

Aside from this, the lawmaker said the Philippines is becoming a popular tourist destination in the Asia-Pacific, which will spur construction activities in the resort and hotel industries to accommodate the influx of international and domestic travelers.

"These developments and configurations point to a more progressive, competitive, and viable real estate industry in the Philippines in the foreseeable future, and the industry will continue to play a significant role in the economic development of the country, particularly the nation's drive to provide decent and affordable housing for our people, and technologically paced and environment-friendly business facilities and infrastructures for our investors and entrepreneurs," she explained.

And to further help the real estate industry, Magsino said she filed House Bill 6275 or An Act Instituting a National Land Use Policy, Providing the Implementing Mechanisms and Appropriating Funds, among others.

P250 B for Marcos Housing plan
Meanwhile, the Home Development Mutual Fund or Pag-IBIG Fund Board approved the allocation of P250 billion for the National Housing for the Filipino Program of President Ferdinand "Bongbong" Marcos Jr. on 28 November.

Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar said he is very confident that the construction of one million houses per year will be realized under the Marcos administration because of the support of the Pag-IBIG Fund led by CEO Marilene Acosta.

Acuzar also signed a Memorandum of Agreement with the Pag-IBIG Fund and Bacolod City Mayor Albee Benitez for the construction of 10,000 houses in Bacolod for informal settler families.

The signing of the agreement is considered historic — proof that the government's plan to solve the country's 6.5 million housing backlog is slowly bearing fruit.
Coinciding with the 31st Anniversary of NREA is the election of its new officers.

The newly-elected Officers for the term 2023-2024 are Imelda Magtoto, board chairlady; architect Ronnie Biando, board vice chairperson; Ruth Marie Catan-Atienza, national president; Rizalito Rosales, executive vice president; Flerida Atayde, vice president-internal; Jonathan Caro, VP-external; Zenaida Fruto, VP-Chapters; Nicole Anne Marie Choa, secretary general; Emelina Pulido, national treasurer; Lourdes Bernadette Carlos, auditor; Jeffrey Bongat, P.R.O.; Rodolfo Leonen, trustee and chairperson of Education and Information Committee; Jovi Francis Tupaz, Atty. Ma. Victoria Pollisco, and Alma Grace Sarra, Trustees.

The Board of Advisers will be headed by Rep. Magsino as chair-emerita and chairlady of the Board of Advisers; with Ricky Celis, Benigno Cabrieto Jr.; Arch. Grace Layug; Arch. Felino Palafox, JR.; Arch. Nestor Mangio; Alejandro Manalac, Bansan Choa and Marcelino Mendoza, members of the Board of Advisers.

The event is sponsored by Pag-IBIG Fund; PHirst Park Homes Inc.; Davies Paint Philippines, Inc.; Chanti Gems; Bria Homes, Inc.; Mapecon Philippines, Inc.; Hausland Development Corporation/Fiesta Communities; Matchmo; Central Country Estates, Inc./The Lakeshore; Megaworld Corporation; Rafeli Realty & Development Corporation; Inventi Philippines; Development Bank of the Philippines; SM Development Corporation; E. Ganzon, Inc. and Duraville Realty & Development Corporation.