Demand For Houses By Call Center Employees and OFWs A Boon To Real Estate Industry

The real estate sector in the Philippines is being driven by the Overseas Filipino Workers and business process outsourcing companies’ employees wanting to put up their “dream homes”, according to a noted real estate developer Reghis Romero, as reported in the Visayan Daily Star newspaper recently.

Romero, who was in Bacolod City a few days ago, said that of the $ 16 billion earned by Overseas Filipino Workers (OFWs) and remitted to the Philippines, 35 percent goes to the construction of their houses.

Romero said that most of the new projects being developed by the real estate sectors in the country are condominiums and housing units for business process outsourcing employees, mostly employees of the call center companies.

Another factor helping the growth of the real estate industry in the country is the tax incentives given by the government to real estate developers, especially those who are involved in socialized housing projects.

A slump in the real property sector was reported during the first quarter of this year while many factories producing construction materials shut down their businesses.

But because of the demand by employees of the business process outsourcing companies and the remittances of the OFWs, the real estate industry in the Philippines has now recovered.

The real estate sector is one of the major stimulants of economic growth in the Philippines, contributing to job creation and employment generation, as well as the demand for goods and services..