Lawmakers to expand retirement market
Lawmakers led by Rep. Rodolfo G. Valencia of Oriental Mindoro have started moves to tap the retirees’ market in order to shore up domestic tourism and create more jobs locally in the wake of the deepening global economic crisis.
Congressman Valencia has filed House Bill No. 2782, known as the Philippine Retirement Authority Act, seeking to amend and update the charter, Executive Order No. 1037 Series of 1985 of the Philippine Retirement Park System, also known as the Philippine Leisure and Retirement Authority (PLRA).
According to the congressman, PRA allows more overseas-based Filipinos and foreigners to retire in the Philippines and infuse national funds with huge dollar inflows.
Further, Valencia said the bill seeks to expand the government’s alien retirement program by expanding the PRA’s functions. Among its objectives are to make full use of economic and social benefits that would emanate from its development and promotion of the Philippines as a premier retirement destination, and to establish incentive schemes and systems for retirees who decide to settle in the country.
The proposed legislation also seeks to coordinate the participation of other government offices including those in foreign services, in the agency’s operation, and continuously undertake studies regarding the retirement industry.
Under the PRA program, retirees who decide to live, vacation or invest in the country, will be granted incentives and benefits designed to promote their welfare while attracting more people to choose the Philippines as their retirement home.
(Manila Bulletin, March 31, 2009)
Tagaytay vacation resort supports DoT’s niche tourism
The Filipiniana Tagaytay Vacation Resort and Nature Theme Park, a 20-hectare luxury residential and recreation center with 60% of the total area dedicated to nature theme park, has aligned with the niche tourism strategy of the Department of Tourism (DoT) in a bid to promote the country as a choice destination for outdoor activities like sports and adventure as well as ecology and nature tourism.
Committed to further raise the bar in resort property development, owner and developer Filipiniana Tagaytay Properties Inc. has assigned Carunungan and Partners Co. (C&P Co.) to undertake revisions for Filipiniana Tagaytay Master Development Plan concerning three of the property’s main structures: Baguio Building, a residential condominium; Maynila Building, a condotel; and Bataan Building, for exclusive members.
Modifications are being introduced to improve building construction and meet the requirements of buyers who desire the highest quality of investment in Tagaytay, said renowned architect Jose Ramon P. Carunungan, principal partner/environmental planner of C&P Co. who studied and practiced in the US and Canada for ten years and currently sits as vice president of the United Architects of the Philippines (UAP) – New Manila Chapter.
C&P Co. is a topnotch multi-disciplinary consultancy firm composed of creative designers, consulting engineers and professionals associated with international architectural firms. Backed with 15 years of extensive experience, the company’s impressive portfolio includes top-of-the-line projects ranging from residential developments and buildings to interior design solutions and environment planning.
Meanwhile, leading construction firm RC Ramos Construction Co. is now fast-tracking the building of Filipiniana Tagaytay’s 6-storey clubhouse.
Tasked to handle land development and construction for Filipiniana Tagaytay, RC Ramos is credited with notable projects such as the Makati City Hall, Joya Towers at Rockwell featuring 44 and 46-storey twin residential towers, Stotsenberg Casino and Hotel at Clark Airbase in Angeles City, and the Subic-Clark-Tarlac Expressway in Porac, Pampanga.
Set for completion within the next six months, the clubhouse has 6,000 square meters of floor area and top-flight facilities and amenities including a fine dining restaurant and picturesque views of Taal Lake and Volcano.
Situated along Kilometer 69 of Tagaytay National Highway in Laurel, Batangas near prominent golf courses and country clubs, Filipiniana Tagaytay will boast of fully furnished condominium buildings, hotels, mountain villas, clubhouse and town center. The project sits at 690 meters above sea level, thus providing breathtaking views of Taal Lake and Taal Volcano.
Manila Bulletin, February 8, 2009.
Asian Investment Property Market Turns Down in Second Half as Sentiment Fades and Transactions Slide
The effects of global financial market upheaval and the deflating world economy gave Asian investment property markets a battering during the second half of the year. The unprecedented events of the past six months have eroded investor, occupier, consumer and overall business confidence, resulting in falling property prices, reduced investment activity as well as declining retail spending and external trade across the region, according to CB Richard Ellis’ Asia Investment MarketView Report for the second half of 2008.
With banks adopting a conservative approach towards lending for property acquisition, the Asian investment market suffered from record low investment volume in the July – December period as prospective buyers delayed acquisitions until the market shows signs of stabilizing. Investors and lenders re-assessed their appetite for risk as raising capital proved to be an increasingly difficult task amid a widespread correction in property prices.
The property investment market in Singapore was subdued in the second half of the year as cautious investor sentiment took hold. The S$3.93 billion investment volume recorded during the review period brought the 2008 total to just S$17.84 billion, 70% down on the S$54.02 billion recorded in 2007, reflecting the weak sentiment towards local real estate as an asset class. Japan witnessed significantly less investment activity during the second half with a number of institutional funds aborting planned property acquisitions. The credit crunch compelled many developers to consolidate while a rising number of real estate firms were forced to seek bankruptcy protection.
Investor confidence in Hong Kong was shaken by the escalation of the global financial turmoil with potential purchasers displaying a cautionary attitude towards buying property. Worries over potential layoffs and bankruptcies dominated the headlines, and anxiety over the economic downturn negatively impacted sentiment in both the residential and retail markets.
The investment market in China suffered from dampened investor sentiment, prolonged negotiations, aborted deals and reduced prices during the second half of the year as the slowing Chinese economy began to impact the sector. The government attempted to stimulate the market by unveiling new measures to boost the economy and the property sector and facilitate participation by state-owned enterprises (SOEs) in the investment market.
In Taipei, developers who had actively purchased land in the third quarter gradually consolidated their positions and withdrew from the market in the fourth quarter. However, investment activity involving commercial properties such as office, retail and industrial/office buildings improved in the final quarter of the year. Foreign investors remained cautious while local insurance companies continued to invest in quality properties.
The global financial turmoil made its presence felt in South Korea as investor sentiment and business confidence deteriorated significantly during the second half of the year. The stock of commercial property available for sale was on the increase as a number of institutional investors starved of cash attempted to offload real estate from their portfolios in order to shore-up liquidity. A number of transactions involving office buildings marked the exit of foreign investors from the local real estate market.
The Thailand real estate investment market was quiet during the second half of 2008 as buyers and sellers opted to remain on the sidelines in view of global financial worries and local political uncertainty. The period saw buyer and seller expectations widen with many purchasers content to wait for distressed assets to come onto the market and sellers unwilling to drop prices below a certain level.
In the Philippines the investment property market deteriorated as confidence evaporated and developers scaled back projects. Investment sentiment was cautious at best with investors preferring to remain on the sidelines. Nevertheless, local banks were still willing to provide financing as the economy remained generally stable.
The government of India put forward an economic stimulus package towards the end of year but this did little to improve investor sentiment. Investment activity slowed considerably in the third quarter and endured a further decline in the fourth quarter, making for a miserable second half overall. The global credit crunch curtailed the flow of capital to the sector and restricted investment activity as investors generally adopted a prudent stance in anticipation of a further correction in prices.
CB Richard Ellis Press Release
4 February, 2009
HOUSING CONVENTION. Real estate developers get a boost from encouraging forecasts by some of the country's key housing authorities despite the US financial meltdown. Vice-President Noli de Castro, chairman of the Housing and Urban Development Coordinating Council (HUDCC) and Rep. Rodolfo G. Valencia (third from left), chairman of the Congress Committee on Housing and Urban Development, are guests at the National Developers Convention in Cebu. Valencia cited the Abot Kaya Pabahay Fund, which provides financial assistance to developers of low-cost projects thus helping to ease the negative effects of an impending economic crisis. The Mindoro solon also authored the One Million Homes Program which seeks to build one million housing units in five years to solve the country's shelter problem. Organized by the Subdivision and Housing Developers Association Inc. (SHDA), led by Roy Calleja and Ed Alunan, chairman and president respectively of SHDA, the event was held in cooperation with HUDCC.
(Manila Bulletin, Oct. 15, 2008)
Premier Firm Leads Construction at Filipiniana Tagaytay
A topnotch construction firm starts off construction and development of Filipiniana Tagaytay vacation resort project in the country's second summer capital.
The same company which built the City Hall Building of the Makati City Government and the Stotsenberg Casino & Hotel at Clark Airbase in Angeles City, RC Ramos Construction Corporation has mobilized its heavy equipment, machinery and construction personnel at the project site and has officially commenced construction of the building.
Filipiniana Tagaytay is a 20-hectare resort development project that offers environment friendly, family oriented, business and leisure destination with all the qualities of suburban living set in the greens of the valleys, enjoying an all-year round cool climate, with a panoramic view of the majestic Taal Volcano.
The project boasts of a 100% Filipino architectural design with almost 60% of the area dedicated to nature theme park in total harmony with the rolling contours of Tagaytay ridge and the invigorating mountain ridge. It features a covered area that combines a city club, condominium buildings, and a town center. Its huge open space has all the amenities of a nature theme park including a forest park and campsite, aviary, eco park, trellised walks, nature trails, view deck, amphitheater, and many more.
R.P. Property Market Looking Up
Manila Bulletin, August 19, 2008
The Philippines’ reputation as a favorable site for offshoring services is steadily gaining ground worldwide, luring investors into the country and largely pumping up the real estate industry and the economy.
This was disclosed recently by Cong. Rodolfo G. Valencia, chairman of the Housing and Urban Development Committee, during a national convention of topnotch realtors and investors in Tagaytay City.
According to Valencia, demand for office space in the country’s central business districts continues to shoot up with the increasing number of local and foreign BPO firms setting up operations.
As a result, the Mindoro solon said, office space in the Makati and Ortigas central business districts have eventually become congested, with BPO companies, including call centers, snapping up property faster than they can be built.
In fact, CB Richard Ellis Philippines recently reported that a total of 731,871 square meters of property in Metro Manila have been allocated for offshoring/outsourcing facilities this year. Of these, 189,614 square meters have not been constructed but had already been committed to buyers.
Valencia said, the BPO sector, known worldwide as a sunshine industry, remains one of the brightest notes in the Philippine business landscape, helping the country reach its present status as the most flourishing property market in Southeast Asia today. The Philippines is expected to create 200,000 jobs this year, allowing the industry to grow by almost 43 percent and infusing $7 billion in revenues to surpass last year’s $5 billion, Valencia added.
Moreover, the Mindoro solon added that the surge in tourist arrivals and increased purchasing power due to a stable peso and competitive salaries in some fields of specialization, combined to lure local and foreign investors to build retail establishments and leisure centers. Despite rising prices of construction materials and interest rates, 20 hotel developments crowd the drawing board, and retail giants Shoemart and Robinsons plan to build more shopping malls.
Valencia further revealed that inspite of increase in construction cost, the prevalence of large-scale infrastructure projects across the globe including the Philippines will allow more hotels, shopping malls, commercial, residential and business process outsourcing (BPO) buildings to be built in the next ten years.
A TOYM awardee, Valencia cited the housing and condominium sectors as beneficiaries of robust remittance levels from overseas Filipino workers and the emerging retirees market.
Author of the One Million Homes Program, Valencia indicated that the Bangko Sentral ng Pilipinas forecasts OFW remittances to reach $15.7 this year. Meanwhile, 10,000 individuals in the United States alone are said to retire everyday for the next 15 years, a large chunk which includes Fil-Americans who may want to buy property back home, Valencia added.
Valencia ended his speech at the 48th convention of the Philippine Association of Realtors Boards, Inc. (PAREB) by stressing the importance of realtors in an industry perennially rocked by boom and bust cycles, underscoring the need to revolutionize the selling profession via new strategies and technologies.
One of the country’s biggest realtors associations, PAREB is composed of constitution boards/chapters in about 50 provinces with 2000 licensed real estate brokers, appraisers, consultants, property developers and builders as members. The organization has also established itself internationally, linking up with foreign organizations, namely the National Association of REALTORS – USA (NAR-USA) and the Asean Realtors Alliance (ARA).
Existing On-Site Structure
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Current On-Site Construction
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 Filipiniana Tagaytay Video Presentation
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 Our Chairman
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