Philippines prepares for prosperity in 2011
As we leave behind the ferocious year of the Tiger and embrace the more restful year of the Rabbit, the Philippines is busy preparing itself for prosperity in 2011.
According to the Philippines property investment experts at Experience International, the ‘Pearl of the Orient’ presents strong fundamentals for success with a robust economy, increasing levels of foreign direct investment, booming tourism and a thriving property market and will play a key role in Asia’s exit from the global recession.
As Steven Worboys, MD of Experience International, comments: “The Philippines holds a great deal of potential, with a wealth of natural resources, a dynamic and progressive business outlook and a population committed to future prosperity, 2011 is set to be a fortuitous year for this Asian nation.”
The Philippines’ economy has remained robust over the last 12 months with 6.7% GDP growth reported in Q3 2010 and 7.7% growth year-on-year (National Economic and Development Authority). Indeed the international credit ratings agency, Standard & Poor’s upgrade of the nation’s long-term foreign currency credit rating by one notch to BB was a “statement of confidence on the country’s bright prospects moving forward” said the Governor of the Central Bank of the Philippines.
Confidence in the economy remains on display through the ever increasing levels of foreign direct investment for example the new IBM outsourcing centre in Manila which opened this month. The Philippines has now overtaken India as the call centre capital of the world with revenues of $12 – $13 billion expected in 2011 rising to $100 billion by 2020.
Another sector which is significantly boosting economic performance is the tourism industry. The tropical paradise that is the Philippines attracts visitors from all over the world but it is becoming increasingly popular with the British. From January to July 2010 visitors from the UK posted an amazing 11% growth rate leading to expectations of over 100,000 British visitors by the year’s end (Philippines Department of Tourism, 2010).
Responding to demand from not only the multi-national companies opening offices in the Philippines but also the increasing numbers of tourists to the islands seeking accommodation, the Philippines property market is experiencing an upswing.
Property management group CB Richard Ellis Philippines recently heralded the strength of the real estate sector remarking that “foreign Investors are showing increased confidence in the real estate market due to favourable macro-economic factors such as 8% growth, record remittances, a young and highly educated population, one of the best performing stock markets in Asia for 2010”.
And this is a view shared by the experts at Experience International who are seeing their project on the perfectly profitable paradise of Mactan Island selling out very rapidly.
The 5* Blue Coral Resort & Spa is a frontline development with first class facilities overlooking the crystal clear waters of the Bohol Straits. The newly released hotel suites, studios, 2 bed apartments and 2 bed luxury pool villas start from $83,500 with an impressive 21% guaranteed annual income. In addition 60% non-status finance is available and the resort will be managed by a world-leading tour operator guaranteeing 80% occupancy.
For more information on investing in the prosperous Philippines in 2011 and indeed the Blue Coral Resort & Spa contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.com.