New moves for Philippines
The reasons for investing in property in the Philippines are increasing with the World Bank ranking the country as one of the world’s 10 most improved economies in terms of facilitating trade and investment across borders.
The Philippines has improved seven places in the last year alone from 68 to 61 in the World Bank’s rankings for trading across borders out of 183 economies and those advising buyers say other initiatives make it easier to purchase property.
These include the fact that it takes an average of 21 days in the Philippines to obtain a construction permit whilst the regional average stands at 45 days. The Philippines is the third largest English speaking country in the world with a large expatriate community. This makes it an attractive location for both tourists and investors.
The government of the Philippines is also continuing its effort to improve conditions for international investors. One such measure has been to draw up a Magna Carta for investors, designed to protect the rights of people investing in the Philippines. According to the Department of Trade and Industry this bill is likely to be finalised and passed early next year.
The government is actively encouraging foreign investment in a variety of industries including energy, technology and tourism. Special TIEZA’s (Tourism Infrastructure and Enterprise Zone Authority) have been created to provide incentives for international investors. Some of these include tax and duty free importation of capital investment, equipment and transportation.
Millions of tourists continue to be attracted to the beaches, world-class dive spots, exotic volcanoes and the 7,000 plus islands. Tourist numbers are expected to grow to just over 3.8 million by 2012, representing an 8.4% growth rate from this year, according to figures from the government.
‘International investors are more confident than ever in choosing the Philippines as their investment destination. One of the most popular locations has been Mactan Island in Cebu province which provides a fantastic opportunity to benefit from the rising tourist numbers, rich natural biodiversity and wide range of resources this island has to offer,’ said Steven Worboys, managing director of Philippines property experts, Experience International.
One property development that has received particular investor interest is the five star Blue Coral Resort and Spa, frontline residences on Mactan Island. With first class facilities overlooking the crystal clear waters of the Bohol Straits, the newly released hotel suites, studios, two bed apartments and two bed luxury pool villas start from $83,500 with 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.