By Elpidio R. Estioko
MILPITAS — With the sustained above-6-percent economic growth rate of the Philippines in 2016, the country will no longer be labeled as the Sick Man of Asia but the fastest growing economy in Asia at A projected 6.8 per cent growth rate.
This was the gist of the presentation of Karl Tabucal, vice-president for International Marketing of Vista Land at Max’s in Season’s Market last March 13.
According to Tabucal, the country’s improved economy is due to four major developments. The first reason is due to controlled inflation in 2015 going to 1.8 percent inflation rate. Next is the bullish infra-structure development implemented by the government. The government has a total budget of PHP 890.9B this year.
The third is remittances from abroad which reached $26.9B in 2016 vs. $25.81 in 2015, with a gross rate of 4.3 percent. Of these, about PHP 463B was received from the U.S. (the highest) with Saudi Arabia a far second.
There was also the increase in tourist arrivals at 5.9M in 2016 vs. 5.4 M in 2015 – a 10 percent growth rate. Koreans had the most tourist arrivals, then the U.S., China, and Japan in that order.
Of course, Tabucal said, the fourth factor is the energized real estate industry. With the present population of 105M and a growth rate of two percent each year, real estate will surely be a big factor in the improved economy, Tabucal added.
Vista Land, Tabucal said, is not only interested in selling their properties but is continuing their advocacy of pushing the economy as a government partner. They have total assets of $3B (PHP 150B) with Manuel Villar as the chairman of the board.
Their projects geared towards the American market include their investment series in the central business districts designed to meet international standards; vacation home series principally in Boracay capturing the PHP 68B tourist investments in Boracay in 2015; and their signature homes catering to the higher income people.