Archive for June, 2009

Philippine real estate sector is growing

According to Beth Collingz, overseas sales director of PLC International and lead marketing partners for Pacific Concord Properties Lancaster Brand of Condo Hotels in the Philippines said a lot of criticism has been leveled at Philippine banks conservative lending policies. It is a tightly controlled industry dominated by only a few banks and their lending habits have been severe, particularly since the 1997 Asian crisis, and that has hindered the country’s economic growth at times.

Ironically, the global credit crunch tends to highlight the unique advantage of the Philippines as a destination for foreign investments and tourism, and a preferred source of imports and skilled labor. However, these policies are why the Philippines will not face the same state of affairs that are occurring in the United States and Europe today.

Failures in the Philippine banking system that were seen as a result of the Asian crisis are almost impossible now given the size of the remaining banks that have grown and consolidated over the past 10 years. The Philippine bank’s ratio of non performing loans is minimal due to tight lending rules and very high collateral requirements is a really a blessing is disguise said Collingz. Read more…

Umbrella Real Estate Announces Expansion in the Philippines

Umbrella Online, Philippines – which also manages real property in London and Dubai has announced the addition to their extensive portfolio of accommodation by introducing new apartments in Manila, Green Manila Condominiums, Commercial or residential Manila Lots and luxurious Manila houses in the Philippines today.

Umbrella Real Estate is a diversified management firm licensed to broker and manage real property in the country dedicated to provide superior service and personal attention to their clients’ special needs and interests. The firm strives to provide a critical edge in maximizing the potential of their clients’ assets and achieving their goals and objectives.

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Real Estate Appraisers May 2009 Board Examination Results

The Department of Trade and Industry (DTI) and Bureau of Trade Regulation and Consumer Protection under Atty. Pedro Vicente C. Mendoza recently announced that only 53 out of 112 examinees which is equivalent to 47.32% passed the recently concluded Real Estate Appraisers Licensure Examination given by the Examination Committee for Real Estate Appraisers in Manila, Baguio, Cagayan de Oro, Cebu and Davao last May 31, 2009.

Successful examinees are required to personally register and secure their license from the Philippines Department of Trade and Industry.

According to the DTI, The oathtaking ceremony of the successful Real Estate Board passers as well as the previous successful examinees who have not taken their Oath of Profession will be held on Thursday, June 18, 2009 at 1:00 – 5:00 in the afternoon at the Centennial Hall of Manila Hotel near Rizal Park in Manila Philippines. Read more…

Considerations when closing the real estate deal

Once the negotiations are over and the offer is accepted then there is a time frame in which to complete the documentation and other functions that needs to be performed by buyer and seller before the deal is closed. Buyer should make sure that all the purchase contracts and documents are created and approved by a qualified attorney.

Buyer, if he or she is financing the deal through an institutional lender will have to make the relevant application. The buyer should make sure that the purchase contract includes a mortgage contingency clause which makes the closing of the deal dependent on securing of a credit facility. Buyer should keep in mind that in fact under such a clause he or she is duty bound to try his or her best to secure such a loan. Read more…