The Philippines is now in its 7th year of a house price boom
April 18, 2018
The Philippines´ residential property market continues to perform very well, due to robust economic growth. The average price of a luxury 3-bedroom condominium unit in Makati central business district (CBD) soared 10.46% (6.95% inflation-adjusted) during 2017 to PHP199,050 (US$3,825) per square metre (sq. m.), from y-o-y rises of 9.95% in 2016, 13.43% in 2015, 7.11% in 2014, 14.37% in 2013, and 10.06% in 2012, according to Colliers International. During the latest quarter, condominium prices in Makati CBD increased 2.55% (1.46% inflation-adjusted) in Q4 2017.
Are there clouds in the horizon? Maybe - in 2018 the supply of new condominiums to Metro Manila will reach 27,200 units, up from a record 10,200 units in 2017, according to Colliers International. And rental yields are falling, while vacancies are rising.
House prices continue to rise in other major Metro Manila CBDs:
- In Rockwell Center, the average price for a 3-bedroom condominium rose by 11.7% (8.1% inflation-adjusted) to PHP221,150 (US$4,249) per sq. m during 2017.
- In Fort Bonifacio, the average price for a 3-bedroom condominium increased by 4.3% (1% inflation-adjusted) to PHP175,700 (US$3,376) per sq. m over the same period.
During 2017, the nationwide residential real estate price index rose by 5.7% (2.3% inflation-adjusted), according to the Bangko Sentral ng Pilipinas (BSP), the country´s central bank. Quarter-on-quarter, the index rose by 5.2% (4.1% inflation-adjusted) in Q4 2017. The residential real estate price index, published every quarter, is based on bank reports on residential real estate loans.
By property type:
- Condominium units saw y-o-y price increase of 14.2% (10.6% inflation-adjusted) in 2017 from a year earlier
- For single detached/attached house, prices fell slightly by 0.3% (-3.5% inflation-adjusted) during 2017
- Duplex house prices surged 17.3% (13.5% inflation-adjusted) y-o-y in 2017
- Townhouse prices rose by 8.1% (4.6% inflation-adjusted) over the same period
In the National Capital Region (NCR), residential property prices surged 8.8% (5.3% inflation-adjusted) during 2017 while in Areas Outside the NCR (AONCR), prices rose by 3% (-0.3% inflation-adjusted), according to the BSP.
Demand remains strong. In 2017, the take-up of pre-sold condominium units throughout Metro Manila, including fringe locations, rose by 52,600 units, up 24% from a year earlier and the highest level ever in the country´s capital, according to Colliers International. This was mainly due to strong demand from starting families and young professionals. Household formation has increased by an average of 3% every year in the past five years.
Nationwide residential property prices are expected to continue to rise strongly this year, boosted by robust economic growth. In Makati CBD, property prices have risen by almost 60% from Q1 2011 to Q4 2017, amidst rapid economic growth. Yet prices are not high, and yields are good, and the Philippine economy is in the 7th year of strong growth.
The Philippine economy expanded by 6.7% in 2017, from an average annual growth rate of 6.3% from 2010 to 2016, mainly driven by strong government spending, recovering agriculture, as well as increasing exports. With a projected annual GDP growth of 6.7% in 2018 and 2019, the Philippine economy is expected to remain among the fastest-growing economies in Asia, according to the World Bank. Meanwhile, inflation is projected to increase to 4.3% this year (the highest level since 2011), as a result of expected oil price hikes and the impact of the Tax Reform for Acceleration and Inclusion (TRAIN) law signed last December 19, 2017.
High-end condominium prices are surging
The high-end condo market in Metro Manila has experienced spectacular growth in the past decade.
During 2017 (figures from Leechiu Property Consultants):
- In Discovery Primea, located in Makati City, condo prices surged 2.15 times to PHP322,000 (US$6,189) per sq. m. in 2017 from its launch price of PHP150,000 (US$2,883) per sq. m. in 2009.
- In Edades Tower, also located in Makati City, condo prices soared 87% to its current price of PHP243,000 (US$4,670) per sq. m. from its launch price just a year earlier.
- In The Residences at Greenbelt, in Makati City, condo prices increased 2.36 times to PHP250,000 (US$4,805) per sq. m. in 2017 from its launch price of PHP106,000 (US$2,037) per sq. m. in 2003.
- In One Serendra, located in Bonifacio Global City (BGC), condo prices more than doubled to PHP220,000 (US$4,228) per sq. m. in 2017 from its launch price of PHP108,000 (US$2,076) in 2008.
- In Arya Residences, located in BGC, condo prices increased 2.65 times to PHP220,000 (US$4,228) per sq. m. in 2017 from its launch price of PHP83,000 (US$1,595) per sq. m. in 2009.
- In The Grove, located in Ortigas City, condo prices rose 56% to PHP140,000 (US$2,691) per sq. m. in 2017 from its launch price of PHP90,000 (US$1,730) per sq. m. in 2008.
- At The Pearl Palace Tower 1, located in Ortigas City, condo prices surged 89% to PHP125,000 (US$2,402) per sq. m. in 2017 from its launch price of PHP66,000 (US$1,268) per sq. m. in 2012.
- In the Escalades at 20th Avenue, located in Quezon City, condo prices increased 2.52 times to PHP135,000 (US$2,595) per sq. m. in 2017 from its launch price of PHP54,000 (US$1,038) per sq. m. in 2009.
Land values continue to appreciate
Land prices continue to rise in all major high-end residential areas:
- In Dasmariñas Village, the average land value increased 92% to PHP345,000 (US$6,631) per sq. m. in 2017 from five years ago, according to Leechiu Property Consultants.
- In Forbes Park, land prices more than doubled to an average of PHP280,000 (US$5,381) per sq. m. in 2017 from five years ago.
- In Urdaneta Village, land values almost tripled to an average of PHP250,000 (US$4,805) per sq. m. over the same period.
- In San Lorenzo Village, land prices increased 2.36 times to an average of PHP260,000 (US$4,997) per sq. m. in 2017 from five years ago.
- In Bel-Air Village, land prices rose by 64% to an average of PHP260,000 (US$4,997) per sq. m. in 2017 from five years ago.
- In Ayala Alabang, land prices increased 46% to an average of PHP95,000 (US$1,826) per sq. m. over the same period.
Land prices are projected to continue rising in the medium term.
LAND PRICE IN SELECTED HIGH-END RESIDENTIAL VILLAGES, 2017
|PHP per sq. m.||USD per sq. m.||Growth in the past 5 years||Growth in the past 15 years|
|Dasmariñas Village||345,000||6,631||1.92 times||8.21 times|
|Forbes Park||280,000||5,381||2.15 times||4.87 times|
|Urdaneta Village||250,000||4,805||2.94 times||6.03 times|
|San Lorenzo Village||260,000||4,997||2.36 times||12.73 times|
|Bel-Air Village||260,000||4,997||1.64 times||9.04 times|
|Ayala Alabang||95,000||1,826||1.46 times||4.22 times|
|Source: Leechiu Property Consultants|
Philippine residential property is still below pre-Asian Crisis values!
Surprisingly, despite so much price appreciation, the Philippine housing market has still not recovered from the crash after the 1997 Asian Financial Crisis. Between 1997 and 2004, luxury condominium prices dropped 28% (52% inflation-adjusted), in the biggest property crash of all countries affected by the Asian Financial Crisis.
In current price terms, both rental rates and property values are back above 1997 levels. However residential property prices in 2017 are still 20% below pre-Asian Financial Crisis levels in real, inflation-adjusted terms.
Residential licenses to sell rising
Residential licenses to sell continue to rise in 2017, based on figures from the Housing and Land Use Regulatory Board (HLURB).
- Condominium units: licenses to sell increased 4.7% y-o-y to 104,196 units
- House & lot: licenses to sell rose by 7.3% y-o-y to 140,627 units
- Lot: licenses to sell rose by 3.4% y-o-y to 29,722 units
Housing supply continues to rise
The total condominium stock in Metro Manila´s CBDs reached 101,500 units in 2017. In 2017 alone, about 10,400 units were completed, up from an annual average of 7,500 units in the past ten years. Fort Bonifacio accounted for the biggest share of the condominium market of 27%, followed by Makati CBD (25%), Ortigas Center (17%), and Manila Bay Area (11%), according to Colliers International. The major residential projects completed in Q4 2017 were Ayala Land Premier´s The Sequioa at Two Serendra, Avida´s Cityflex BGC Towers 1 and 2, and Megaworld´s Viceroy McKinley Hill Tower 3.
In 2018, about 27,200 units are expected to be completed - a record high for Metro Manila. Among residential projects expected to be completed in the coming months include:
- Avida Towers Altura at South Park (two towers)
- Filinvest´s Bristol at Parkway Place
- Federal Land´s Madison Park West
- Megaworld´s The Uptown Residences
- Anchor Land´s Six Senses Resort Towers
|Location||Residential Stock||New Additional Supply||Total|
|Manila Bay Area||8,900||2,100||11,900||2,600||2,200||-||27,700|
|Source: Colliers International|
Residential rents falling
Residential rents across CBDs continue to fall, amidst rising residential supply and steady vacancy rates.
- In Makati CBD, monthly residential rents fell by 4.1% y-o-y to an average of PHP803 (US$15.4) per sq. m.
- In Fort Bonifacio, monthly residential rents dropped 2.8% q-o-q to PHP810 (US$15.6) per sq. m.
- In Rockwell, monthly residential rents dropped 5.6% y-o-y to an average of PHP873 (US$16.8) per sq. m.
RENTAL RATES FOR A 3-BR CONDOMINIUM UNIT
|Q4 2016||Q4 2017||Y-O-Y Change|
|Location||PHP per sq. m||USD per sq. m||PHP per sq. m||USD per sq. m||%|
|Fort Bonifacio||640 - 1,026||12 - 20||620 - 1,000||12 - 19||-2.8|
|Makati CBD||560 - 1,100||11 - 21||530 - 1,070||10 - 21||-4.1|
|Rockwell Center||780 - 1,070||15 - 21||730 - 1,020||14 - 20||-5.6|
|Sources: Colliers International, Global Property Guide estimates|
Rents are expected to fall further in the coming years, amidst surging supply.
"We expect rents to continue declining between 1% to 3% in the coming years as supply grows within and outside major CBDs," said Colliers International.
Vacancy rates expected to rise further
In Metro Manila, the overall vacancy rate stood at 12.6% in Q4 2017, slightly down from the previous quarter´s 12.7% but up from last year´s 10%, according to Colliers International.
The residential condo rental market in the country´s major CBDs recorded varying results.
- In Makati CBD, the vacancy rate was 13.6% in Q4 2017, down from 14.1% in the previous quarter
- In Fort Bonifacio, the vacancy rate was 15.7% in Q4 2017, up from 15.3% in Q3 2017
- In Rockwell Center, the vacancy rate fell to 10.7% in Q4 2017 from 11.5% in the previous quarter
- In Ortigas Center, the vacancy rate was stable at 6.4% in Q4 2017
- In Eastwood City, the vacancy rate was stable at 6.7%
- In Manila Bay Area, the vacancy rate fell slightly to 18.1% in Q4 2017, from 18.29% the previous quarter
Vacancy rates in Metro Manila are expected to rise to about 14% to 15% in the coming months, amidst the high number of units projected to be completed in the major CBDs during the period, according to Colliers International. In addition, the considerable growth in the supply outside these major CBDs has increased competition further in the rental market.
"We expect supply in 2018 to reach 27,200 units with the completion of multiple projects. This will be a record high for Metro Manila. Consequently, this should put upward pressure on condominium vacancy to reach mid-teen levels by year-end," said Colliers.
Gross rental yields remain high, but beware of taxes
According to research by the Global Property Guide, gross rental yields in Metro Manila remain good, ranging from 7.01% on the very smallest condominium units of 45 sq. m. to 7.16% on 80 sq. m. condominiums.
These yields are before taxes and other expenses. They are for the high-end areas: Makati CBD, Ortigas CBD, Rockwell, The Fort, and Eastwood City.
This does not mean that foreign investors should necessarily rush to invest in Manila, because transaction taxes (known as ´capital gains taxes´, but not actually such), and (if observed) official income tax rates applicable to non-resident investors, are high.
Interest rates kept steady; mortgage market remains small
Currently, housing loan rates charged by major commercial banks range from 4.99% to 7.5% for one-year fixed loans, and from 7.5% to 9.75% for ten-year fixed mortgages. In March 2018, the BSP has kept its policy rate at 3% for overnight borrowing; overnight lending and repurchase facility (RF) and deposit facility at 3.5% and 2.5%, respectively.
Severe problems impede mortgage market growth. Few major banks offer housing loans. And although loan-to-value ratios of 90% are now in theory being offered and loan tenors can be as long as 30 years, in fact most loans are short-term. Banks are wary because land titling and registration problems are prevalent, as are lengthy delays in the foreclosure process due to the country´s very weak court system. Therefore approval of loan applications takes a long time. In addition inter-bank collusion prevails: different banks´ loans have strangely similar terms and conditions.
Property buyers also face high transaction costs, corruption and red tape, fake land titles and substandard building practices. Plus, the large informal housing sector and their incentives make it less attractive for low to middle income families to buy or rent properties.
Because of these factors, the ratio of residential mortgage loans to GDP remains small, at around 3.78% of GDP in 2017, a slight increase from 2.03% of GDP in 2009. Most houses in the Philippines are sold for cash or pre-sold, with the developers offering financing.
In 2017, the total outstanding residential real estate loans increased 3.8% to PHP600.43 billion (US$11.54 billion) from a year earlier, based on figures from the BSP.
Manila´s segmented market
Lower down the income scale there is cause to worry.
There are three identifiable segments in Manila´s housing market:
- The high end. Local high-earners and expatriates occupy this segment.
- The middle tier. The mid-end condominium sector, with monthly amortization of around PHP10,500 (US$202), presently requiring a dispensable income greater than PHP34,962 (US$672), to obtain a housing loan of PHP2 million (US$38,438). This segment has been targeted by many developers, and is attractive to overseas foreign workers (OFWs).
- The low end. This is where the mass of the population live.
We believe that the middle tier is over-supplied. Many of these lower middle-class condominium developments are ghost cities.
Manila´s ghost cities
A visit to any ´Barrio Fiesta´ in any city where Philippine OFWs work abroad is dominated by condominium offerings from developers like Megaworld, DMCI, Ayala Land, etc. The Philippines is one of the world´s largest remittance recipients, with 10.5 million Philippine Overseas Foreign Workers (OFWs) living and working in 210 countries and territories worldwide, 47% of them permanent migrants, 40% temporary, and the rest "irregular migrants". Among the permanent overseas Filipinos, 65.2% live in the US, followed by Canada (13.1%), Europe (7.1%), Australia (6.8%), and Japan (3.4%), according to the Commission on Filipinos Overseas (CFO). In 2017, total cash remittances reached a record high of US$28.06 billion (or about 8.7% of GDP), up by 4.3% from a year earlier.
It is estimated that 60% of these remittances go directly or indirectly to the real estate sector, according to the World Bank. These OFW remittances power the low-end to mid-range residential property market, housing projects and mid-scale subdivisions in regions near Metro Manila, such as Cavite, Batangas, and Laguna Provinces.
According to the Philippine Housing and Land Use Regulatory Board, 452,198 condominium units were built in Metro Manila from January 2001 to March 2014. The condominium stock increased further in recent years, with an additional 67,699 units covered by licenses to sell in 2015, 99,524 units in 2016 and 104,196 units in 2017. There are around 807,496 families or 27.5% of the NCR population who have a dispensable income greater than PHP34,962 (US$672), which is the required monthly income to be able to afford the monthly amortization of PHP10,500 (US$202). PHP10,500 (US$202) is the minimum monthly amortization for a housing loan of PHP2 million (US$38,438), with accommodating loan rates of 90% LTV, with an annual interest rate of 5.7%, and a loan tenor of 30 years.
So for all these newly-built condominiums to be occupied by those who could afford to rent or buy (we calculate for the buying case, but given current interest rates it may be more expensive to rent), the majority of locals who have the financial capacity to occupy them would need to purchase or rent a unit, for the available supply of condominium units to be taken up.
These are problematic numbers given that many of these families already have houses in the first place. The World Bank assumes only 10% of these capable end-users as prospective end-users, indicating a gross oversupply.
In terms of affordability, property developers are building more mid-end condominium units than locally-based Filipinos can afford to occupy. Many of the buyers are OFWs, causing a mismatch between demand and supply.
The average annual growth of remittances from 2009 to 2017 was only 6.1% , compared to 15.5% annually from 2002 to 2009. The World Bank believes the slowdown in remittances is due to:
- Stricter implementation of the migrant workers´ bill of rights;
- Political uncertainties in host countries; and
- The slowdown in the advanced economies.
A puzzle - why are call-centre workers under-housed
The Philippines has a thriving business process outsourcing (BPO) sector. The BPO industry is now one of the country´s biggest sources of revenues, providing employment to a large number of workers.
In 2017, revenues from the BPO industry were US$23 billion, at par with the previous year. In terms of job generation, the industry accounted for around 1.3 million direct employees in 2017, up from 1.2 million in 2016, 1.1 million in 2015, and 1.03 million employees in 2014.
The BPO industry is expected to continue growing in the coming years, albeit at a slower pace of about 9% annually until 2022, down from an annual growth of 17% in the past 6 years. The slowdown can be mainly attributed to its larger scale, sluggish industry growth globally, and security headwinds in the Philippines.
The BPO industry was mainly driven by the healthcare sector that accounted for around 100,ooo employees, and the BPOs in so-called "Next Wave Cities", according to Danilo Sebastian Reyes, the chairman of the IT & Business Process Association of the Philippines. The 10 "Next Wave Cities" include Baguio City, Davao City, Dumaguete, Iloilo, Lipa, Metro Bulacan, Metro Cavite, Metro Laguna, Metro Naga, and Metro Rizal.
BPO agents are likely to wish to rent residential spaces near their workplaces due to their night shift schedules. Since BPO agents have foreign countries as their clientele, their work hours follow suit. This means that most BPO employees work at the night time where commuting is risky while taxi cab fares are expensive.
There is a puzzle here. The income of this rising demographic overlaps with the investments made by the OFWs. Many call-centre agents are in the targeted income-bracket. But anecdotal evidence suggests that many of condominiums bought by OFWs are in the wrong place for call-centre agents.
In any case, the bottom line is that their spending-power is not yet strong enough to absorb supply. Many have family obligations and prefer to live at home or with relatives.
Maybe this will change. The Philippines will also soon experience a demographic ´sweet spot´. The country has the third youngest population in the ASEAN region, next only to Lao PDR (median age of 21 years) and Cambodia (median age of 22 years). Based on its demographic profile, we can expect a strong demand for starter homes.
"Affordable" housing shortage
The Philippines has a huge housing need at the low end. Nationwide, the country has a housing shortage of about 4 million units, according to the Subdivision and Housing Developers Association (SHDA). Most of this would need to be socialized housing - units with a selling price of under PHP450,000 (US$8,649). In Metro Manila, as many as 300,000 households reside in informal and semi-uninhabitable housing units, composing 8.7% of Metro Manila´s total population. These people live in appalling conditions. Many others live in very poor conditions.
To meet the needs of these families, the government embarked on the National Shelter Program to provide housing for informal settlers and other families who do not have enough income to rent nor buy houses in the prevailing markets rates.
Socialized housing units, or those which cost less than PHP450,000 (US$8,649) can be purchased with a monthly amortization of PHP2,302 (US$44). The Pag-Ibig Fund, (which is the Filipino word for love), the country´s state-owned and subsidized housing loan provider, provides a fixed rate of 4.5% for 30 years for socialized housing units.
The problem is that these low-end housing units are usually far from work.
Philippine peso continues to depreciate, amidst a record trade deficit
The Philippine peso lost about 10.6% of its value against the U.S. dollar in the past two years, from an exchange rate of PHP46.572 = US$1 in March 2016 to PHP52.098 = US$1 in March 2018. In fact, it was its weakest performance in over 11 years, amidst a record trade deficit caused by a surge in imports.
In 2017, the country posted a record high deficit of US$29.8 billion, from US$26.7 billion in the previous year.
However, Philippine Budget Secretary Benjamin Diokno does not consider the peso´s further depreciation as an indication of weak economy.
"Every currency is weakening vis-à-vis the dollar," Diokno said. "In fact, relative to other currencies, we are okay. It is wrong to say that a strong peso means a strong economy. That´s false."
"We need a competitive peso, not strong peso," Diokno added.
The Philippine peso is expected to recover slightly in the second half of 2018 and in 2019, amidst higher U.S. Federal Reserve and BSP interest rates, coupled with rising domestic inflation. The peso is forecast to average PHP51.2 = US$1 in 2018 and to PHP51.1 = US$1 in 2019, according to BMI Research.
In March 2018, the country´s inflation rate was 4.3%, up from 3.8% in the previous month and 3.1% in the same period last year, as the tax reform law jacked up the costs of food and oil in the Philippines, according to the Philippine Statistics Authority (PSA). In fact, consumer confidence dropped to its lowest level in Q1 2018, mainly on expectations of higher commodity prices.
Inflation is projected to increase to 4.3% this year (the highest level since 2011), as a result of expected oil price hikes and the impact of the Tax Reform for Acceleration and Inclusion (TRAIN) law signed last December 19, 2017.
Uninterrupted economic growth
The Philippine economy expanded by 6.7% in 2017, slightly down from the previous year´s 6.9% growth, mainly driven by strong government spending, recovering agriculture, as well as increasing exports.
During Q4 2017:
- Public spending surged 14.3% y-o-y in Q4 2017, up from the prior year´s 4.5% growth
- The industry sector grew 7.3% from a year earlier and contributed 2.5 percentage points to real GDP growth
- Services expanded by 6.8% y-o-y and contributed 3.9 percentage points to GDP
- Agriculture grew by 2.4% y-o-y and contributed 0.3 percentage points to GDP
In 2017, the total number of foreign tourist arrivals surged 11% to 6.6 million from a year earlier, despite the 5-month long Marawi armed conflict that started in May 2017.
The economy is projected to grow by 6.7% in both 2018 and 2019 - the fastest pace in Southeast Asia, according to the World Bank.
In 2017, the nationwide unemployment rate stood at 5.7%, down from 5.5% in 2016, 6.3% in 2015, 6.6% in 2014 and 7.1% in 2013, according to the Bangko Sentral ng Pilipinas (BSP). Unemployment is expected to fall to 5.5% this year, from an annual average of 6.9% from 2006 to 2017, according to the IMF.
The Philippine economy grew by an average of 6.3% annually from 2010 to 2016, thanks to the previous administration´s socioeconomic reforms. Former president Benigno (Noynoy) Aquino III (president June 2010 - June 2016) instituted a no-holds barred anti-corruption campaign which wowed foreign investors and caused consumer confidence to surge. The Philippines´ investment ratings were upgraded to investment grade by Moody, Standard & Poor´s, and Fitch Ratings. The Philippines´ competitiveness improved sharply, with a Global Competitiveness Index rank of 47th out of 140 economies in 2015-16, up from 52 in 2014, 59 in 2013, and 65 in 2012.
However, the country´s competitiveness rank slipped back to 57th in 2016-17 and to 56th in 2017-18.
During the May 2016 presidential election, former Davao City mayor Rodrigo Duterte won a landslide victory, capitalizing on discontent with rising inequality and on the perceived incompetence of Aquino´s chosen successor, Mar Roxas. Duterte vowed to bring progress to all Filipinos, to eliminate government corruption and to substantially reduce crimes, especially the use of illegal drugs. While the government´s "war on drugs" is now very controversial having resulted in the death of over 7,000 Filipinos, Duterte´s net trust rating remains "excellent" (except in September 2017 when he got a "very good" net trust rating), according to the Social Weather Stations (SWS).
Currently, Duterte is pushing for a charter change to shift to a federal system of government from the current unitary system.
Duterte´s "Build, Build, Build" infrastructure program
President Duterte´s ambitious US$180-billion "Build, Build, Build" program is designed to modernize the country´s infrastructure by rolling out 75 flagship projects, including 6 airports, 9 railways, 3 bus rapid transits, 32 roads and bridges, 4 seaports, 4 energy facilities, 10 water resource projects and irrigation systems, and 5 flood control facilities, among others.
In Duterte´s first 18 months in office, about 36 projects were approved. In 2017, the combined cost of the projects approved was more than double the prior year´s PHP400 billion (US$7.7 billion) approved projects total. At least 6 projects are expected to be implemented this year, including the Clark Airport expansion; the first phase of the Metro Manila subway; the North-South railway projects; the 130-km first phase of the Mindanao railway; the Kaliwa water supply project; and the Cavite flood control project.
These projects are expected to sustain strong economic growth, raising annual infrastructure spending by about 3% to 7% of GDP until 2022. The economy is expected to grow by 6.7% in both 2018 and 2019, the highest level in Southeast Asia, according to the World Bank.
"We will make the next few years the golden age of infrastructure in the Philippines to enhance our mobility and connectivity, and thereby spur development growth," said Duterte. "In other words, we are going to build, build and build."
- Philippines: nationwide house prices rising strongly, but Metro Manila’s CBD is slowing - July 21, 2016
- Philippine residential property prices continue to surge - September 30, 2015