Potential gold mine for RP seen from retiring overseas Pinoys

The country faces a potential investor gold mine from retiring overseas Filipino workers, according to Architect Gilbert Yu.

Yu pointed out that the first wave of OFWs that left the country 40 years ago are now set to retire and are intent on returning to the Philippines because of the much cheaper cost of living.

Yu estimates that each retiring OFW may be bringing home anywhere from $100,000 to $150,000.

With even at least 20,000 OFWs coming home each year, Yu calculates, there would be an inflow of $2 billion or P110 billion annually.

Most of these OFWs, Yu said, would probably invest their hard-earned savings in buying a retirement home.

The potential investment in the housing and real estate sector, Yu pointed out, would help spur the economy anew.

However, Yu said, the government should already prepare the housing and real estate sector for the potential inflow.

Failure to do so, Yu warned, could lead to possible swindles or bad experience on the part of the returning OFWs.

If such a thing happens, Yu said, the returning OFWs may choose not to bring back their funds and instead keep them abroad.

Even now, Yu disclosed, advertisements abroad (particularly in the United States) for Philippine real estate and housing developments carry warnings that such projects may not assure completion.

The California Department of Real Estate, for instance, Yu cited, advises potential Filipino-American buyers to consult a lawyer or a knowledgeable professional about such real estate developments.

He stressed that any bad experience on the part of returning OFWs could spread like wild fire and convince others not to invest in the Philippines.

Yu pointed out that returning OFWs would not only bring in cash, but would also result in a "brain gain" much like what China is experiencing.

China’s economic resurgence, Yu noted, is partially fueled by returning Chinese who have earned and studied abroad and are now investing back in China and bringing home their learned expertise.