Property firms target Fil-Ams to invest in RP

WASHINGTON – Philippine diplomatic missions in Washington, Honolulu, San Francisco, Los Angeles, Chicago and New York will hold "open house" weekends from this month to promote the country’s real estate and property development sector in the American market.

Philippine ambassador to the United States Albert del Rosario said the aim was to help Filipino property developers market their products to Filipino Americans to help boost foreign investments and increase remittance inflows to the Philippines.

Participating developers include Ayala Land, Britanny, Burgundy Realty, Cityland Development, Crown Asia, Daiichi Properties, Federal Land, Filinvest Land, Lakeshore Marketing, Landco Pacific, Ledesco Development, Megaworld International Pacific Concord, Tagaytay Pacific Heights and others.

Del Rosario said the diplomatic missions will invite the Filipino-American community during designated "open house" weekends to enable Philippine property developers to market their products in different parts of the US.

"It is our intention to assist our property developers in establishing linkages and in building their markets in the US without, however, endorsing or guaranteeing any particular developer," del Rosario said in a statement on Wednesday.

To sweeten the deal the envoy said consular services will also be rendered to the Filipino-American community as an added benefit during the "open house" weekends.

He said enhancing the real estate and property development sector will have a significant multiplier effect on the entire Philippine economy. By tapping the Filipino-American market, this program will moreover improve the levels of remittance inflows going through the formal channels of the financial system.