PHILIPPINE National Bank (PNB) has partnered with New Jersey-based Alexander Anderson Real Estate Group (AAREG) to beef up its marketing efforts to help push properties in the Philippines to Filipino-Americans in the New York-New Jersey Metropolitan Area.
“We are making it easier for them to obtain a good investment while they are still in the US. We see those in the New York metropolitan area remain to be interested in these investments despite the Covid-19 pandemic,” said PNB president and chief executive officer Wick Veloso.
PNB is making it easier for individuals living abroad to purchase a home in the Philippines through the Own a Philippines Home Loan (OPHL).
AAREG is PNB’s first marketing partner of PNB for OPHL.
AAREG chief executive officer Eric Anderson said: “The reality of today’s business landscape is that collaboration and strategic partnerships are fundamental to improving business outcomes. Our team is excited to grow this relationship with PNB.”
Veloso said PNB continues to see a growing number of Filipinos who are interested in acquiring a second home or another home here in the Philippines.
“Many Filipinos work hard building their careers outside the country and would like to return to their roots. PNB is here to help them acquire their dream home,” Veloso said.
Whether they are Filipinos working abroad or foreigners looking for a home or an investment in Philippine property, PNB can help make it easier for them to acquire property in the country, Veloso added.
While many foreigners and Balikbayans can rent property, the OPHL may be a good way for them to acquire real estate as investment in the Philippines, especially if they’re retiring or planning to stay longer in the country, Veloso said.
For Filipinos and those with dual citizenship, they can purchase land and real estate property. Foreigners are prohibited from owning land in the Philippines, but they can legally own a condominium unit for their residence.
In 2019, about seven out of 10 Filipino-Americans in the US are fully employed with a median household income of $90,400. Six out of 10 said they owned their homes there.
In April 2021, remittances from overseas Filipino workers (OFWs) continued to drive demand for affordable to mid-income (P1.7 million to P5.99 million or $34,000 to $119,800) condominiums in Metro Manila.
Developers will likely continue to cater to families that receive remittances from abroad. An estimated 40 percent of the developers’ revenues were being generated by Filipinos or foreigners overseas.
OPHL provides home loans to Filipinos and foreigners residing and working abroad. This is a convenient way to apply, book and pay for loans without the need to fly to the Philippines. OPHL is being offered through PNB’s overseas branches in Los Angeles, New York, Guam, Canada, Europe, Tokyo, Singapore, Hong Kong and the Middle East. Interested applicants may visit PNB’s website at https://www.pnb.com.ph for more details.