Rp On The Brink Of Recession--official

[Mr Lee]

I wonder how that will affect us if the country goes into a recession? UPDATE) RP on the brink of recession--officialhttp://www.abs-cbnnews.com/business/05/28/...-recession-yearThe government has acknowledged for the first time that the Philippines may slip into recession.all the other indicators--foreign exchange rate, total merchandise imports, wholesale prices, hotel occupancy rate, tourist arrivals, number of new businesses, stock price index and electricity consumption--posted declines.

[mike]

I wonder how that will affect us if the country goes into a recession? UPDATE) RP on the brink of recession--officialhttp://www.abs-cbnnews.com/business/05/28/...-recession-yearThe government has acknowledged for the first time that the Philippines may slip into recession.all the other indicators--foreign exchange rate, total merchandise imports, wholesale prices, hotel occupancy rate, tourist arrivals, number of new businesses, stock price index and electricity consumption--posted declines.

What you mean all those increasing tourism numbers posted by the DOT were not quite true!! lol

[tom_shor]

I wonder how that will affect us if the country goes into a recession? UPDATE) RP on the brink of recession--officialhttp://www.abs-cbnnews.com/business/05/28/...-recession-yearThe government has acknowledged for the first time that the Philippines may slip into recession.all the other indicators--foreign exchange rate, total merchandise imports, wholesale prices, hotel occupancy rate, tourist arrivals, number of new businesses, stock price index and electricity consumption--posted declines.

What you mean all those increasing tourism numbers posted by the DOT were not quite true!! lol

Mr Lee and Mike voted twice. :th_thsmilies-29057:

[retired]

I wonder how that will affect us if the country goes into a recession? UPDATE) RP on the brink of recession--officialhttp://www.abs-cbnnews.com/business/05/28/...-recession-yearThe government has acknowledged for the first time that the Philippines may slip into recession.all the other indicators--foreign exchange rate, total merchandise imports, wholesale prices, hotel occupancy rate, tourist arrivals, number of new businesses, stock price index and electricity consumption--posted declines.

Another related article :http://www.bloomberg.com/apps/news?pid=206...&refer=asia

[Mr Lee]

Don't you just love it, the government admits that the economic figures they gave out for the last 3 years were inaccurate. Naw, say it isn't so and they could never lie to the people.I personally think they should blame themselves instead of the global downturn because the Philippines could be the shopping Mecca of Asia if they would just lower import duties on electronics to allow retailers to sell more units at lower prices instead of less units at higher prices........... Lets face it, the Philippines is much closer to where all those product are made, so the shipping has to be a lot lower, yet the prices are sometime twice as much as in the states where the shipping has to be much higher to get it there and the salaries and rents have to be much higher, so why is electronics in the Philippines so darn high, can anyone say duties and taxes because it sure is not the salary that they are paying their workers....... More sales would mean more jobs, dahhhh can't they get that into their heads. Recession looms as pump priming missed http://www.tribuneonline.org/headlines/20090529hed5.html The government also admitted yesterday that economic figures it gave out the past three years were inaccurate

[Bruce]

On a personal note to Lee.. :thumbsup: HAHAHAHAHAHAHAHAHA!!!! As I wring my hands together....thinking..plotting...sitting up on my perch... waiting to pounce on a sweatheart of a condo deal....... Ah, the internal conficts that I must deal with. The RN in me wants to help others, but the pawnbroker in me is wanting to take advantage of the situation.Oh what ever shall I do? Buy now, wait for a better deal to come along... What the hell. If the Pinoy economy is tanking, I might as well ride it to the bottom and see if I can pick up a few pieces.

[Mr Lee]

On a personal note to Lee.. :thumbsup: HAHAHAHAHAHAHAHAHA!!!! As I wring my hands together....thinking..plotting...sitting up on my perch... waiting to pounce on a sweatheart of a condo deal....... Ah, the internal conficts that I must deal with. The RN in me wants to help others, but the pawnbroker in me is wanting to take advantage of the situation.Oh what ever shall I do? Buy now, wait for a better deal to come along... What the hell. If the Pinoy economy is tanking, I might as well ride it to the bottom and see if I can pick up a few pieces.

Bruce my friend, it really does not matter if the economy in the Philippines goes into a recession. The rich will still buy up all the condos and continue to have them rented out, or wait for the economy to go back up to sell them. Rich have no place to put their money, so they invest it into land, condos, and even houses, with the idea to sell it for more or to have it rented out to make them even richer, IMO the bad economy in other countries might help you get a deal on a condo, because someone from another country who ends up with less income might have to sell but the rich in the Philippines will be right there to snatch it up first as soon as they hear of a deal. JMHO and from what I have seen.Now the builders in the process of building a complex might have to sell for less, but then you are still getting something smaller and when you will compare square meters, you will see that you really did not end up with a bargain, only a smaller box.Winland, refuses to lower the prices and has instead offered a 5 years no interest scheme to increase sales and I am sure others will follow. I think there will be deals like that, but I seriously doubt there will be many steals becoming available and especially on Cebu because the economy of Cebu has not been as badly hurt by the downturn as some poorer areas of the Philippines, IMO and from what I have seen going on. Remember, if the builders cannot sell the units, they can always rent them out or turn half into rentals and the rest into condos. There are no laws in the Philippines that I know of to protect the buyers since rentals seems to be the big business in most condo buildings.The Philippines is unique in itself and houses and land may come down but there will always be the foreigners to buy the condos and the rich Filipinos, to snatch the deals up. All in MHONow, with all that said, I hope you find yourself a deal. :thumbsup:

[Mr Lee]

RP will not go into recession, says Palace http://www.philstar.com/Article.aspx?artic...ubCategoryId=66Looks like they still are in denial!

[Bruce]

Well, beyond the condo / real estate price issues, what about the rest of Pinoyland? Will the malls see a loss of tenants as seen in the US due to a downturn in spending by consumers? Will rents drop due to more units (commercial / residential) being available because they are not selling as fast?More importantly (most important for a few), will the BAR FINES decrease? Will the lovely Pinay GRO /CSW be more competitive with her pricing scheme? Offer financing (doubt it)? Two for the price of one? (marketing ploy)Beyond that, it is already a well settled fact that many of Pinoyland's best doctors and nurses have left for more money in other countries. If the economy drops, will there be even more docs and nurses trying to leave?A friend of Lee's and mine is a woman who own's 4 dental buildings. She is doing OK, but many other dentists in high rent areas can't even pay their rent. Dental care in the US has recently (past 30 years) become a vast money making empire. A root canal in Cuba is $12. The same root canal in Florida is $900 +++. What will be the long term implications for Pinoy health care if less money is wired home, more foreign jobs are lost and those workers come home, less local jobs available and the US passes tax incentives to businesses to pull call centers out of India / Pinoyland (Cebu) and re-establish them on US soil? All means less money to spend in general and for health care. So less or lower paying jobs for new medical / nursing graduates = more exodus of the professionals looking for more money abroad. I believe the term used is 'brain drain'. It is an ongoing negative cycle. Far more reaching than simple real estate issues. I think that we are just now seeing the beginning of a long term downward spiral. Steep in some areas, more gradual in others. Effecting all generations. Less for the old / well established people, very uncertain for those just starting out in life and have to live and support themselves for the next 70+ years. Also, with the economic downturn, up sprout malcontents like those in Southern Mindenao who will use the situation to convert the dim witted into the false promise that they offer a better life IF they can only get into power.....

[Mike S]

Well can't say about other areas of the Phils but here in our apartment complex the price of units has increased by 30% per month .... so it looks like they aren't concerned at the present ........ and although their aren't to many takers there ARE lots of people looking at these units .....