Mr Lee Posted January 18, 2011 Posted January 18, 2011 Wow! 8 million Filipinos abroad sending home about 10% of the countries whole economy and then if we add in all the foreigners who are living in the PHL and spending their money, how big a dent might that make in the economy if it were to go all away? The other thing that I am wondering about it the comment about foreigners being allowed to own property if married to a Filipino citizen, is that true? THE money sent home by the more than 8 million Filipinos abroad rose 10.5 percent to $1.613 billion in November 2010, supporting consumption in the Philippines’ $161-billion economy.Remittances totaled $17.3 billion in 2009.Remittances, equivalent to about a 10th of the gross domestic product, help finance spending on cars, homes and mobile phones in the Philippines, where the World Bank estimates one out of four people live on less than $1.25 a day.November remittances climb 10.5% to $1.61b The number of foreign migrants has increased to 90,413 in 2010 or almost 50% from 60,554 in 2009, according to the Immigration bureau.Chinese nationals outnumbered the South Koreans, Immigration’s alien registration division asst. chief Ferdinand Arbas said. The Chinese have doubled from 30,809 in 2009 to 61,372 in 2010 while the Koreans numbered 28,090 in 2010 from 24,876 in 2009. The geographic proximity of Mainland China and the predominance of Filipino-Chinese explain why Chinese mainlanders choose to come to the Philippines, Arbas said.A relatively inexpensive cost of living, with home rental as low as P5,000 a month, and an English-speaking populace are among the foreigner-friendly factors that the Philippines can crow about, Arbas said.Foreigners are also allowed to own property, if they are married to a Filipino citizen, he said.“Metro Manila ,Cebu, Subic and Baguio are the places foreigners love to visit. Americans and Europeans prefer Cebu and Subic.”Foreigners have a number of options in securing a visa to enjoy a longer stay than the tourist visa can offer, Arbas said. Those who want to retire permanently in the Philippines may apply for an immigrant visa.A long-term business visa is for those who are employed here as a consultant. Foreigners can opt for a special visa which requires them to make an investment and generate jobs employing a certain number of Filipino workers.Other foreigners who have opted to retire and live in the country include Americans, 24,909; Indians, 23,317; Japanese, 8,931; British, 4,781; Taiwanese, 3,640; Iranians, 3,260; Germans, 2,965 and Australians, 2,645. More Chinese, Koreans flocking in—Immigration Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted January 18, 2011 Posted January 18, 2011 The one being quoted in the article is obviously full of hot air but, who needs to buy property when you can get:"home rental as low as P5,000"I want one of those! Link to comment Share on other sites More sharing options...
softail Posted January 19, 2011 Posted January 19, 2011 I have a feeling that the comment about foreigners being able to own property if married to a Philippines citizen is just the same ol thing, property being in the citizen's name. Just my opinion but thats what it sounds like to me.Doug and Sally Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted January 20, 2011 Posted January 20, 2011 I have a feeling that the comment about foreigners being able to own property if married to a Philippines citizen is just the same ol thing, property being in the citizen's name. Just my opinion but thats what it sounds like to me.Doug and Sally It depends what was meant as property, a condo is property to me so nothings changed. Link to comment Share on other sites More sharing options...
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