filipino globe money matters
June 2008
27
Lower Pag-Ibig mortgage rates drive sales
Developers of mass housing have amortization period of up to 30 “It’s taking effect. In fact, Pag-
reported increased activity after years, make owning a house the Ibig Fund CEO [Romero Quimbo]
Pag-Ibig slashed mortgage rates. most affordable in years. recently announced that funds it
“There is no reason even for He said low-income families allotted for housing rose to P4.59
families belonging to the lower- stand to benefit the most from the billion, which is 98 per cent more
income bracket not to take these developments. than last year,” Alunan said.
advantage of the easier rates,” Monthly amortizations on He said a nationwide
said Eduardo Alunan, president loans valued at P300,000 have information campaign. coupled
of Subdivision and Housing been reduced to P1,798.65 from with Pag-Ibig’s marketing
Developers Association, the P2,413.87. For loan packages briefings improved processing
country’s largest organization of above P300,000 up to P750,000, and streamlined documentation
real estate developers with more the interest rate was cut from 10 requirements.
than 200 members nationwide. to 7 per cent, thereby lowering This has benefited developers
He said the 6 per cent interest monthly amortization from and homebuyers alike, Alunan
rate coupled with an extended P4,387.86 to P3,326. said.
Officials are forecasting continued growth in deployment with world markets favoring Filipino workers. Meantime, the peso has slumped 6pc in recent months.
Inflows hit record, peso slumps
Remittances on course to top US$15b as OFW deployment up 40pc so far this year
Remittances are on course to top
More than 3,000
US$15 billion this year, the highest
ever, as deployment of overseas Fili- OFWs leave every
pino workers continues to grow above
one million a year.
day. Roque said
Labor Secretary Marianito Roque
deployment this
(below) said OFWs sent home US$4
billion in the first quarter alone. The
year is up 40 per
figure was US$1.4 billion during the
same period last year.
cent compared
Remittances last year hit U$14.5
billion, a record at the time.
with the same
An upward trend is after more than
period last year
one million workers left for overseas
jobs in each of the past two years.
ing US dollars on the
“That OFW remittances have in-
currency markets.
creased year upon year on a robust
The Philippine
scale attest to the distinct global pref-
Overseas Employ-
erence for the OFWs in more than
ment Administration
190 host destinations worldwide,”
said the Philippines
Roque said.
sent 263,129 OFWs
Meanwhile, the peso weakened be-
abroad in the first quarter, an increase
low 44 to the US dollar for the first
of 13.6 per cent from 231,647 in last
time in eight months last week on
year.
reports that consumer prices rose at
Global deployment of land-based
their fastest pace in nine years.
and sea-based OFWs soared to 14 per
The peso fell despite sporadic inter-
cent around the world.
vention by the central bank. This was
This means that more than 3,000
after the National Statistics Office re-
OFWs leave the country everyday.
ported that the country’s annual infla-
Deployed OFWs reached 399,638
tion hit 9.6 per cent in May.
from January to April, an increase
It was the lowest level since the
from 350,520 during the same period
peso touched 44.18 on October 25
last year.
last year. The peso has lost 6 per cent
Roque said deployment of OFWs
so far this year due to inflation jitters.
this year is up 40 per cent compared
It was Asia’s best performing cur-
with 2007.
rency last year when it gained nearly
This is almost half of the deploy-
19 per cent against the US dollar.
ment goal the government has earlier
Currency traders said the peso
set. More than 400,000 OFWs were
would have slipped further if not for
deployed abroad in the first quarter of
the Bangko Sentral ng Pilipinas sell-
2007.
State refunds on Meralco bills
Lifeline power users in Metro Intramuros, Banaue and Batasan in
Manila can now avail of the P500 Quezon City, and Capitol Hills in
power subsidy. Pasig.
Malacanang said the government The subsidies, expected to cost
last week released P500 million in the government P2 billion, are part
the first phase of the program. of a program to ease the burden on
Qualified consumers may go to marginal consumers in the wake of
designated Land Bank branches to rising power rates.
claim refunds of their Meralco bills. The money comes from tax on oil
These branches are in Buendia, products.
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