Residential Real Estate Prices Declines
In the recent BSP Residential Real Estate Index Q3 2020 report, there is a sharp decline of properties particularly residential condominiums by -23% with many investors affected with the pandemic and the decline of foreign workers of various Philippine Offshore Gaming Operators in Metro Manila which have become the renters of these properties. With high vacancies and non-payments of loans. Majority of owners have decided to sell off their condominiums for other interested buyers particularly real estate speculators due to possible circumstances such as non-availability of credit from financial institutions because of stringent requirements against risks and defaults with a slow economy in recession.
Political Will and Policies versus Medical Science
Opening up the economy to children below ages 14, has been requested by businessmen in the past months but with the spike of this disease in Cordillera Autonomous Region (CAR) which affected three children below 14 years who contracted COVID-19 recently. The IATF had intends to relax the implementation but later retracted because of the possible rising cases of transmission of the Covid-19 UK variant (B117) the following day. This was refuted by health experts from Philippine Pediatric Society with recommendations coming from Department of Health and other non-governmental organization because of the risks of transmission of this disease as children are considered possible super spreaders.
Infrastructure Developments Continues
Build, Build Build and Private-Public Partnership programs on infrastructure development remains in progress with new projects underway. Although, there were setbacks in 2020 because of the pandemic, the opening of the NLEx and SLEx connector is one example of the projects completed. Others than that were recently other developments that shelved or removed from the list. One example, is the Sangley International Airport in Cavite because of non-compliance of the winning bidder / contractors and other reasons above economic growth is the national security of Metro Manila as Sangley Naval Base in Cavite City run by the Armed Forces of the Philippines.
High Hopes and Expectations
About the Writer
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