Monday, September 23, 2019

POGOs: Why are they here in the Philippines (Part 1)?


There has been a hot debate on social media and other media outlets concerning the growing number of Chinese workers in Metro Manila. A number of them are working on gaming industry which are composed of legitimate information technology based game development for the Chinese market or even cater the world market but most of them are involved in gambling through proliferating online casino which is "illegal and prohibited in their own country"

What Are Philippine Offshore Gaming Operators (POGOs)?

Philippine laws allows the creation of gambling and entertainment companies through the management of Philippine Amusement and Gaming Corporation (PAGCOR) a government owned enterprises which overseers and regulates these companies or corporation involved in this industry. There is an projected P 20 billion pesos revenue generated as stated by PAGCOR on the profits earned in this industry.

Win-win Situation for Our Filipino Compatriots?

For our local real estate professionals / property owners, it had given them prosperity as the demand of residential housing is rising, driving the market into overload with residential condominium units and office buildings. For examples: Those located in one floor in the Bay Area - SM Mall of Asia is being leased by these foreign workers or in McKinley Hill / West (BGC, Taguig City) to their Chinese locators with Filipino contacts.

Filinvest Land Inc and Megaworld Corporation are the biggest winners or could be the biggest loosers? at the same time in terms of office leasing for these foreign companies that are located on commercial or office buildings in their estates or owned by these real estate development companies around Metro Manila. SM Development Corp projects located near SM Mall of Asia are mostly on the leasing of commercial with majority in residential properties by private unit owners or handled private property management hired by private unit owners may or may not be associated with these developers.

In Paranaque alone, there were complaints from local residents of intrusion and being offered money by these foreign locators with their local counterparts in order to acquire a property of the said residents driving the fair market value of prices too steep for ordinary Filipinos to buy or own or even rent a home that led to local renters being driven away further from this area because of increase in rent or lease of residential apartments or homes. There was also an incident of Chinese only food park in Las Pinas with no business permits and unsanitary practice operating around the area which received a lot of attention from local residents and social media. Action was taken by local government unit of Las Pinas on this incident on complaints of the local populace of such illegal operation happening around their community.   

Why Chinese workers are here?

Similar to Overseas Filipino Worker (OFWs) they are working overseas in order to fulfill their needs and at the same time provide to their families left behind in mainland China. The recent events in US-China Trade tensions, have caused unemployment and layoff in China's manufacturing sector with the economy falling and the Chinese government creating a stimulus in order to maintain the economy with last year's GDP performance of 6.4% growth. Plus the compensation for a hired POGO workers who are compensated with P 80,000.00 to P 130,000.00 per month as a "data analyst"  per se with free living accommodation and allowance and return ticket to China who would grab an opportunity or refuse an offer for job like this. The POGO workers age usually in their early 20s to late 30s or some in their 40s. There was also rumors or speculation from other foreign communities / expatriates about POGO managers mainly that they earn at least P 1,000,000.00 to P 4,000,000.00 per month on managing a firm in the Philippines which is unverifiable?

External Security Threat?

Recently, Secretary of National Defense Delfin Lorenzana and other politicians in congress were alarmed with the possibility of external security threats of these POGOs sprouting near military bases and other important government installations. It has become a threat for local security forces against foreign intrusion with the possibility of espionage in our country by these foreign workers who are of military age men (MEM) in military lingo.  

Screen Grab from former Sen. Rafael Alunan's Facebook 

To be continued on our next article....

About the Writer

CRB Benedict Baluyut is a professional real estate broker, real estate appraiser and associate of C. F. Baluyut Realty. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines, Inc. (REBAP) - Pampanga Chapter. You can get in touch with him at https://www.cfbaluyutrealty.com.





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Copyright 2004 - 2019 C. F. Baluyut Realty | Real Estate in Pampanga, Philippines. All Rights Reserved.

Thursday, September 19, 2019

Ready For Occupancy: Pre-owned Combined Studio Condo Unit Near Clark Freeport Zone

Recently acquired listing for everyone to enjoy and view with its amenities and facilities overlooking Clark Freeport Zone side of Angeles City and the nearby Diosdado Macapagal International Airport (Clark International Airport)

Property details:
  • Combined Studio Units turned to One Bedroom Unit
  • Total Floor area is 72 square meters (36 units per unit)
  • Location wise, accessible via 24/7 public utility vehicles (jeepney / tricycle)
  • Minutes away to SM Clark, Clark Freeport Zone entrance gate via Friendship Highway, Diosdado Macapagal International Airport and business / entertainment establishments nearby
  • Combined studio unit turned into a One Bedroom.
  • Fully customized construction of the inside with high quality materials used with a meticulous owner
  • Maintained frequently by the unit owner, currently leased by foreigner. 
  • Items included in the sale of the property

Monday, September 16, 2019

Why You Should Avail Tax Amnesty Now For Your Real Estate Properties!

People think that paying estate tax is a burdensome process but to relieve yourself from stress one should pay the right amount just to comply tax law's of the land.  The prior to the implementation of Republic Act 11213 (Tax Amnesty Act of 2019), payment of estate tax is at a rate of up to 60% and is very steep for many ordinary Filipinos.













By definition,  Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is not a tax on property. It is a tax imposed on the privilege of transmitting property upon the death of the owner.

Monday, September 9, 2019

How to Determine Your Household or Personal Disposable Income


In our previous article on Inside Real Estate:  Can You Really Afford the Monthly Mortgage? posted in September 2 2019. We will  discuss details on Household Disposable Income or Personal Disposable Income.

We know that financing your loans is very crucial in acquiring your "dream home". However, a borrower should consider the risk in buying a property against problems like foreclosure in the future.

Monday, September 2, 2019

Inside Real Estate: Can You Really Afford the Monthly Mortgage?




If yes, these are what you need to know first before making any drastic and tedious decisions because buying a real estate takes a lot of your finances and you should keep them in order for you to pay it regularly at the same time take pride in owning your very own home or your investment property. Therefore, it is imperative that studying first your personal finances, making decision with your husband or wife plus other expenses your family incur daily.