There's a lot of uncertainty right now and loss of income. In fact, just this morning, a client asked me this.
Their industry (airline) has been hit real hard and their company's been laying off a lot of its employees. Because of this, they could no longer pay their monthly downpayment for the condo they purchased last year.
Here are some tips on how to approach this:
Image from calvinayre.com
Influx of Chinese Workers
The influx of Chinese nationals seeking to work in the Philippines has been sensationalized. PAGCOR closely monitors their entry to the country through the issuance of Offshore Gaming Employment License (OGEL), a pre-employment and continuing requirement.
Image from primer.com.ph
Here are David Leechiu's thoughts on what is happening now and post lockdown:
1. BPO will resurge sometime year-end because by then, both Philippines and USA should have adopted to a "new normal". Best example: we received a requirement for 4,000 seats to be concluded before September - and that is anywhere from 20,000 to 30,000 sqm.
2. The global recession will compel the West to offshore more jobs to Bangalore, Manila, Cebu and Clark.
Image from propmodo.com
Truth be told, all industries have taken a massive hit because of COVID-19 pandemic, but real estate investors should not be panic because there are always opportunities. In fact, this should be a time to reflect and observe the new market trends:
Rick Manzano is a Licensed Real Estate Broker from RE/MAX Capital Alabang.