{"id":42063,"date":"2017-01-27T13:00:55","date_gmt":"2017-01-27T06:00:55","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-helped-speed-up-the-philippine-economy-last-year\/"},"modified":"2017-01-27T13:02:31","modified_gmt":"2017-01-27T06:02:31","slug":"real-estate-helped-speed-up-the-philippine-economy-last-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-helped-speed-up-the-philippine-economy-last-year\/","title":{"rendered":"Real estate helped speed up the Philippine economy last year"},"content":{"rendered":"


\nAmbitious\u00a0GDP targets already set for 2017
\nMakati, the financial district of metropolitan Manila. r.nagy\/Shutterstock
\nThe property sector played no small part in driving the Philippine economy to one of its fastest growth rates last year.
\nReal Estate, Renting & Business Activities (RERBA) in the Philippines grew 9 percent in the fourth quarter of 2016, compared with 7.8 percent in the same period in 2015, according to the Philippine Statistics Authority (PSA).
\nThe Philippines has lately been one of Southeast Asia\u2019s stronger economic performers, registering a gross domestic product (GDP) growth rate of 6.8 percent in 2016, the PSA reported. Cambodia and Laos meanwhile posted real GDP growth rates of 7 percent, while Vietnam and Indonesia grew 6 percent and 5.1 percent, respectively, according to The World Bank.
\nPSA attributed the rapid expansion of RERBA mainly to the rental market. Renting & Business Activities grew 14.6 percent in Q4 2016, up from 11.5 percent in Q4 2015. Home ownership posted a growth of 2.8 percent, in\u00a0pace with\u00a0last year.
\nMore: These islands will apparently be the \u2018Dubai of the Philippines\u2019
\nThe Philippine economy\u2019s Q4 showing was the slowest quarterly growth for 2016, but the statistics agency was quick to note that it surpasses the 6.5 percent growth seen in Q4 2015. GDP grew 7.1 percent in Q3 2016, the strongest among the ASEAN and the fastest growth for the country in three years.
\nThe World Bank projects GDP growth of 6.9 percent for the Philippines this year, but local officials have been emboldened to set more ambitious targets.
\n\u201cGiven this growth in 2016, we believe that the target of 6.5 percent to 7.5 percent for 2017 is highly likely,\u201d said Ernesto Pernia, President Rodrigo Duterte\u2019s socioeconomic planning secretary, in a statement yesterday. \u201cIn the medium-term, we expect growth to strengthen further towards 7 percent to 8 percent. This would mean that, over the next six years, the economy will expand by about 50 percent in real terms, and per capita income will rise by over 40 percent.
\n\u201cThis should bring us to the upper middle income category standing by 2022,\u201d he added.
\nRead next: The Philippines is set to see even more investment from Singapore
\n
\nSource : property-report.com
\nRead more…Real estate helped speed up the Philippine economy last year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ambitious\u00a0GDP targets already set for 2017 Makati, the financial district of metropolitan Manila. r.nagy\/Shutterstock The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42063","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aWr","jetpack-related-posts":[{"id":27584,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-risk-of-crisis-despite-surge-in-philippine-property-loans\/","url_meta":{"origin":42063,"position":0},"title":"No risk of crisis despite surge in Philippine property loans","date":"September 28, 2016","format":false,"excerpt":"\r 75 percent of H1 property loans went to developers and contractors qvist\/Shutterstock Real estate loans released by financial institutions in the Philippines reached PHP1.138 trillion (USD23.6 billion) in the first six months of this year, an almost 20 percent jump from the same period last year, data released Friday\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26061,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/booming-philippine-property-market-inspires-confidence-among-expat-investors\/","url_meta":{"origin":42063,"position":1},"title":"Booming Philippine property market inspires confidence among expat investors","date":"September 14, 2016","format":false,"excerpt":"\r The overwhelming majority of Filipinos in the UAE are optimistic that the property sector in their home country is rapdily improving, according to a new survey.A poll conducted by New Perspective Media (NPM), the organisers of the annual Philippine Property and Investment Exhibition, showed that 98 per cent of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21703,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-the-retail-boom-means-for-the-philippines-industrial-sector\/","url_meta":{"origin":42063,"position":2},"title":"What the retail boom means for the Philippines\u2019 industrial sector","date":"August 2, 2016","format":false,"excerpt":"\r A blossoming retail segment could have a domino effect on the country\u2019s sluggish industrial sector Towers in Makati, the financial district of Metro Manila, rise above a shopping mall. Image credit: Deortiz (Flickr) A booming retail segment could be the lift necessary to buoy the Philippines\u2019 industrial sector, marked\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2956,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/3-golden-growth-opportunities-for-the-philippine-real-estate-sector\/","url_meta":{"origin":42063,"position":3},"title":"3 golden growth opportunities for the Philippine real estate sector","date":"January 28, 2016","format":false,"excerpt":"\r What\u2019s next for the country\u2019s property industry in 2016? Metro Manila | Image credit: TheStandard.com.ph Given the upward trend witnessed in the Philippines\u2019 real estate sector in the past 12 months, industry experts are optimistic that the growth will be sustained this year. 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