Earlier this year, a think tank announced a bold forecast about overseas remittances. Amid the uncertainty of the pandemic, it will grow seven percent this year, according to Morgan Stanley Research. They said the oil price recovery in the Middle East region offers signs of economic recovery in countries that host overseas Filipino workers (OFWs). The accelerated vaccination program all over the world is poised to make borders reopen and ease travel restrictions, creating employment opportunities again.
All these factors support the positive growth prediction. But ultimately, the growth in remittances will fuel property investments. In this matter, it seems that locations outside Metro Manila fit migrant workers’ real estate buying needs. If you’re an OFW looking for your next property purchase, for sure, you can relate to these preferences: