INWARD remittances from the 7.76 million overseas Filipino workers (OFWs) account for almost 10 percent of the country’s GNP, according to the Philippine Overseas Employment Administration.

A third of these contributions are used in either buying a home or land investments, which fuel the local real-estate industry.  Despite the current depreciation of foreign currencies, OFW remittances spent on real-estate investments still remains strong. In fact, for the first quarter of 2008, OFW remittances are up 13.2 percent from the same time last year according to the Bangko Sentral ng Pilipinas.  The United States, Saudi Arabia, The United Kingdom, Singapore, Italy and Hong Kong are the adoptive homes to the majority of OFWs, making these countries the major sources of foreign remittances.

Recognizing that OFWs desire to have their own houses to go home to on their return to their country, Communities Philippines is stepping up efforts to provide them with suitable homes by undertaking more projects specifically meant for OFWs.

Communities Philippines’ deep understanding of the needs of its market stems from its long years of experience in serving the real-estate needs of Filipinos. A proud subsidiary of Vista Land & Lifescapes, which includes Brittany, Crown Asia and Camella Homes, Vista Land is the country’s largest homebuilder, with years of experience and dedication in the real-estate industry.  Among these, Communities Philippines is the arm that will bring world-class homes and amenities to major cities outside the Metro Manila. 

“You don’t have to live in Metro Manila to own a world class home with modern-day amenities,” said Jerylle Quismundo, president of Communities Philippines. “Whether you were born in Pangasinan or all the way down south to Cagayan de Oro and Davao, we will surely give you a reason to go back home to your roots.”

Quismundo stressed that Communities Philippines is dedicated to live up to the demands of the OFW market, with developments in over 17 cities and municipalities in Pangasinan, Pampanga, Bulacan, Batangas, Camarines Sur, Leyte, Cebu, Iloilo, Cagayan de Oro, Davao and General Santos. It plans to expand to more sites in 2008.

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Communities Philippines: Building world-class homes for OFWs

INWARD remittances from the 7.76 million overseas Filipino workers (OFWs) account for almost 10 percent of the country’s GNP, according to the Philippine Overseas Employment Administration.