Bubble or Bubble Gum na Juic fruit .. Mas malinamnam... One of the comment on this forbes article by a fellow OFW.. ...condominiums are sprouting up like mushrooms. But they cater mostly to upper middle to upper class of society. Even then OFWs who comprise a large part of the people who purchase condos are by nature very cautious. Filipinos especially those who grew up in the hard times of the 70s-80s are very timid when in comes to investing in anything let alone property. When you grow up in a period of coup de etats and revolution, the last people you trust is the government. That is what I looked for in your article. The Human element. An article about the Philippines should always consider the Filipino aspect. But again overall i agree with your assessment. I am not sure if the weary Filipino mentality will actually make a difference in averting the bubble you are predicting. By the way OFW remittances stimulate the economy directly because it leads to consumer spending. For the past 2 decades I have acted like a remittance center for relatives overseas who want to send money to my other relatives here in the Philippines. Every Christmas i have had to disburse on average at least USD$1,200 to several relatives. And that’s just coming from 2 Filipino Americans… Not even the OFWs. Remember there are millions of Filipinos who immigrated overseas and it is part of their culture to help their relatives back home.
Posted on: Thu, 28 Nov 2013 10:14:51 +0000
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