Filipino workers (OFWs) as their remittances have higher value when it reaches the country.
Joey Bondoc, research manager of Colliers International Philippines, said in a phone interview on Friday, that this trend was similar to what we had been seeing in Manila despite the inflation.
"The Central Bank is responding to higher inflation by raising policy rates, but the effect is not immediately felt by the consumers. The 100 to 150 basis points increase is something the market can still absorb," he said.
Bondoc said that Cebu's real estate trend with developers experiencing a higher take up on sales was experi- enced by Manila developers in the first half of the year with 31,000 units taken up in the pre-selling condo market.
He said that this would indicate a robust demand in the real estate market.
"As to peso depreciation, OFWs are in fact taking advantage of a depreciating peso by sending in more money to their families in the Philippines. This fuels the OFW families' purchasing power and their capacity to buy condominium units," he said.
He also said that despite Central Bank's implementation of anti-inflationary measures, banks had remained competitive and so far we had not been seeing a significant spike in mortgage rates.