Investing in the Philippines

Having lived here in the Philippines only since May of 2007, perhaps my opinions written here may seem a bit premature, but as an outsider living within I feel it necessary to voice some of my opinions of today and of the potential future of this friendly, english-speaking island nation. I would have to say that the future does look bright, very bright and there is evidence of this everywhere. I do not have any "insider" knowledge aside from some friends in real estate but indeed, real estate is booming and shows no signs of slowing down. This is especially evident in Metro Manilla where practically everywhere you look, there is a new condominium project in progress. I am aware that there are more sellers than buyers and it is difficult for freelance agents to make a buck, or peso, in this very competitive field, but there are buyers out there and these new, resort-style condos are going fast. If there wasn't a market, the developers wouldn't be building them. Those of you not in the know would probably assume that the Philippines is a third-world country and in most regards you would be right. Poverty and homelessness is everywhere and even those with jobs are mostly paid very low wages as the minimum wage for one whole day of work is around 300 pesos in the metro area (roughly 6 USD) and even less in the province (anywhere outside of Metro Manila). Despite this, there is a friendly, easy going air about the Filipino people that is very refreshing having come from the most stressed out country on the globe. Conflicting sources will either say that the economy is booming or that it is as bad as ever (along with the rest of the world). It is hard to say which is correct but it is hard for me to say that, at this time, the economy is booming. I see children in the streets running up to me asking for money only to turn them away due to my own personal lack of funds, a nation of low-income entrepreneurs, ie street vendors and Sari-Sari store owners, that are struggling to just get by. Yet in contrast to this, I see so much potential for the future of this great nation. With the booming of surrounding asian nation economies, Taiwan, South Korea, Malaysia, Hong Kong etc., it would be ignorant to say that the Philippines won't follow closely in their footsteps. Education is on the rise, especially in the computer science fields, and college and university programs are consistently growing in their diversity and competitiveness. It is easy to say that for a quality education at the right price, the Philippines is the place to be. In the future, no longer should Filipinos be merely considered cheap labor for global outsourcing or lower paid housekeepers, nurses, or short-term contract workers in the US and other nations abroad. In fact, many have come to America for the power of the mighty buck and the American dream, only to return later due to the decline of the value of the dollar and the increase of the Philippine peso, a good indication of the true state of an economy (with exceptions of course). With them they bring more diverse knowledge from abroad, implementing this into business structures here, and therefor boosting the economy with an influx of new industries and jobs, leading to a stronger peso. With this, I believe that investing in the Philippines is a wise decision in many degrees. Foreigners are able to purchase properties here either for investment or personal use at lower rates than most Asian countries. If investing in say, a condo for example, one can experience the benefits of a residual income for life, minus the necessary maintenance fees that may have to be performed from time to time. This is just the tip of the iceberg and is the easiest way for someone, foreigner or local, to grab their own little piece the Filipino pie. I forsee a large economic explosion within the next 20 to 30 years and now is the time to get in at ground zero before the opportunity is gone forever.