• Overseas Filipino workers (OFWs) are emerging as the local property market’s saving grace as a high interest rate environment continues to dampen appetite for home loans.
  • Latest data from the Bangko Sentral ng Pilipinas (BSP) showed bank loans taken out to buy new homes declined 1.8 percent year-on-year nationwide in the third quarter, with the contraction more pronounced in Metro Manila where home loans collapsed 11.9 percent.
  • Home loans sagged as borrowing costs rose after painfully high inflation prompted the BSP to aggressively hike its benchmark rate, which banks typically use as a guide when charging interest on their loan products.