Banks retain lending standards, more data needed for property index, Sapphire Bloc’s award, and more
The Sapphire Bloc closed 2015 with the award "Best Condo Development" from South East Asia Property Awards 2015. (Photo from Robinsons Residences)
Another week, another fresh batch of updates about Philippine real estate. Last week, banks announced they’re retaining their lending standards for commercial real estate and housing loans. The ACCP announced the need for the incoming administration to focus on infrastructure. And Robinsons Residences’ Sapphire Bloc grabs the “Best Condo” accolade at the Southeast Asian Property Awards.
Banks retain lending standards for real estate, housing loans
The 4th Quarter 2015 Senior Loan Officers’ Survey conducted by the Bangko Sentral ng Pilipinas (BSP) revealed that credit standards for commercial real estate and housing loans were unchanged in the October–December period last year. According to BSP, this demonstrates respondent banks’ stable economic outlook, unchanged tolerance for risk, and unchanged profile of borrowers. For commercial real estate loans, banks also showed no change in provisions of loan contracts, but displayed wider loan margins, stricter collateral requirements, and increased use of interest rate floors.
The Philippine Star; January 25, 2016
BSP eyes home developers, regulatory agencies for RE price index data
In order to put together part of their residential real estate price index (RREPI), the Bangko Sentral ng Pilipinas (BSP) will reportedly seek additional data from sources such as home developers, land registration, and housing regulatory offices. BSP revealed that they currently have two asset price indices, but that these are for the central bank’s “internal use” since it consists mainly of information from the supply side. But with information sourced from the aforementioned sources, the RREPI aims track asset prices and determine possible housing bubbles.
Business World; January 26, 2016
New gov’t must focus on infrastructure, said ACCP
The American Chamber of Commerce in the Philippines (ACCP) said in a briefing recently that the upcoming administration should not only focus on education, judiciary, economy, agriculture, and security, but also in improving the country’s infrastructure to attract foreign investors. The ACCP believes that faster mobility of goods and people via better rails and roads would increase the Philippines’ competitiveness. Another factor the ACCP sees as beneficial is the passage of the Real Estate Investment Trust (REIT), as well as liberalizing the economy.
Business Mirror; January 26, 2016
Robinson’s Sapphire Bloc lauded as ‘Best Condo’ in PH
The Sapphire Bloc, a Pasig condo development by Robinsons Residences under Robinsons Land Corporation (RLC), earned the award “Best Condo Development” at the recently concluded South East Asia Property Awards 2015. RLC was selected as one of the awardees from over 400 real estate brands hailing from Southeast Asia. Prior to this, Sapphire Bloc also received “Best Condo Development” (Philippines) and “Best Mid-Range Condo Development” (Metro Manila) at last year’s Philippine Property Awards.
Manila Bulletin; January 27, 2016
8990 Housing tops Pag-IBIG’s ‘best developers’ list
The Home Development Mutual Fund (HDMF) or Pag-IBIG recently awarded mass housing brand 8990 Housing Development Corp. the recognition “top property developer” in terms of takeout value. According to parent conglomerate 8990 Holdings’ president and CEO Jesus Atencio, the company’s takeout value rose to Php2.4 billion last year from Php1.7 billion in 2014. Atencio also revealed that 2015’s takeout, which is the individual members’ home financing taken charge of by HDMF, made up 25% of 8990 Holdings’ total business. Other brands in Pag-IBIG’s list include The New APEC Group of Companies; Homemark, Inc.; and Fiesta Communities, Inc. & Affiliates.
Philippine Daily Inquirer; January 29, 2016