Speaking Out
By Ignacio R. Bunye
Interested in current real estate market and credit conditions in the country? Here are some facts and figures recently released by the Bangko Sentral ng Pilipinas (BSP) which may help you assess the trends and make informed decisions regarding housing investments.
In the last quarter of 2023, the prices of houses in the Philippines increased compared to the same period the previous year, but they went down compared to the previous quarter of 2023. Here’s a breakdown of what happened:
- Overall Trends:
- Residential property prices across the nation increased by 6.5% compared to the same quarter in the previous year. However, they decreased by 3.6% compared to the previous quarter.
- Regional Trends:
- In the National Capital Region (NCR), prices went up by 4.3% compared to the previous year.
- In Areas Outside the NCR (AONCR), prices increased by 7.8% compared to the previous year.
- Quarter-on-quarter, prices decreased by 9.4% in the NCR and by 1.2% in AONCR.
- Types of Housing:
- Prices increased for single-detached/attached houses and townhouses compared to the previous year. Condominium prices, however, saw a decline.
- Quarter-on-quarter, only townhouse prices increased, while prices for duplex housing units and condominiums dropped significantly.
- Loan Availments:
- The number of loans taken out for new housing units increased by 30.5% compared to the previous year.
- Quarter-on-quarter, there was a 26.9% increase in loan availments.
- Average Prices:
- The average price per square meter of new housing units increased by 19.1% compared to the previous year but decreased by 3.4% compared to the previous quarter.
- In NCR, the average price per square meter increased by 5.5% compared to the previous year but decreased by 14.3% compared to the previous quarter.
- In AONCR, the average price per square meter increased by 31.8% compared to the previous year and by 18.1% compared to the previous quarter.
- Profile of Loans:
- Majority of the loans were used to purchase new housing units, with single-detached/attached houses and condominiums being the most common types bought.
- In NCR, most loans were for condominiums, while in AONCR, they were for single-detached/attached houses.
The Bangko Sentral ng Pilipinas (BSP) has been releasing this report since June 2016. Data for the RREPI is collected from banks quarterly, as mandated by BSP Circular No. 892 from November 16, 2015. Additionally, BSP Circular No. 1154 from September 14, 2022, extends this requirement to include digital banks.
More Cities Joining Paleng-QR Ph Plus
Bacoor City has now joined a program called Paleng-QR Ph Plus, which encourages people to use digital payments in public markets, transportation like jeepneys and tricycles, small neighborhood stores (sari-sari stores), and other businesses.
The launch event on March 5, 2024, was attended by officials from the Bangko Sentral ng Pilipinas (BSP) led by Deputy Governor Berna Puyat and Bacoor City Vice Mayor City Vice Mayor Rowena Bautista-Mendiola, on behalf of Mayor Strike B. Revilla. They emphasized that this program will bring several advantages, including easier and safer transactions, economic opportunities for market vendors and drivers, and access to a wider range of financial services.
The program promotes the use of QR codes for payments, making transactions quick, secure, and convenient for both sellers and buyers. It’s part of a larger effort by BSP and the Department of the Interior and Local Government (DILG) to encourage digital payments across the country.
In addition to promoting digital payments, the BSP is also running a currency exchange service called “BSP Piso Caravan” in Bacoor’s public market. This service helps replace damaged or unfit banknotes and coins with digital cash, aligning with BSP’s goal of promoting digital payments and financial inclusion.
PLMun ROTC best in Fancy Drill
Double thumbs up for the Pamantansan Ng Lungsod ng Muntinlupa (PLMun) ROTC unit for besting 14 top schools in Metro Manila during the recent 2024 NCR ROTC Fancy Drill Competition. The PLMun team not only emerged as Champion but also Best in Uniform, capturing the Philippine Army Grandstand for the second year in a row. PLMun President Raymond Arcega described his team’s performance as “truly nakaka Proud”.
