DEPARTMENT OF FOREIGN AFFAIRS 
P R E S S  R E L E A S E
www.dfa.gov.ph                                                                                           2330 Roxas Blvd., Pasay City, Philippines                                                                                 Tel. No. 834-4000 
SFA-AGR-353-06                                                                                                                                                                                                                             12 May 2006

  

PHILIPPINE EMBASSY AND CONSULATES IN U.S. TO LAUNCH
ROADSHOW  FOR PROPERTY DEVELOPMENT
 
12 May 2006—Philippine Ambassador to the United States Albert del Rosario announced that the Embassy in Washington, D.C., together with designated  Philippine Consulates, will launch an initial roadshow this May to further  promote the country’s real estate and property development sector in the  American market. The roadshow will cover Honolulu, San Francisco, Los Angeles, Chicago, New York and Washington, D.C.

The participating developers are: Ayala Land, Britanny, Burgundy Realty, Cityland Development, Crown Asia, Daiichi Properties, Federal Land, Filinvest Land, Lakeshore Marketing, Landco Pacific, Ledesco Development, Megaworld Int’l, Pacific Concord,  Tagaytay Pacific Heights, and others.

Ambassador del Rosario said that “this program would serve the three-fold  purpose of boosting foreign investments, increasing remittance inflows to the Philippines and demonstrating the continuing confidence of the Filipino-American community in our economy and national leadership.”

The Ambassador noted that enhancing the real estate and property development sector will have a significant multiplier effect on the entire Philippine economy. By tapping the Filipino-American market, this program will moreover improve the levels of remittance inflows going through the formal channels of the financial system.

Ambassador del Rosario observed that, “our ongoing campaign to increase remittances which President Gloria Macapagal-Arroyo had launched in the US resulted in a 31% increase in remittances, or 60% of total remittances for 2005.” In his view, “this new  strategy will not only sustain but improve the level of remittances going forward.”

Under this program, Philippine Foreign Service Posts will provide venues and invite the Filipino-American community during designated “open house” weekends to enable Philippine property developers to market their products in different parts of the US.   “It is our intention to assist our property developers in establishing linkages and in building their markets in the US, without, however, endorsing or guaranteeing any particular developer,” Ambassador del Rosario said.   Since the roadshows will be held on weekends, consular services will also be rendered to the community as an added benefit.

Succeeding roadshows are envisioned on a quarterly basis for the remainder of 2006. This promotion program is a collaboration among the DFA, DTI and property developers. The DFA will mobilize the market comprised of the Filipino-American community through the Consuls General, while the DTI will mobilize the Philippine-based property developers and interested financial. END
 
 
 
 

/bjg