Study: Manila, PH is world’s fastest growing luxury home market
by Robie de Guzman | Posted on Friday, March 8th, 2019
MANILA, Philippines – The Philippine capital of Manila has been tagged as the world’s fastest growing luxury home market for 2018, based on a study published by Knight Frank Prime International Index.h
The latest report of property consultancy agency Knight Frank showed that Manila beat obvious candidates such as Berlin in Germany, Tokyo in Japan, Paris in France and Singapore in the ranking of top cities on how much prices for luxury homes have increased in the past year.
The report said the City of Manila experienced an increase in the prices of luxury homes by 11 percent in 2018, buoyed by the Philippines’ strengthening economy and an apparent shortage of luxury homes. Also contributing to the increase in prices are the low supply and the increased demand from wealthy foreigners living in Manila.
Knight Frank also reported that the country’s economy grew by six percent in 2018, which attracted more Filipino expatriates to invest in properties back home.
But despite its top ranking, the report said the overall growth in luxury home prices is dwindling, and Manila’s price growth is still far from last year’s top performers, which saw a 21 percent overall growth. The deceleration was attributed to the end of real estate low interest rates, which boomed in 2008.
The study also cited the significant slowing down of luxury home growth in the Philippines after the developers’ renewed their focus on more affordable housing amid predictions that there is more demand in the low to medium-end markets.
Apart from Manila, the only other Southeast Asian city that made it to the top ten of list of 100 cities was Singapore, which ranked 7th overall after registering a 9.1 percent increase in luxury home prices.
In the West, Edinburgh ranked second with 10.6 percent growth followed by Berlin, Germany with 10.5 percent, Munich and Buenos Aires both with 10 percent; Mexico city ranked sixth with 9.5 percent while Madrid landed at 9th pace after registering an increase of 8.1 percent in luxury home prices.
Boston, Massachusetts in the United States ranked 8th after gaining 8.6 percent increase while San Francisco placed at 10th.
Beijing, China ranked 25th with only four percent increase while Hong Kong ranked 47th overall with 1.8 percent increase in luxury home prices. – Robie de Guzman
by Robie de Guzman | Posted on Thursday, May 2nd, 2019
MANILA, Philippines – The Department of the Interior and Local Government (DILG) will summon village chiefs who are not complying with orders in relation with the ongoing Manila Bay rehabilitation.
DILG Undersecretary for barangay operations, Martin Diño, said at a press briefing on Thursday that they are set to issue a show cause order against 1,000 barangays along the Manila Bay Watershed Area for failing to follow orders to strictly enforce environmental laws in their respective areas.
Diño said cases will be filed before the Office of the Ombudsman if these village executives fail to justify their non-compliance with the order.
The DILG official also reiterated that the dismissal of Malay, Aklan Mayor Cicero Cawaling should serve as a warning to all local officials.
Cawaling was dismissed from public office after he was found guilty of gross neglect of duty and other offenses in relation with Boracay island’s environmental degradation.
“’Yung mga mayor sa Metro Manila at yung 179 mayors that cover Manila Bay, hindi kayo exempted dito. Baka kayo na ang kasunod,” Diño warned.
The official said 179 local government units and 5,714 barangays have been ordered to conduct weekly clean-up drives in Manila Bay and Laguna Lake in compliance with the directive of President Rodrigo Duterte through Memorandum Circular No. 2019-09.
In a recent statement, the DILG called on local officials anew to work closely with concerned government agencies in protecting the environment in Boracay, Manila Bay watershed and other critical areas in the country. (with details from Rey Pelayo)
by Robie de Guzman | Posted on Wednesday, May 1st, 2019
MANILA, Philippines – The Metropolitan Manila Development Authority (MMDA) said on Tuesday (April 30) that the impending implementation of the provincial bus ban on Edsa remains as one of the best alternatives to decongest Metro Manila roads.
MMDA traffic chief Bong Nebrija said in an interview that it is standing by its resolution of shutting down provincial bus terminals on Edsa despite a petition seeking for a temporary restraining order.
The petition was filed on Monday by AKO Bicol Party-list before the Supreme Court.
Nebrija added that opposing a policy before its implementation will only hinder the agency from doing its job.
Under MMDA Resolution No. 19-002, local governments are urged to revoke or prohibit the issuance of business permits to all terminals and operators of public utility buses and vehicles along EDSA.
When this policy takes effect in June, provincial buses will be required to drop off passengers at government-constructed terminals like those in Parañaque, Valenzuela City and Sta. Rosa, Laguna, where they could transfer to city vehicles.
In its 44-page petition, AKO Bicol argued that the MMDA and the Metro Manila Council have no authority to implement the ban as they were not authorized under the law to enact ordinances or approve resolutions. The group added that these are acts of police power that only individual local government units can exercise.
The group also said the measure was contrary to the Public Service Act which requires bus operators to maintain their own terminals as a requirement for the franchise, and that the move encroaches upon the authority of the Land Transportation Franchising and Regulatory Board (LTFRB) to issue, amend and revoke certificates of public convenience to public utility vehicles.
But Nebrija stressed, the MMDA will only transfer and not abolish the provincial bus terminals on Edsa. He also added that the agency knows it has no police power that is why the resolution only urges local governments to shut down the terminals in their area.
If the policy is implemented next month, it would affect some 47 provincial bus terminals on Edsa. – Robie de Guzman
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