Philippine Real Estate Market and COVID19 Crisis
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Coronavirus impacted not only the people, but also the economy and real estate. There is a need to explore and analyze the economy, business, real estate sector and draw-up plan for survival and eventual bouncing back.
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Philippine Real Estate Market and COVID19 Crisis
- 1. Philippine Real Estate Market and COVID-19 Crisis PROF. AUGUSTO B. AGOSTO PAREB Secretary General Consultant, Asian Development Bank April 2020
- 2. Welcome and introduction • COVID-19 and ECQ • Lessons learned from past pandemic • Economic Impact • COVID-19 Market Impact • Bayanihan to Heal as One, Salient Points • Looking Ahead
- 4. Lessons from Past Pandemic
- 5. Spanish Influenza (trancazo) • Globally, infected more than 500,000 of the population. • In the Philippines, the total number of deaths was estimated at 70,513. • The epidemic also occurred in waves, started in June and the second more severe one begun in October 1918.
- 6. Economy at a glance
- 7. Economy at a glance…(cont’d)
- 8. Economy at a glance…(cont’d) Area % Share Luzon 73 Visayas 13 Mindanao 15 Gross Domestic Product, Percentage Share
- 11. COVID-19 Market Impact Directly Hit Travel, hotels, resorts Social distancing, lockdowns Retail, offices are closed Residents limitation on mobility Demand for essential goods increases Retail, agriculture, health facilities Stay at home Digitalization, delivery
- 12. Bayanihan to Heal As One Act (Salient Points) Provision Description Real estate Impact Economic and financial assistance Emergency monthly subsidy of P5,000 to P8,000 to 18 million low income households all over the country Easing the burden on food and other basic supplies. Residential rent freeze for 30 days without penalties, interests, and other fees and moratorium for all loans including personal, housing, motor vehicle, credit cards Temporary alleviation for residential renters, owners Small Business support Reschedule statutory deadlines and timelines for the filing and submission of any document, the payment of taxes, fees, and other charges required by law. Provide a breathing space for professionals, business. Support offices Big Business support Operation of any privately-owned hospitals and medical and health facilities such passenger vessels and, other establishments Provide an alternative operation for hotels, airlines, office and industrial Incentives to manufacturers/importers of healthcare supplies Demand for medical facilities will become stronger Agriculture Credit resources to productive sectors of the economy, especially in rural areas, by employing measures such as "lowering the effective lending rates of interest and reserve requirements of lending institutions. Will boost the agricultural production and small businesses.
- 13. Embrace the New Normal •Digitalization •Innovation •Diversification
- 14. Looking ahead Best case scenario Lockdown will be lifted on April 16, 2020 Worst case scenario 6-9 months, October to December 2020 Moderate 3-6 months, May – June 2020
- 15. Daghang Salamat.
Notas do Editor
- COVID-19 is not as deadly as Ebola, which had a mortality rate of 60%, or SARS and MERS at 30%. But if the risk of death is lower, transmission is much higher.
- Business continuity – we are not ready Flexible working condition is the way of the future Message to REN – Need to adopt; self-study; and reconnect with clients Renegotiated terms- on how to help people Reinvent yourself