Philippine Property Market: Housing Expo, Remittance Fees and the Peso in Focus
What this week's developments mean for OFWs and overseas Filipino property buyers
Written by PropVela Editorial TeamPublished 2 min read
For Filipinos abroad weighing a home purchase back home, this week brings a mix of good news: fresh financing deals, a push to make sending money home cheaper, and a peso that clawed back some ground after a rough stretch. Here's what matters for buyers, owners and renters watching from overseas.
50,000 Homes Up for Grabs — With OFW-Friendly Access
More than 80 developers will offer 50,000 housing units at the second National Housing Expo, running 19-20 October at the SMX Convention Center in Pasay City. Organized by DHSUD and Pag-IBIG Fund as part of National Shelter Month, the event promises affordable homes, special financing rates, and discounts of up to 30% for Pag-IBIG members. Notably, OFWs who can't attend in person can send a representative with a Special Power of Attorney to secure these deals on their behalf. According to the Daily Tribune, this makes the expo's discounts accessible even to buyers based overseas.
Senator Pushes to Cut Remittance Fees to 2%
Senator Go met with payments firms Swift and Revolut at the IMF-World Bank meetings in Bangkok to discuss speeding up and lowering the cost of cross-border transfers into the Philippines. He framed the effort around ensuring more of what OFWs earn abroad actually reaches their families, rather than being eaten up by fees and unfavorable exchange rates. For property buyers abroad, cheaper remittances would mean more money available for down payments or monthly mortgage amortizations. According to the Philippine Daily Inquirer, the goal is to bring transfer costs down to around 2%.
Peso Recovers Slightly After Hitting Record Low
The peso closed at P62.985 to the US dollar on Friday, recovering about 7.5 centavos after touching a record intraday low of P63.23. It had closed at a fresh record low of P63.06 on Thursday, pressured by strong US inflation data, higher Treasury yields, oil prices and weaker reserves, leaving it down nearly 6.8% for the year. Markets are now watching the BSP's October 22 policy meeting, where a possible rate hike could offer further support. For OFWs, a weaker peso generally stretches remittances further toward loan payments or savings, though analysts note inflation could blunt some of that benefit. According to Manila Times, sustained stabilization will likely depend on broader global conditions easing.