Philippines Economy to Continue Growing - Still Hot Property Investment tip

Remittances from overseas Filipinos hit a record high of $1.47billion in March, according to the World Bank. This suggests that the economy will continue to grow strongly, the World Bank statement said.

The Filipino central bank has highlighted the rising demand for Filipino workers in Saudi Arabia as it prepares for the construction of mega-cities, as a reason for the massive growth.

I was recommending the Philippines as a hot destination for property investment last year, safe in the knowledge that it would continue to grow strongly throughout the international downturn.

The Philippines was worst affected from the Asian economic crisis earlier this decade, which made it very competitive in the export and outsourcing world, and very attractive to businesses because of the low living costs, low property prices and its young vibrant work-force -- ten percent of which is working abroad.

As Philippines economy continues to grow now, so Manila will continue to grow into a great Metropolis, one of the most vibrant cities in the world.

Yet property in the Philippines is still priced comparatively low, and its investment potential has not been diminished by the current financial outlook. The Philippines therefore is still high on my list of the top destinations that overseas property investors should look at.

Many emerging Asian economies are expected to continue growing throughout the world's recession, and with their growing middle classes goes the growing need for affordable housing. My hot investment tip for 2009 is affordable housing in Asia's emerging economies, of which the Philippines is one of the hottest.