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Philippines Market Watch JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. EMERGING MARKETS: PHILIPPINES Located in Southeast Asia, the Philippines is Philippines) which make up Metro Manila, known as the National made up of more than 7,100 islands, the 11 Capital Region and home to around 12 million people. Within Metro Manila, the primary expatriate communities and two main largest of which contain 94% of the total land business districts are Makati and Taguig. Both provide a good mix area and 90% of the country’s population. of old and new properties, including furnished and unfurnished An emerging market, that is becoming a options. Serviced apartments are also available and popular for more frequent destination for assignees, the short term assignments as well as for single assignees and couples. Philippines gained full independence in 1946 Makati offers houses and condominiums and Taguig is a relatively new development with only condominiums available. Quezon City, and has enjoyed rapid economic development Muntinlupa and Pasig are other popular expatriate areas in Metro in recent decades. The most popular destination Manila and offer good quality housing. for expatriates is the capital city of Manila. Most of the new developments in Metro Manila focus on low to low-mid range units. This means it remains challenging to find Key Challenge Areas high-end luxury apartments. As multinational organisations set up Input from Cartus’ Destination Services Provider on the ground in head offices in Bonifacio Global City, there are many prospective the Philippines, highlights the following key areas for assignees: tenants in the area, especially for high-end accommodation. This Housing has resulted in increasing rental rates. Schooling Assignees looking at new properties should be aware that unit floor Transportation space is typically smaller. For example, a brand new two bedroom Climate apartment will be around 80 sqm, whereas a 10 to 15 year old Visa & Immigration property with two bedrooms would be upwards of 120 sqm. Healthcare & Security Language Rental Rates Cultural Issues It is standard practice in the Philippines for landlords to request one year’s advance rental payment plus security deposit, which Philippines in Brief is equivalent to two months’ rent. This is especially the case for • Capital: Manila properties in Makati and Taguig. Landlords renting properties in • Other Significant Cities: Quezon City, Cebu City, Davao City, secondary areas are often more flexible and may agree to monthly Makati City, Taguig City, Muntinlupa City payments with post dated cheques. • Government: Republic There is a significant difference in rental rates depending on whether • Official Languages: Filipino and English a personal or corporate lease is used, as the latter is liable for higher taxes. Assignees renting properties using a corporate lease should • Currency: Philippine Peso be mindful that their overall housing allowance is subject to tax. • Religion: Catholicism Below is an outline of the average rental rates for properties in • Population: 100,981,000 Manila per month (properties in other locations in the Philippines are • Climate: Tropical typically lower). • Time Zone: GMT +8 hours • Dialling Code: +63 Apartment Rental Rates House Rental Rates 1 Bedroom P80,000 – P95,000 1 Bedroom Not available HOUSING 2 Bedroom P150,000 – P180,000 2 Bedroom Not available The majority of assignees reside in Manila, located on the eastern 3 Bedroom P200,000 – P270,000 3 Bedroom P180,000 – P250,000 shore. The capital is one of 16 districts (known as ‘cities’ in the 4 Bedroom P300,000 (very rare) 4 Bedroom P260,000 – P400,000 CARTUS | MARKET WATCH: PHILIPPINES / JANUARY 2017 | PAGE 1 OF 3 JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. EMERGING MARKETS: PHILIPPINES Programme Advice • Due to demand in popular areas, assignees need to act quickly to secure the property they want. • Be mindful of extra costs associated with unfurnished properties. It should be decided before the home search whether the assignee or the organisation is responsible for furnishing the property. • Organisations using corporate leases should consider the tax implications when calculating housing allowances. SCHOOLING There is a good selection of international schools in Manila, to May and a rainy season between June and November). The rainy although school places can be limited for the most popular season often sees sudden, violent thunderstorms and typhoons, choices, which include the British School Manila located in central often occurring in the late afternoon. On average, eight or nine Manila and Brent School of Manila, located in the Province of tropical storms occur in the Philippines each year. Typhoons are Laguna, popular amongst those living or working in the area. announced via local or national media with a ‘signal’ warning, There are waiting lists for these two schools and families should signal 1 being the weakest and signal 3 being the strongest. The register early to avoid disappointment. There are also Japanese, Philippines is also prone to earthquakes and eruptions from around Korean, Chinese, French and German school options available in 20 active volcanoes. Manila. Availability for all international schools is becoming quite During the rainy season, the country suffers power outages on a limited as the number of expatriates increase, so assignees will fairly regular basis. The length of time and regularity of the power need to register early for all school options. outages varies by location, but is typically worse in rural areas. The majority of expatriate condominiums will have generators that will Programme Advice provide anything between 30% and 100% back up. Assignees should • Due to limited availability, assignees with school-age children aim to find out a generator’s capabilities before signing a lease. should apply for space in schools as far in advance as possible Houses do not typically have generators, although some people and ensure all relevant paperwork is prepared and ready choose to install their own. early. This includes report cards, health documents and recommendation forms. The rainy season also means that Manila can be prone to flooding, which can disrupt daily living especially routes home or to/from work • Organisations should also send authorisation for school assistance and it is therefore important to know alternative routes. Congestion to their service provider once an assignment is confirmed. on the roads may also be particularly heavy during floods. TRANSPORTATION Programme Advice There are many types of transport available in Manila, including • With the threat of typhoons and earthquakes, keep up to date taxis, private cars, buses, trains, motorised tricycles and the with weather warnings via radio and television. Before choosing iconic jeepneys, for which the Philippines is famous. However, we permanent housing, assignees should ensure that the property is recommend that assignees either lease a private car with driver not prone to flooding and is ‘earthquake-safe’. or use taxis, as it can get too crowded on buses and trains (and • To set expectations, the possibility of power outages should be these are typically only used by locals). Although taxis are metered, communicated to the assignee and their family as soon as possible. assignees should negotiate the fare before the journey, especially It is certainly easier to contend with in major cities but wherever the during peak hours. Uber is also available in the Philippines and a assignee is located, such outages will prove challenging to those safer option for expatriates. In populous cities such as Manila and who come from countries where electricity is readily available. Quezon, there is heavy traffic during peak times. Congestion in • Flooding in Manila means alternative routes to avoid flooded areas, Manila’s business areas can be particularly challenging. can save valuable time to the assignee’s day. We recommend that you provide information on alternative routes during the settling Programme Advice in process and - to avoid disruption to schedules - do not conduct • Organisations should consider providing the assignee with a car and look/see and home finding trips during the rainy season. driver for at least the first two weeks of the assignment. This ensures a smoother settling in process and allows the assignee (and family) to get used to their surrounding area and road/traffic conditions. VISA & IMMIGRATION Process times for visa applications are currently delayed due to the introduction of additional requirements to support applications. These CLIMATE delays are impacting start dates for some assignees and organisations The Philippines has three main seasons including dry, cool weather should be mindful of this when scheduling assignments. between December and February, a tropical summer from March CARTUS | MARKET WATCH: PHILIPPINES / JANUARY 2017 | PAGE 2 OF 3 JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. EMERGING MARKETS: PHILIPPINES The Philippine Bureau of Immigration announced in October 2014 that a new Alien Registration Programme (ARP) will be implemented. The ARP aims to update the Bureau’s database by registering foreign nationals, in person, and capturing biometric data. Once in place, registration will be mandatory for those residing in the Philippines for 60 days or
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