Filipino Consumer Alert

May 27, 2006

Still Interested In a Pre-Selling House and Lot ?

abandoned quadrillion land

I was web browsing and found these sites. It might be of interest to you. I just want to make sure that you're aware of actual incidences where Filipinos lost their hard earned money when a housing developer in the Philippines failed to deliver and then are nowhere to be found.

These are just samples because there are more developers who previously failed to deliver and some new and maybe known developers or builders that will fail to deliver.

pre-selling house and lot

abandoned development

Philippine Developers’ U.S. Roadshow : A Philippine Embassy Initiative

The Philippine Ambassador to the United States Albert Del Rosario announced the dates and venues for the "Bayan Ko, Bahay Ko" road show.
The "Bayan Ko, Bahay Ko" program is an initiative of the Philippine Embassy and Consulates General in the United States to bring the Philippine property developers and Filipinos in the U.S together. This was formally launched last March by Foreign Affairs Secretary Alberto G. Romulo in Washington D.C..
The participating developers are Ayala Land, Burgundy Realty Corp., Cityland Development Corp., Crown Asia Properties, Inc., Daiichi Properties & Development, Landco Pacific Corp., Ledesco Development Corp., Federal Land, Inc., Filinvest Land, Inc., Megaworld International, Pacific Concord Properties, Inc., Tagaytay Pacific Heights, Inc. and Lakeshore Development.

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I'm just wondering since when did the Philippine Embassy or the Consulates General get their realtor license ? I know that they are not selling real estate properties but the importance and significance they give to these developers and event are incomprehensible. They said that they just want to boost investments and remittances coming from the Filipinos in the U.S. There is nothing wrong about that but the kind of investment they're pushing is not the stable and truly value appreciating kind of investments. These Filipinos worked hard for their money and I hope that the Consulate Generals should just respect that.
Assuming that those condominiums are good investments (which again they are not), would the Philippine Embassy and the Consulate Generals help you get your money back in case the developer was not able to build and run away with your money ? Would they even help you resolve your problem with the developers or banks in case it arise ? One should know that these developments they're pushing are mostly pre-selling or pre-construction. What if the property looks good only on catalogs, flyers and slides and looks and 'feels' different after it is built ?
I totally agree that Filipinos overseas should increase their investments in our home country. But it has to be something truly good for the country long term and should definitely be good for the Filipinos also in the long run. Not just for some selected developers and builders.

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