The Philippines Targets Tourism, Liberalizes Foreign Property Ownership

“I’ve been hearing so many dire economic predictions and projections these last six months,” writes Overseas Retirement Letter Editor-in-chief Lynn Mulvihill this morning from her native Waterford, Ireland, “that, I have to admit…I’m having trouble processing it all.

“Unemployment is a major problem right now. Over 2,000 people queued along Stephen’s Green and Grafton Street for jobs at three new Londis stores (compared with 200 applicants for a similar campaign last year)…and some manager at a McDonald’s in the west had to take down his ‘Staff Wanted’ sign after he received over 500 applications  (including resumes from lawyers, accountants, and other high-skilled workers).

“It’s those kind of images that drive home the reality of the current recession in this country. And I think it’s only going to get worse before it gets better…”

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“With the new tourism bill, passed last month,” writes new Correspondent from the Philippines Chris Bech, “the Philippine government is getting serious about encouraging foreigners to come and invest and settle in this country. They’ve made it their goal to develop the Philippines as Asia’s tourist hub.

“Now under consideration is a bill that would allow for direct foreign ownership of land in this country, so foreigners would no longer have to set up a corporation to hold property.

“If this law passes, the Philippines will be the most liberal country in Southeast Asia for overseas investment.”

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