The real estate landscape in the Philippines has witnessed exponential growth over the past decade, primarily driven by the bustling National Capital Region. However, there has been a paradigm shift towards developing and investing in real estate outside the region in recent years. This movement was also boosted by the country’s infrastructure development specifically aimed at decentralizing the metro.
The Philippine government recognizes the need to diversify investment and development beyond Metro Manila to unlock the untapped potential of other regions in the country. This strategic approach aims to redistribute economic opportunities and alleviate the pressures of rapid urbanization in the capital. The current president, Bongbong Marcos, believes that infrastructure spending means improving connectivity and water resources, and by providing incentives for businesses, the government aims to attract both local and foreign investors to these emerging real estate markets.
‘Build Better More’ Program
The Marcos administration is currently working on its own infrastructure program – the ‘Build Better More.’ The “Build Better More” program aims to build 194 high-impact projects, prioritizing irrigation, water supply, and integrated flood resilience.
Some of these projects are identified by National Irrigation Administration.
‘Build Better More‘ program also includes reconstruction and development plan in railway systems, food security, communications technology, digital connectivity, health projects, power, renewable energy, logistics infrastructure, agriculture, and other infrastructure.
According to National Economic and Development Authority and Socioeconomic Planning Secretary Arsenio Balisacan, the funds for these projects will come from Official Development Assistance, general appropriations of the national government, and the private sector through Public-Private Partnership (PPP).
Government loans from organizations like the Japan International Cooperation Agency will also be used. More than P2 billion of the loan balance from the Japan International Cooperation Agency will be allotted to aviation infrastructure program that will upgrade the air transport facilities and improve passenger experience by ensuring air traffic service safety, reliability, and efficiency in Philippine airspace.
Balisacan says that the government strives to connect and integrate markets to enable access to more opportunities for local industries, enhance the productivity of our young and vibrant labor force, and create safer infrastructure for future generations.
Dream come through in the North
The farmers and landowners of the more than 7,000 hectares of potential irrigable land in the Ilocos Sur’s second district anticipate a significant increase in their agricultural output when the province’s Transbasin Project is fully operational. The project is intended to cover eleven municipalities, including Candon City.
The government also secured funding for the feasibility study of North Long Haul Interregional Railway, which will connect Ilocos and Cagayan with Metro Manila.
With the expected boost in the agriculture and transportation sectors in the region, living in the region now becomes more of a reality. Coupled with homes that bring heritage and accessibility together, nothing is impossible.
Central Luzon’s New Economic Boost
Moving to Central Luzon is not also close to impossible with the ambitious program under ‘Build Better More.’
Travelling from Bataan to Cavite in less than an hour will soon be a reality with the Interlink Bridge project between the two provinces.
Targeted to start by 2024, the 32.15-kilometer, four-lane inter-island bridge will connect Barangay Alas-asin in Mariveles, Bataan, and Barangay Timalan Concepcion in Naic, Cavite.
It is said that 80% of the structure will be over the sea.
The bridge is also expected to reduce traffic congestion in Metro Manila, help down the prices of products and services by lowering the transportation and logistics costs, and offer economic prospects in Bataan and Cavite, as well as neighboring provinces.
Railway Revival in Panay
One of the Marcos administration’s priorities in its ‘Build Better More’ infrastructure program is the revival of Panay Railway Systems. It was built by Americans in the early 1900s and was decommissioned in the 1980s.
Included in the revival efforts is to connect Roxas City to Malay, Aklan, where Boracay Island is located. There are also plans to extend it from Aklan to Antique and connect it to Iloilo City.
While funding for its revival became a challenge in the recent years, the Marcos administration also managed to secure one for its feasibility study.
With these developments, Panay and its nearby areas are now a feasible place to settle in.
From island to city in Davao
Another project that is expected to boost the local economy is the P23.04 billion Samal Island-Davao Connector Bridge Project. With the Davao ramps included, the toll-free, four-lane, cable-stayed bridge has a total length of 3.98 kilometer. It can transport over 25,000 automobiles per day across Pakiputan Strait from Davao City to the Island Garden City of Samal.
Once completed, the project is expected to provide many economic opportunities to the region by ensuring smoother mobility of people and goods.
It will also ease its residents’ access to employment, education, and other social services.
According to government, the bridge will improve access to tourist destinations and facilitate the region’s quick recovery from the pandemic’s losses.
This whole development plan, coupled with Improving Growth Corridors in Mindanao Road Sector Project which is under loan from the Asian Development Bank, promises more robust economy and better options for real estate investments.
Other Notable Projects
Other notable projects under the ‘Build Better More’ program are San Mateo Railway; UP-PGH Diliman Project; Ninoy Aquino International Airport Rehabilitation Project, and Metro Cebu Expressway.
The Dumaguete Airport Development Project in Bacong, Negros Oriental will replace Dumaguete-Sibulan airport due to physical and operational constraints.
Potential for Growth and Development in Real Estate
As the administration looks to the future, the real estate sector outside Manila holds immense potential for growth and development. Through strategic business investment, infrastructure development, sustainable practices, and community empowerment, these emerging cities have the opportunity to become vibrant economic centers, attracting investors, businesses, and residents alike. By building better and embracing a holistic approach to real estate development, the government aims to shape a future where regional growth and equitable progress are at the forefront, paving the way for a more balanced and prosperous country.
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