Housing industry seen to maintain growth in 2014


Posted at Jan 12 2014 05:10 PM | Updated as of Jan 13 2014 01:10 AM

MANILA – With more investors coming in and as developers continue to create more opportunities for the market, the country's housing industry is seen to continue to grow this year.

In an interview on ANC's "RealtyTV," BPI Family Savings Bank president TG Limcaoco said 2013 was generally a good year for the banking industry in terms of home loans.

Projects that were started in 2009 and 2010 are now about to be completed, paving the way for buyers with pending balances to apply for loans in banks.

In relation to the economy, the housing industry boomed the past year as the economy expanded by 7.5% in the second quarter of 2013 from 6.8% in the previous year.

“The industry, from the banker's perspective, is getting competitive,” Limcaoco said, estimating that the real estate industry grew 9.5% in 2013.

For consumers applying for a bank loan for the first time, he said it is important to research on the bank first.

"Look for the bank that can give you proper advice and what kind of loan should you get,” he said.

“Go out and see a couple of properties before you should actually do it,” he said.