The Philippine National Bank (PNB) announced that it has signed an agreement with New Jersey-based Alexander Anderson Real Estate Group (AAREG) in an effort to step-up its marketing efforts in pushing local properties to Filipino-Americans in the United States.
This is the first of what may be a string of marketing partnerships for PNB’s “own a Philippine home loan” (OPHL) program.
PNB President and CEO Wick Veloso said he sees potential in the level of interest in Filipinos residing in the US to buy property in the country while they are still abroad.
OPHL—which is also being rolled out by PNB’s overseas branches in Los Angeles, Guam, Canada, Europe, Tokyo, Singapore, Hong Kong and the Middle East—also targets foreigners residing and working abroad. Veloso said the bank would focus on New York and Los Angeles for its OPHL program in the United States.
“The reality of today’s business landscape is that collaboration and strategic partnerships are fundamental to improving business outcomes. Our team is excited to grow this relationship with PNB,” AAREG CEO Eric Anderson said.
About seven out of 10 Fil-Ams are fully employed in the United States, with median household income of $90,400, based on 2019 data. Six out of 10 of them said they owned their homes there.
Meanwhile, remittances from offshore Filipinos remain to be a key driver of the domestic economy. These remittances also continue to drive demand for condominium units in Metro Manila, priced between P1.7 million and P5.99 million.