Overseas Filipinos (OF), despite their contributions in terms of remittances, are still excluded or underserved by the local financial and property markets, according to Lito Villanueva, executive vice president and chief innovations and inclusion officer at Rizal Commercial Banking Corp. (RCBC).
In his remarks at the launch on Tuesday of the Bahai Deals, an artificial intelligence (AI)-powered, end-to-end property technology (proptech) solution, Villanueva highlighted the contribution of “global Filipinos” to the economy.
Citing government figures, Villanueva said in 2024, OF remittances stood at $38.34 billion, a 3 percent increase from the $37.21 billion recorded in 2023, contributing 8.3 percent of gross domestic product.
“That is the economic footprint of our Filipino diaspora, specifically in North America or US and Canada,” he added.
He said over 4.4 million Filipinos live in the US and one million in Canada.
For many OFs, owning a home is more than a goal, Villanueva said. “It’s really a milestone, a source of pride, and a legacy for their families.”
Citing the 2023 Pew Research Center report which showed 31 percent of Filipino Americans have expressed their desire to return to their home country in the future, Villanueva said, “That’s a big percentage.”
He also noted Leechiu Property Consultants’ report which said demand for Philippine condominiums rose by 14 percent last year, bolstered by a strong government policy and a resilient developer ecosystem.
“The residential market is expected to reach around $5.82 billion this year. And yet, we see a contradiction. About 81,400 condominium units remain unsold, while millions of overseas Filipinos are ready, willing, and financially capable to buy, especially our seafarers,” Villanueva said.
This “disconnect” is both a challenge and a call to action and RCBC is responding “not just as a lender, but as a leader of dreams,” he added.
RCBC is one of the partners of Bahai Deals, a proptech solution meant to accelerate the real estate industry’s global market expansion.
Developed by Talino Venture Studios, Bahai Deals simplifies real property investments for global Filipinos, providing them access to property listings, financing and sales processing.
In a statement, Talino Venture said Bahai Deals leverages AI using smart property matching, which personalizes listing results based on the buyer’s lifestyle, budget and other goals.
A project brief shows Bahai Deals features sales process automation for lead generation and acceptance of multiple payment types, as well as an easy, end-to-end financing and mortgage powered by RCBC.
“We’re leveraging on AI technologies to be able to explore and to practically implement a solution that would really benefit millions of Filipinos. Through their platform, OFWs, Filipinos overseas especially in North America, specifically US and Canada, can access personalized property recommendations aligned with their life goals and financial capacity,” Villanueva said.
Through the platform, he added, developers gain data-driven, targeted access to a global Filipino market with a live and seamless financing partner for their customers.
It helps accelerate the Philippine real estate industry’s global market expansion, connecting local developers with overseas investors, and transforming the way Filipino homes are marketed, discovered and owned across borders, Villanueva said.
This will also address the oversupply of condominium units in Metro Manila, he pointed out.
Winston Damarillo, Talino president and chief executive officer, said Bahai Deals brings together builders, bankers and brokers to make home buying easy, convenient and secure for global Filipinos.
“We can further harness the opportunity to expand our local builders access to the global Filipino market, who are some of the most capable investors in the world,” Damarillo said.
Damarillo quoted Colliers Philippines which said tapping into the global Filipino market remains a “low-hanging fruit that developers can maximize.”
“For builders, selling through Bahai Deals would cost them way less than other options; and for our hardworking global filipinos, this is where they could find properties with the lowest possible price from the best real estate companies in the country,” Damarillo said.
