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.
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.
“We see those in the New York metropolitan area remain interested in these investments despite the Covid-19 pandemic. PNB is making it easier for those living abroad to purchase a home in the Philippines through the Own a Philippines Home Loan [OPHL],” Veloso said.
Own a Philippine Home Loan or OPHL is a financing program of PNB where they allow Filipinos and non-Filipinos residing and working abroad to obtain a bank financing of residential properties in the Philippines. AAREG is PNB’s first marketing partner of PNB for OPHL.
“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.
OPHL is being offered through PNB’s overseas branches in Los Angeles, New York, Guam, Canada, Europe, Tokyo, Singapore, Hong Kong and the Middle East.
“While many foreigners and Balikbayans can rent property, the OPHL may be a good way for them to acquire real estate as investment in the Philippines, especially if you’re retiring or planning to stay longer in the country,” Veloso said.
“For Filipinos and those with dual citizenship, they can purchase land and real estate property. Foreigners are prohibited from owning land in the Philippines, but they can legally own a condominium unit for their residence,” he added.