MANILA – More Filipinos are likely to grow rich due to Chinese investments in the Philippines, real estate consultancy firm Santos Knight Fran said.
“Ultra-high net worth individuals or those with $50 million or more in net assets in the Philippines are forecast to almost double in number between 2017 and 2022 – this is the second highest level of growth in the world after China,” Santos Knight Frank chairman and CEO Rick Santos said, citing results of “The Wealth Report” survey.
“That growth is driven mainly by a bullish real estate industry, strong macroeconomic fundamentals and will be further fueled by the influx of Chinese investments into the Philippines through the Belt & Road Initiative,” Santos noted.
The survey results are based on responses from 541 of the world’s leading private bankers and wealth advisors, representing approximately 50,000 clients with a combined wealth of around $3 trillion, according to the company.
Santos said Chinese investments in the Philippines have been gaining momentum in recent years following the initial influx of capital through Chinese business process outsourcing operations.
The investment drive was bolstered as a result of President Duterte’s state visit in China in October 2016, where the Philippine government secured pledges amounting to $24 billion to fund significant infrastructure projects such as toll roads and railway systems along with other investments. (GMA News)
