Oldies head to ‘secure' philippines

Older investors are increasingly looking at property in the Philippines as the perfect purchase during the credit crunch...

Beth Collingz, overseas sales director for the PLC International Group, believes that the country has what it takes to ride out the financial storm, due to the high deposits expected from developers.

She claimed that the south-east Asian island nation has become popular with an older generation of foreign nationals looking to tie-up their life savings in a more secure venture.

Ms Collingz said: "Global investors are looking to replace failed pension plans and other future saving schemes with a solid investment in real estate.

"Many are looking for investments that will give them an income for retirement."

According to the International Monetary Fund, the country will see economic growth of 3.8 per cent before the end of 2009.

Source: www.Axiafx.com