North America is a continent comprising the United States, Canada, and Mexico, home to the largest concentration of Overseas Filipinos worldwide with over 4 million residents in the US and nearly 700,000 in Canada.
Market Profile
North America represents the most significant overseas market for Philippine real estate investment:
- United States: 3.35 million Filipinos (largest Filipino diaspora globally)
- Canada: 676,775 Filipinos
- Combined purchasing power: Estimated PHP 1.5 trillion in annual remittances from North America alone
The Filipino diaspora in North America consists primarily of:
- Permanent residents and naturalized citizens
- Overseas Filipino Workers on work visas
- Second and third-generation Filipino-Americans and Filipino-Canadians
Time Zone Considerations
North America operates 12-16 hours behind Philippine Standard Time (PST/GMT+8):
| Time Zone | Offset from Manila |
|---|---|
| Pacific Standard Time (PST) | -16 hours |
| Mountain Standard Time (MST) | -15 hours |
| Central Standard Time (CST) | -14 hours |
| Eastern Standard Time (EST) | -13 hours |
This time difference means:
- When it's 9:00 AM in Manila, it's 5:00 PM-9:00 PM (previous day) in North America
- Peak browsing hours for North American OFWs occur during Philippine late evening to early morning
- Real estate agents and developers must accommodate after-hours inquiries
Why North American Buyers Invest in Philippine Real Estate
- Retirement planning: Many OFWs plan to return to the Philippines after retirement
- Family support: Purchasing homes for relatives remaining in the Philippines
- Investment diversification: Philippine property offers higher yields compared to North American markets
- Currency advantage: Strong USD/CAD exchange rates increase purchasing power for PHP-denominated properties
Key Regulations for North American Buyers
North American-based Filipinos can legally own:
- Condominium units (up to 40% foreign ownership per building under RA 4726)
- Land and house-and-lot packages (if they retain Filipino citizenship or are former natural-born Filipinos under RA 8179)
Required documents typically include:
- Valid passport (Philippine or foreign)
- Special Power of Attorney for a representative in the Philippines
- Proof of income or bank statements
- Tax Identification Number from the BIR
Relevance to Philippine Real Estate
For developers and real estate brokers targeting North American buyers:
- Website and platform availability during North American business hours is critical
- Virtual property tours and video calls bridge the distance gap
- Online reservation and payment processing enables remote transactions
- Marketing campaigns should align with North American holidays (Thanksgiving, Christmas) when OFWs research property purchases
Related Terms
- Overseas Filipino Workers
- Remittance
- Condominium Certificate of Title
- Special Power of Attorney
- Pre-Selling
References
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