Homebuilder Vista Land & Lifescapes Inc. is expected to sustain its recovery as overseas Filipino remittances remain resilient this year, its top executive said Tuesday.
Vista Land chairman Manuel Villar Jr. said the robust remittance performance this year bodes well for the company as they account for 55 percent to 60 percent of the company’s total sales.
“While COVID-19 continues to impact our performance, both on our leasing and residential businesses, we still anticipate a better year with indicators such as strong overseas Filipinos remittances and the ramping up of the vaccination rollout across the country,” Villar said in a statement.
The Bangko Sentral ng Pilipinas earlier reported that money sent home by Filipinos working abroad rose 13 percent in May to $2.382 billion from $2.106 billion in the same month last year.
Remittances also climbed 6.3 percent in the first five months to $12.28 billion from $11.554 billion recorded a year earlier.
“I founded Camella Homes more than 40 years ago to help out fellow Filipinos—with an OFW as our very first homebuyer—to buy a place they can call their own and I am just so glad that four decades after and even with an ongoing health crisis, here we are, still building the best homes for our kababayans,” Villar said.
Vista Land, together with the property brands from the Villar Group, recently held its digital endeavor, The ViCon – the Philippines’ first and biggest virtual property exposition that showcased the group’s complete real property offerings from various price points across the Philippines, for those looking for dream homes, solid investments or premium commercial spaces.
“The ViCon is just one of the ways we navigate through these challenging times and we are looking at breaking more digital ground in the future,” Vista Land president and chief executive Manuel Paolo Villar said.
Vista Land plans to do more virtual expositions like The ViCon to provide needed information and support to future homeowners and investment seekers, he said.