PNB partners with US-based real estate firm to cater to Fil-Ams, foreigners

Lucio Tan-led Philippine National Bank (PNB) has partnered with Alexander Anderson Real Estate Group (AAREG) to boost its marketing efforts to help push properties in the Philippines to Filipino-Americans in the New York-New Jersey metropolitan area. 

Jose Arnulfo Veloso, president and chief executive officer of PNB, said the tie up with the New Jersey-based company to make it easier for Filipinos abroad or foreigners looking for an investment to purchase a home in the country through the Own a Philippines Home Loan (OPHL) initiative.

“We are making it easier for them to obtain a good investment while they are still in the US.  We see those in the New York metropolitan area remain to be interested in these investments despite the COVID-19 pandemic,” Veloso said.

The Tan-led listed bank continues to see a growing number of Filipinos who are interested in acquiring a second home or another home here in the Philippines.

“Many Filipinos work hard building their careers outside the country and would like to return to their roots. PNB is here to help them acquire their dream home,” Veloso added. 

While many foreigners and Balikbayans can rent property, Veloso said the OPHL is a good way for them to acquire real estate as investment in the Philippines.

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. 

The initiative is a convenient way to apply, book, and pay for loans without the need to fly to the Philippines.It is available through PNB’s overseas branches in Los Angeles, New York, Guam, Canada, Europe, Tokyo, Singapore, Hong Kong, and the Middle East.

AAREG is PNB’s first marketing partner of PNB for OPHL.

AAREG CEO Eric Anderson said the New Jersey-based real estate company is excited to grow its relationship with PNB.

“The reality of today’s business landscape is that collaboration and strategic partnerships are fundamental to improving business outcomes,” Anderson said.