Philippine Mortgage Market To Double Digit Expansion

Industry To Grow By 15% To 20% In 2023

Positive Outlook For Housing Sector

The Philippine mortgage market is expected to grow by 15% to 20% in 2023, according to a report by the Bangko Sentral ng Pilipinas (BSP).

The growth is driven by the continued low interest rate environment, the government's affordable housing programs, and the strong demand for housing from overseas Filipino workers (OFWs).

The BSP report also noted that the housing sector is expected to remain resilient in 2023, despite the global economic headwinds.

This is supported by the strong fundamentals of the Philippine economy, such as the low unemployment rate and the rising income levels.