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The big problem regarding the real estate market in the country are neither the prices nor the fact that third of the year from May to September the country of more than 7,000 islands is attacked by severe typhoons. The main obstacle before the foreigners who try to settle down is put by the government. Foreigners aren't allowed to own property, at least aren't allowed to own the majority stakes in any kind of property. The land the residence is built upon also cannot be owned by foreigners even if they have special Resident/Retiree's Visa (SRRV). This visa holders although can buy condominiums or townhouses. Former citizens of the Philippines cannot buy land in excess of certain amount.

The solutions to these problems look a bit strange for some. They imply marrying Philippines' citizens who officially hold the property titles or hold the majority stakes or at least hold equal stakes with the foreigners. The major drawbacks are that such "arrangement" being strictly informal may create legal problems for the foreigners in case of divorce or death of the Philippine spouse. The divorce isn't allowed in the Philippines but technically speaking it may be done in many countries the foreign spouses come from. Many experts suggest enhancing the marriage with additional contract on the use of property in case of such events. To qualify for SRRV Visa the foreigners need to be older than 35 and to meet depositary requirements, in most cases between $50,000 and $75,000 for the principle applicant. For these visa holders the marriage to Philippines' citizen isn't a necessary step in order to buy a property.

Country profile:Area: 300,000 sq kmPopulation: 87.9 million (July 2005 est.)Population growth rate: 1.84% (2005 est.)Net migration rate: -1.49 migrant(s)/1,000 population (2005 est.)Life expectancy at birth: 69.91 yearsTotal fertility rate: 3.16 children born/woman (2005 est.)GDP per capita: purchasing power parity $5,000 (2004 est.)Distribution of family income (Gini index): 46.6 (2003)Main trading partners: U.S., Japan, China, Singapore, Hong Kong.Internet users: 3.5 million (2002)

Philippine Economy The Republic of the Philippines is located in Southeast Asia and Manila is its capital city. The country comprises 7,107 islands and ranks as the 12th most populous country in the world. Like most other southeast Asian regions, the Philippines too has a history of European colonization. It was a colony of Spain and the USA. The country is now home to multiple cultures and traditional ethnicities. It is also looked upon as a perfect example of a 'mixed economy'. Industrialization is a new development in the Philippines. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products and semiconductors. In the last decade, electronic exports added to the exports, including various products obtained by mining.  The economy of the nation also largely depends on the remittances from Filipinos residing overseas and investing in the homeland. However, exports are not evenly balanced by the imports that include heavy electronics, garments, various raw materials, intermediate goods and fuel. The influence of the Manila galleon on the nation's economy during the Spanish period, and bilateral trade when the country was a colony of the United States has resulted in the preference of a mixed economy over a centrally planned or market based one. It is very important to understand the shift during the Ferdinand Marcos leadership, from a market economy to a centrally planned economy, to relate to the economic recession that the country is now facing. It is only in the wake of economic liberalization and the make over from the monopolies during the Marcos era that the country is now able to apply the fundamentals of a mixed economy to remain buoyant. 

Import-Export Imbalance: Among the many economic problems faced by the Philippines, one is the imbalance of imports and exports. The negative trade is heavy and only counterbalanced by the service account surplus. Over the last two decades, Philippine exports have shifted from commodity-based products to manufactured goods. However, in the midst of the current global economic recession, the exports of electronics, garments and textiles are yet to reach a level of import neutralization. 

Decline of the Philippine Peso: The economic downturn has resulted in the devaluation of the Philippine peso and subsequently, a fall in the stock market. The fiscal conservatism strategy adopted by the Philippine government has yet to reflect a positive effect on acceleration of economic growth. 6% growth in the gross domestic product (GDP) in 2004 and 7.3% in 2007 has yet to accelerate to the linear GDP growth projected by the government. 

The country has one of the highest population growth rates in the region, with at least three babies born every minute. Its population reached 88.57 million at a census in August last year, up from 76.5 million in 2000, the government said on Thursday. The figures come as the government grapples with soaring prices of rice, due at least partly to the inability of the country to grow enough of the staple to feed its rapidly growing population. As a measure of the seriousness of the problem, Manila has temporarily halted conversion of agricultural land for property development, hoping to ring-fence paddy fields to meet the food needs of the country.

The country's top economic planner said population control policies needed to be reviewed, but promoting artificial birth control, anathema to the Church, is not a likely option. "The population is increasing and it means that government has to more vigorously implement its population policy, which is responsible parenthood and the advocacy for natural family planning," Economic Planning Secretary Augusto Santos told Reuters. "I think the population commission will have to review its policies," he added. "We really need greater efforts. It means we have to work harder to make the economy function more properly and more smoothly." At least one-third of the country's population are poor and the number of poor is growing faster than the population.