Business
Ohmyhome Announces Signing of Memorandum of Understanding With Ohmyhome Property Inc. to officially expand into the Philippines Market
Partnership provides access to the trillion-pesos Philippines real estate market that is growing at an annual pace of 7.6% and direct access to over 80,000
About this update from Ohmyhome Limited
[{"type":"text","content":"Partnership provides access to the trillion-pesos Philippines real estate market that is growing at an annual pace of 7.6% and direct access to over 80,000 properties by more than 150 developersCompany’s technology infrastructure will unlock tremendous growth opportunities between both entities Singapore, May 15, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”, “the Company”) and Ohmyhome Property Inc. (“Ohmyhome Philippines”) are pleased to announce the signing of a Memorandum of Understanding (MOU) of a strategic investment by Ohmyhome Ltd. into Ohmyhome Property Inc.’s Philippines operations, marking Ohmyhome’s plan of expanding in the large and growing Philippines market. “Philippines has always been a great market for property transactions. The quality of developers and their projects have improved significantly over the decades, and the country’s economy has seen a strong rebound from COVID with a flourishing digital economy,” said Rhonda Wong, Chief Executive Officer “Many companies have set up their Business Process Outsourcing (BPO) and technology teams here, creating job opportunities and income for families. The growing Overseas Filipino Workers (OFWs) have also been a strong pillar of growth of the real estate industry. We believe that there are ample opportunities for a data-driven technology platform like us to help homebuyers, home sellers, and developers transact their properties.” added Ms. Wong. Philippines as a Southeast Asia Growth Opportunity The company’s move into the Philippines market provides robust business growth opportunities. With a record pace of 7.6% in 2022, Philippines is amongst the world's fastest growing emerging markets according to S&P Global. The population growth remains one of the strongest in Southeast Asia with a fertility rate of 2.78 in 2020, and the median age of 25.3 years as compared to 41.8 of Singapore and 38.1 of United States. The Philippines is also a country with one of the highest English-speaking populations in Southeast Asia, making it ripe for international businesses. Overseas Filipino Workers (OFWs) are also increasingly contributing to the economy and the housing market in the Philippines. The total number of OFWs was estimated at 1.83 million in 2021, up by 3% compared to 2020. Total personal cash remittances grew 3.6% to USD 36.14 billion in 2022, ac...