IN 2007, when real estate businesswoman Melesa “Elsie” Chua went on a trade mission in Gulf Cooperation Council (GCC) countries (Kingdom of Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman), she was struck at how overseas Filipino workers (OFWs) did not have confidence in the Philippines. Worse, they did not plan for their lives back home once their contracts expire, which they should since GCC countries do not grant citizenship to foreigners. “The challenge was not in selling homes and properties, but in orienting them to believe in the Philippines again, and teaching them how to save and invest,” says Elsie, president and CEO of CDC Holdings Inc.

She also learned that a lot of OFWs who have worked for more than 20 years abroad have not even purchased a home. The remittances would be spent by their families back in the Philippines for their wants and needs. “They felt na kinakatasan lang sila, thus the term ‘katas ng Saudi,’” relates Elsie. OFWs also thought that they needed to have P1 million on hand to be able to buy a new home.

Elsie thus decided to focus on this niche market, the first time home buyers among OFWs in GCC. “Understanding our market’s needs, we developed properties that are of superior quality but suitable to their budget. For as low as P1 million spread over a term through Pag-Ibig, our OFWs can acquire new homes that are conducive for new families and first-time home owners,” adds Elsie. Under the setup, Pag-Ibig can finance up to 90 percent of the contract price, and OFWs need only to pay about P8,000 monthly, so the homes really become attainable.
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