Koreans in the Philippines: a New Source of Cash?
The global consciousness of the Korean is said to have been awakened during the 1988 Olympics which Seoul hosted. It exposed Korea to a world that is fast advancing financially. With the sudden entry of tourists raving to see the Olympics, the Korean economy began to be taken to dizzying heights. It was at this time when Korea realized the limitless possibilities of financial wealth by going global. But in going global, it needed one crucial weapon: a working knowledge of the English language. It was something Korea sorely lacked.
The most effective places to learn the language, it was believed, were the United States, Canada, and Australia. Korea soon realized that it was quite expensive for a student to spend six-months-to-a-year living in those places. It was not difficult to conclude, from research, that a less-expensive country, which spoke English as a second language, such as The Philippines, would be willing to adopt the learners and avail to them what they needed. Today, the very first individuals who acted as their English tutors are the venerated high-earners of the industry.
Business World Research has recently compiled information regarding tourists that have visited The Philippines in July and August of this year. Korea registered as a top source of tourism this year, with 368,559 visitors, making up 19.5% of the total arrivals. The Korean visits to the Philippines was not only spurred by the northern hemisphere's summer season, but also because of an agenda to learn English. Because of this, ESL (English as a Second Language) schools have sprouted in Baguio, Metro Manila and Iloilo City.
Tourist resorts in Tagaytay, Pagsanjan Falls, Mindoro, Boracay, Palawan, and Cebu are famous for unique features that each has to offer. The last three places are exciting for newlyweds.
Their roaming-around and island-hopping have been injecting cash into national coffers. Student expense, according to an inq7.net article entitled "Koreans Find English Haven In RP," averages around P40,000 to P60,000, which would cover a stay up to about six months. One student was quoted as saying, simply, "It's cheaper than other countries".
In almost twenty years of the Koreans' familiarity with the Philippines, many families have been convinced to set up businesses here. Presently, The Philippines is on the verge of becoming a real estate hotspot in Asia. Koreans, along with other foreign nationals, seem to be waiting for a very controversial national move for charter change in which, when ratified, would grant aliens the right to purchase land in the country. If this happens, we may witness a sudden upsurge of real estate value. Local city residents may be blown out of town.
The rising value of real estate is a good thing - in the long run, that is. The problem appears in the short term where middle-class wage-earners renting apartments in cities may be forced to retreat to the outskirts because of rising rental prices. We may even be looking at reduced productivity to go along a series of price increases by that time.
References:
Bayaua, Michelle. "Koreans Find English Haven In RP." Global Nation.
Garcia, Cathy Rose A. "More Koreans Look To Retire In the Philippines." Korea Times. (July 3, 2006). November 14, 2006 .