Overseas Filipino workers (OFWs) are fueling a real estate boom in the Philippines, as their families back home invest much of their earnings in property.

House prices in the country have bounced back after the global financial crisis of 2008, thanks in large part to the remittances sent home by more than nine million Filipinos working abroad.

OFWs account for about 10% of the Philippines' population, and constitute one of the major forces of the national economy. In 2009, OFWs sent home US$17.3 billion, more than one tenth of the nation's GDP.

The real estate industry is estimated to have hit sales of P300 billion (US$6.8 billion) in 2010, up from P100 billion in both 2008 and 2009.

Source: Inquirer.net