PNB, N.J. real estate firm ink home loan partnership

From left, Roberto Ramos, AAREG chief operating officer; CEO Eric Anderson; and PNB New York General Manager Eric Bustamante.

Philippine National Bank (PNB) has partnered with New Jersey-based Alexander Anderson Real Estate Group (AAREG) to beef up its marketing efforts to help push Philippine properties to Filipino Americans in the New York-New Jersey metropolitan area.

“We are making it easier for them to obtain a good investment while they are still in the U.S.  We see those in the New York metropolitan area remain to be interested in these investments despite the COVID-19 pandemic,” PNB President and CEO Wick Veloso said in a statement. He said PNB is making it easier for those living abroad to purchase a home in the Philippines through the Own a Philippines Home Loan (OPHL). AAREG is PNB’s first marketing partner for OPHL.

CEO Eric Anderson shared, “The reality of today’s business landscape is that collaboration and strategic partnerships are fundamental to improving business outcomes. Our team is excited to grow this relationship with PNB.” 

Veloso said PNB continues to see a growing number of Filipinos who are interested in acquiring a second home or another home here in the Philippines. “Many Filipinos work hard building their careers outside the country and would like to return to their roots. PNB is here to help them acquire their dream home,” he said. 

While many foreigners and Balikbayans can rent property, the OPHL may be a good way for them to acquire real estate as investment in the Philippines, especially if they’re retiring or planning to stay longer in the country, Veloso said. For Filipinos and those with dual citizenship, they can purchase land and real estate property. Foreigners are prohibited from owning land in the Philippines, but they can legally own a condominium unit for their residence. 

In 2019, about seven out of 10 Filipino Americans are fully employed with median household income at $90,400. Six out of 10 of them said they owned their homes there.  

In April 2021, remittances from Overseas Filipino Workers (OFWs) continue to drive demand for affordable to mid-income (Php1.7 million to Php5.99 million or $34,000 to $119,800) condominiums in Metro Manila.  Developers will likely continue to cater to families that receive remittances from abroad. An estimated 40% of the developers’ revenues were being generated by Filipinos or foreigners overseas. 

Two reasons were cited for the decision to partner with AAREG: It’s “strong marketing presence” in the New York-New Jersey area, and it being a “Filipino-friendly” company.

“AAREG is a Filipino-friendly company that can truly understand the sentiments of FilAm  market,” PNB New York General Manager Eric Bustamante told The FilAm.

He said the company’s Chief Operating Officer Roberto Ramos hails from Bacolod City, and the Director of International Sales Raffy Rafanan is also Philippine-born. “They know the ins and outs of both the U.S. and Philippine market conditions.”

PNB has visited some of AAAREG’s big projects where it purchased old properties in the Hackensack-Bergenfield area and converted them into modern commercial and residential buildings. The company has offered PNB a satellite office in a prime Jersey City building lease-free for six months.

For more details, visit PNB’s website at

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