Recession in the Philippines?

I’m currently waiting to see how the housing market is effected in the Philippines. Work is likely to be slow this year so I am stuck in a catch 22. If I get back to the UK and find work i can probably make a killing on a couple of Condos this year as the Philippines demand on property drops. But will it go like other locations in the world that’s my big question as I have seen many of the properties being on sale for the last couple of years with no price movement. Time will tell if things will make it more affordable for people looking to move/retire here. Currently the inflation is still high on food products although car fuel is cheap, cooking gas has remained high, electricity is still high in comparison to other Asian countries as well as the fact water prices have already been announced in Manila. Many people assume the Philippines is going to ride the storm well but I don’t think it really can. The rich may be able to sit in the ivory towers and just fire people. But for the majority life is a day-to-day slog which wont be getting any easier. Any movements in the world economies that affects money sent home is always a major blow and its about to see not the money coming home but the people as the world slows down its economies. The houses were cheap in World terms but to be honest the majority of people don’t have access to the funds unless it’s from outside Asia and foreigners can’t own houses so if your married to a Philippines national give it 6 months and you could get a cheap property.