The Philippine economy is not that much different than the US or UK counterparts in the housing market in that the whole global economy seems to be on the decline. Until recently the stock market has been doing okay for the Filipinos, so time will tell what happens. I hope that some of our friends from overseas will chime in and paint a picture for us.
Since I am no expert, I have Googled and found links that might be useful. Any comments are welcome!
Philippines Real Estate News: links
Philipine marketwatch - weekly