In the Philippines. for instance. you have to import all the wheat flour." Nonetheless. reports continue of enormous bank accounts and extravagant overseas purchases by wealthy Filipinos. And as a senior executive with one of the largest banks in the Philippines put it. U.S. real estate investments by Marcos inner circle are merely the "tip of the iceberg." "Youre not seeing the securities. the Swiss bank vaults." he said in an interview in Manila. "The important thing is. its unlikely that any of this money will return to the Philippines when transition is complete and we have stability. "When their patron saint (Marcos) goes. most of them will go overseas to stay. most of them already hold green cards. These people have not bought U.S. real estate as a financial investment. its for their retirement when they can no longer stay in the Philippines."
Identified stereotypes
Generalization that wealthy Filipinos are buying US real estate for retirement and will leave the Philippines when their patron saint (Marcos) is gone.