I'm glad to see this thread revive because it is a theme that I am also interested in and I have gathered as much information about it as I can from internet studies and emailing as many sources as I could. There have been a lot of those!
I won't repeat the things that I have already written about my research into wooden house building in past threads but if you would like to have my sources then you can PM me and I would be happy to share with anyone that is interested in learning more.
In short I would just say a couple of things:
1.Wood isn't just wood - if you want to build to last with wood then it will probably cost you as much if not more than building with bricks and mortar - it just won't hurt so much when it falls on your head during the next earthquake. (light touch paper and stand well back

). Do some research

Wood has been the construction product of choice for thousands of years throughout the world - the tropics is no exception. If taken care of it can last centuries, such as the Lyman Mission House in Hawaii:
http://www.lymanmuseum.org/Default.aspx?tabid=572. Bali is one of the premier exporters to other tropical countries around the world for prefabricated tropical wooden houses - these buyers aren't little two bit operations but major hotel chains and construction companies in places such as Thailand, Hawaii and mainland US. I presume they know what they are doing.
DCC seems to know the most about this subject and I respect and agree with everything he says about it.
There is no such thing as bad weather, there are just badly dressed people.