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The country’s rapid economic growth has enticed more investors to set up shop in the country. At present, office spaces in Metro Manila are sold anywhere between Php6 million to Php200 million while warehouse properties start at P93 million, depending on the size and location. |
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In Cebu, a 71-square meter office space located in Cebu Business Park is listed at Php13.5 million while a mixed-use commercial complex measuring 1,200-square meters in Brgy. Cogon-Ramos, Cebu City is sold for Php100 million. Currently, there are 15 tenants leasing the space which generate an income of about Php300, 000/month. |
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The Philippines is considered one of fastest-growing economies in Asia, raking in a 6.7% gross domestic product growth in 2017. The country comes next after China which recorded a 6.9% GD growth and Vietnam’s 6.8%. |
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The country’s economy is driven primarily by industries and services as well as exports and imports on the expenditure side. The business process outsourcing industry is also a major contributor as it continue to expand outside of Mega Manila. |
A report by Forbes shows that the Philippines is the world’s 10th fastest growing economy in the world in 2017, citing the World Bank’s latest edition of Global Economic Prospects. The report adds that the Philippines is benefitting from a stable macroeconomic environment and low debt to GDP ratio which helps sustain a healthy domestic demand growth.
The boom of the BPO industry began in the early 2000s and from then on has provided thousands of jobs to Filipinos. The industry is projected to generate an income of $40 to $55 billion by 2020 and create 1.3 to 1.5 million new jobs. BPO locators are now exploring other areas in the country and have so far set up shop in Northern Luzon, Cebu, Negros and Davao.
Metro Manila has three main central business districts located in Ortigas, Makati and Bonifacio Global City. You can find BPO locators, local companies as well as multinational firms involved in retail, food, manufacturing, banking and export within these CBDs. Makati City is considered the financial capital of the country and was host to the Philippine Stock Exchange Headquarters until it moved to BGC early in 2018. The influx of both local and foreign workers in these areas has spurred the growth of property developments in recent years. Demand for condominiums has more than doubled in the past 5 years given the strong purchasing capacity of young professionals and families.
According to the Central Bank of the Philippines, the rates to purchase a house in the country continue to rise given the strong demand for properties. Aside from the CBD areas, real estate firm Colliers International forecast that there will be growth in the reclaimed area in Pasay City where SM Mall of Asia and the new casino hotels are located. At present, there are already upscale condominium developments envisioned to rise in the area.
With the robust economic activity of the Philippines as well as the strong domestic demand, it is easy to see why the Philippines is among the nations in Asia to watch out for.
