The increase in business process outsourcing (BPO) industry revenues, low interest rates, and improved investor confidence are factors that will extend gains of the property sector and the country’s economy as a whole.
According to Rick Santos, Philippine chairman of property services company CB Richard Ellis, said the demand for office space in the BPO industry will increase and will reach more than 300,000 sqm. this year, as US firms outsource more processes to the Philippines and because rents in the country are much less expensive compared to other Asian cities. "We see that as a huge metric whereas places like Singapore, who also have a very hot market, take up there is just about 150,000 square meters. So we’re looking at office take up in the Philippines double that of a place like Singapore."
The administration also boosts investor confidence. Santos said foreign investors see great improvements in the next few years.