by: Karen Cayamanda
Wednesday, April 10, 2013 | Outsourcing News |
According to Finance Secretary Cesar Purisima, the international insurance and finance industry is taking more interest in the Philippines, as firms are looking to set up offices in Manila.
Purisima had invited foreign insurance firms to start operations in the Philippines and take advantage of the high insurance cost and the country's young population.
This increased interest in the country was also noted by Lindsay Orr, Chief Operating Officer (COO) of property consulting company Jones Lang Lasalle Leechiu, which has been leasing office spaces to banks and financial firms. Orr said they are getting a demand of about 50,000 to 70,000 square meters from the traditional office sector per year.
The Philippines recently received an investment-grade status from credit rating agency Fitch Ratings. Colliers International Research Analyst Karlo Pobre said this leads to more foreign firms looking to invest in the country, and the local property market expects more demand for office space.
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