SM Investments Corp., one of the largest business organizations in the Philippines, is supposedly securing several office properties in Bonifacio Global City (BGC) in Taguig. The move is seen as an effort to gain access to the growing business process outsourcing (BPO) industry.
The office properties are Net One Center, Net Square, Net Cube, Net Quad, and Net Plaza, with a collective floor area of 148,000 square meters. Moreover, it is projected to post a net income of almost P1 billion per year.
Meanwhile, the IT and Business Process Association in the Philippines (IT-BPAP) predicted that by 2016, the BPO industry will post revenues amounting to $25 billion from $13 billion last year.
SM Investments will be one of the biggest office property operators in the country if this acquisition pushes through. The organization will be alongside the current leader, Megaworld Corp., which is managing 450,000 sqm of office space - solely dedicated for BPO operations.