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BPOs, Remittances Fuel PH Property Industry

by: Sarah Joson

Monday, March 16, 2015 |

During a media forum at Makati City, real estate advisory and services firm CB Richard Ellis Philippines Inc. (CBRE) reported that the business process outsourcing (BPO) sector and remittances from overseas Filipino workers (OFWs) supported the growth of the property segment of the country.

According to the data from the Bangko Sentral ng Pilipinas (BSP), remittances grew five percent from US$22.9 billion in 2013 to US$24.3 billion in 2014, and will be valued from US$25 million to US$26 million in 2016.

Rick Santos, Chairman, founder, and CEO of CBRE Philippines, said the BPO sector is likely to be valued the same in 2016. He further noted that the bullish services segment of the BPO sector grew by 3.3 percent in the gross domestic product (GDP) and is cited as the key economic driver last year.

Moreover, Alexandra Kantindig, manager for investment properties and capital markets for CBRE Philippines, said the rise in demand for low to mid-market housing is propelled by OFWs and low to mid-level market consumers who purchase condominium units either for themselves or as a property that they will be renting out.

Katindig also pointed out that instead of renting a dorm or rooms, BPO workers and college students now opt to rent vertical properties - veering away from the traditional “bed spacing” setup, and are utilizing the properties as “condormitels”.


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