by: Sidney Liquigan
Thursday, October 5, 2017 | Outsourcing News |
In August 2017, Colliers International released a report detailing the segments that will benefit from the government's "Build, Build, Build" infrastructure buildup program (or the BBB program). Based on the report, property development will be positively affected by the program, urging property developers and locators to take advantage of opportunities in expanding to provincial hubs.
According to Paul Vincent Ramirez, Valuations and Advisory Director of Colliers International Philippines, the BBB program is expected to contribute to the growth of the real-estate sector in the Philippines, particularly in the residential and office markets.
Ramirez said that "the planned infrastructure projects nationwide, if implemented, will unlock the potential in different areas across the country."
Furthermore, the positive outlook towards the BBB program is driven by continuous remittances from OFWs as well as the expanding BPO sector in the country.
"Residential take-up still continues to be strong and is keeping pace with the previous year. For the office market, BPO, gaming, and traditional office locators are the key drivers. While OFW remittances will still help prop up the residential sector."
BPO firms are one of the biggest office space tenants in Metro Manila, and the report from Colliers International suggests that these firms should consider expanding in the provinces. With this, we can also expect a boost in employment opportunities not just in the Philippine capital but in the provinces as well.
In addition to 75 flagship infrastructure projects identified earlier this year, the National Economic and Development Authority Board (NEDA) is planning to approve 18 additional flagship infrastructures before the year ends.
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