The property boom happening in the Philippines is partly due to the growing BPO industry. The other driver is the large remittances sent over by the 11 million Filipinos working abroad.
From First Quadrant
Philippine outsourcing boom drives property market
Rick Santos, chairman of Philippine property company CBRE, said property sales and leases will remain strong next year, driven by demand for commercial space, particularly from the business process outsourcing sector. “We are now experiencing the best real estate market in the last 20 years. It took two decades to get the stars aligned, but now, we’re looking at sustained growth and success,” Santos said.
The BPO Association of the Philippines expects the outsourcing sector to be worth $25 billion by 2016. “The Philippines is one of the most cost effective outsourcing destinations in Asia … Manila is now a strategic location for multinational companies and banks as it supports and runs the world’s businesses out of the Philippines,” Santos said.