Office spaces are one of the best assets of the Philippines for foreign investors. A lot of international businesspeople are eyeing to start their operations in the country; hence, increasing the demand for office spaces.
According to data released by Leechiu Property Consultants (LPC), 2019’s record in office space take up reached 1.7 million square meters — a new record for the country.
Based on the said data, the increase was due to the demand from Philippine Offshore Gaming Operators (POGO), with 738,000 square meters in total. Also, the 296,000 sqm of the 738,000 sqm is within Metro Manila, primarily in the Bay Area.
The property consultant and real estate company told GMA News that the key drivers were the “aggressiveness, the amount of business that wants to operate here in the Philippines, is growing more and more.”
And the demand doesn’t stop there. Reports state that office space demand from POGOs is forecasted to increase until the end of the Duterte administration.
Colliers International Philippines research manager Joey Roi Bondoc said that the Philippines would experience growth in the next three years because the growth started during the Duterte Administration. Because of this, Bondoc reminded the next administration to think twice before removing POGOs as it drives economic growth in the country.
“There is huge economic contribution to these POGOs directly and indirectly and for the next administration, even if he or she is on the other side of the political fence, he or she might really have to think twice before pulling the plug on POGO,” Bondoc said via Philippine Star.
“Perhaps look at implementing, accommodating a friendly policy environment to the POGOs,” he added.
Despite the setbacks the industry experienced in the previous year, it seems that nothing can stop the industry from flourishing into a lucrative sector. As stated, several businesses are still interested in the country.
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