The World Bank’s 2017 Global Economic Prospects indicated that the Philippine economy is currently ranked as the World’s 10th fastest growing economy and is expected to maintain its strong growth because of robust domestic consumptions, government spending, and improved building regulations transparency. It is projected to expand by 6.7 percent year-on-year in 2018 and 2019.
The improvements in the Philippine economy are evident in its GDP growth, trade exports, foreign direct investments, and job creations under the effort of the current administration. Furthermore, commitment to improving the country’s infrastructure with Public-Private Partnership is well applauded. It has not only boosted the economy but is now aiming to introduce new capital market products as well as new shares on the stock exchange.
Global real estate services provider, Colliers International, encourages developers to take advantage of opportunities that could arise from the implementation of government policies such as the Comprehensive Tax Reform Package, relaxation of foreign ownership restrictions on retail and construction, and amendments to the existing procurement of law and business registration systems.
Based on the medium-term outlook, the Philippines can leverage on several emerging trends to accelerate its growth. The potential to offer a brief window of opportunity is seen on its growing and young demographics with more than two-thirds of its population under the age of 35, which will require an enduring commitment to structural reforms that facilitate private investments and to help the younger working generation to develop the appropriate skills to succeed in a dynamic labor market.
The Philippines is considered as one of the best places to do business which has attracted multiple developers to participate in the government’s enormous infrastructure development program. The country is also expecting a surge from Chinese based investments as it seeks ties with China. Colliers International implied that while various challenges lie ahead for developers, opportunities remain abundant for the property sector over the next 12 months.
One Belt and One Road — One of the biggest project in the Philippines now, known as the “The New Manila Bay — City of Pearl” or “New Manila International Community” has been confirmed and agreed with China. Helmed by the developer UAA Kinming Group, it will cover an area of 407 hectares and will be situated between the Manila South Port and the Pasig River mouth. Reclamations have started since August 2017.
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