With Great Britain’s shocking decision to exit the European Union shaking up the world market, a property market veteran sees the Philippines raking in gains in its business process outsourcing (BPO) industry.
Leechiu Property Consultants founder and CEO David Leechiu said that the country will do well despite the catastrophic event in the world market.
The Philippines, known to worldwide investors for its relatively cheap investment costs, will be a target for western companies to offshore jobs in order to increase profits and cut costs according to Leechiu. He said that 70 percent of the office space supply in the country for 2016 has been leased out and noted that 15 percent of new office stock for 2017 has already been leased out at present.
The property market expert estimated another 700,000 square meters of office space supply to be added this year, in addition to last year’s 614,000 square meters. He adds that by 2017, additional inventory is expected to reach a record high level of 1.4million square meters.
On the issue of worsening traffic in the country’s business capitals, Leechiu explains that most of the BPO workers are moving around at night, while highlighting that the traffic is indeed a constraint to investors. He said that the demand for the roads is actually divided between the morning workers and the evening workers.
