The Philippines’ real estate and property industry showed signs of early recovery after taking the brunt of the COVID-19 pandemic disruptions. Projected expansion of Philippine IT-BPOs (information technology-business process outsourcing) in business districts in and outside Metro Manila would boost the market even further.
Outsourcing Business Functions to Philippine IT-BPOs
US and European companies are projected to outsource some business functions to countries like the Philippines and India to reduce costs as they experience the 3rd and 4th waves of the pandemic, similar to what happened in the 2008 financial crisis.
Leechiu Property Consultants, Inc. (LPC) projects a positive growth trajectory in the next 12 to 18 months that could benefit investors. LPC recalled that flat land prices after 2008 increased in the following years. Tam Angel, LPC associate director, projects a similar growth effect post-pandemic especially in core markets.
Sustained Expansion of Philippine IT-BPOs
While LPC acknowledged that 2021 would not be all about growth, the sector will recover faster than expected due to sustained BPO expansion, low interest rates on residential property, easing road congestion, and the potential revival of Philippine Online Gaming Operators (POGOs).
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