Tags: Real Estate
by Alexander Villafania
PASIG CITY, METRO MANILA – There will be several reasons why the construction business in the Philippines is happy this year: a peaceful, credible elections this May, the recovering global economy, stabilizing foreign exchange, increasing remittances from overseas workers, and the business process outsourcing industry.
This was said by Danilo Ignacio, president and COO of Eton Properties Philippines, which has been in a construction binge for the past year. Ignacio told journalists that the construction in the Philippines is on the rise, citing a cycle in the construction industry where there are lulls, followed by an upturn in construction deals.
He noted that the “boom years” of construction usually followed the transition of a new government, followed by a downturn that could be brought about by a sweeping economic crisis, such as the five-year Asian crisis during the late 1990s.
But in 2001, the boom period came back and has not yet gone down. Ignacio attributed it to several factors such as change in administration, an increase in OFW remittances and the emergence of the business process outsourcing companies.
“The BPOs are gobbling up a lot of space everywhere and it’s not going to stop soon.”
Even the Department of Trade and Industry pointed to continued growth in the construction business. DTI Undersecretary Elmer Hernandez, who is also chair of the Philippine Contractors Accrediation Board (PCAB) said the construction boom this year will also be fueled by the government’s pursuit of infrastructure programs.
Eton has also been putting up several properties over the past few months. For this year, it is targeting four new residential projects, three commercial spaces, and one office location.
It recently opened the new Eton Cyberpod Corinthian in Ortigas Center, at the corner of EDSA and Ortigas Avenue Extension. The new building is primarily a commercial space for BPO companies.
Other companies in the real estate and construction business have been heavily investing on residential and commercial space. For example, Ayala Land Incorporated is eyeing to build an area in Iloilo City for BPOs.
Megaworld Properties already started their development of certain areas in Taguig City’s Bonifacio Global City as early as 2007. Meanwhile, Filinvest Land will also pursue development of a 10-hectare land in Cebu City for a mix commercial and residential complex.
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