Philippines

Confidence in the Philippines’ property market, fuelled by economic growth, an influx of expatriate workers and rising investment by overseas Filipino workers (OFWs), is intensifying competition among the country’s major real estate players.

A combination of strong consumer demand, increased state investment and sound monetary policy have combined to put the Philippines’ economy on course for a strong performance this year, leading analysts and financial institutions to revise their growth forecasts upwards to near 5%.

Rising revenues and job creation, backed by new investments, are currently highlighting the surging growth in the Philippines’ business process outsourcing (BPO) segment.

The Philippines’ retail sector is expected to have a strong year, with forecasts pointing to rising consumer spending as the economy continues to expand and inflation remains contained. Low interest rates, meanwhile, will serve to encourage consumer spending.

News that the Philippines is set for higher electricity prices this year has sparked protest from legislators and consumers alike, but the rate increases could actually foretell their eventual decline as the segment increases its efficiency.

In late February, the Philippine’s Department of Energy announced it was forging ahead with plans to offer 15 offshore territories to foreign investors for oil and gas exploration. The secretary of energy, Jose Almendras, said the government hoped to award contracts to the winning bidders this month, underscoring the government’s desire for work to begin as soon as possible.