BPO driving commercial property and economic growth in the Philippines | 20 June 2013
The business process outsourcing (BPO) sector in the Philippines is driving growth in commercial property investment.
That’s according to a report by channelnewsasia.com, which suggests the country is aiming for a slice of the $270 billion global BPO – a ten per cent slice to be precise – by 2016.
Around 63 IT parks are being planned, developed and constructed all across the Philippines in order to satisfy the demand the BPO sector is creating. The rapid expansion of the sector will see the parks provide the extra infrastructure and connectivity needed to support such growth.
Furthermore, experts familiar with the sector believe the amount of BPO office spaces will double by 2017 as more outsourcing firms look to relocate to the Philippines.
In addition, increased labour across the country will also boost the demand for residential properties, hotels and leisure thus delivering a ‘whole new growth’ for cities.
Joseph Yap, president and CEO of real estate firm Filinvest Land Inc, commented on the demand to theoutsourceblog.com: “There’s very strong demand now for BPO offices.
“In the previous years, the office take-up was roughly about 300,000 sq m of gross leasable area per year. But last year, they grew to about 400,000 plus (sq m) already, so definitely very strong demand,” added Yap.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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