Real Estate Execs Bullish On PH Property Sector
Despite the uncertainty and volatility arising from developers’ exposure to Philippine offshore gaming operators (POGOs), real estate execs still remain optimistic about the country’s property sector. The CEO of Prime Philippines Jet Yu assured that the industry continues to grow and remained resilient.
According to the real estate services firm Leechiu Property Consultants, the POGO industry has overtaken the information technology-business process management (IT-BPM) sector in terms of demand for office space. In line with this, several lawmakers, are seeking an inquiry of the impact of POGOs on the local economy, national security, and the public amid issues regarding revenue monitoring and the entry of foreigners who they said work for offshore gaming operations without valid work permits.
Yu said in an interview that the country will see a bright spot in the real estate industry across different sectors – from residential to office and retail. He added that it isn’t likely to slow down in the next couple of years due to the growing middle-class population in the country which is a key driver in property demands.
On the other hand, Victor Consunji Development Corp. CEO Victor Consunji also said that there are a lot of opportunities in the property industry that developers can take advantage of because the economy is doing well. The Davao-based Damosa Land Inc. first vice president Cary Lagdameo also agreed to this and imparted that the country’s highly educated workforce is the key to the sector’s continuous growth.
Last August, the Philippine Amusement and Gaming Corporation (PAGCOR) stopped accepting applications for offshore gaming licenses until all concerns have been addressed.