Biz districts outside Manila ‘key’ to property recovery
The growing demand for outsourcing during the pandemic was seen through the new infrastructure developments outside of Makati and Bonifacio Global City (BGC). Due to availability in economic zones, many developers invest in urban areas outside Metro Manila, like Pampanga, Cebu, and Davao.
Regarding road networks to helped improve access to the north and south of Metro Manila, Cushman & Wakefield Head of Research, Consulting and Advisory Services Claro Cordero, Jr. said, “There’s still much work to do, not just in the bridges and all those road networks and will not only benefit the middle class and the upper-income strata but also, more importantly, the workforce. And if you have a workforce that is fairly mobile from one point to another in the city, then you drive economic activity.”
The Information Technology and Business Process Association of the Philippines (IBPAP) reported that outsourcing revenue rose just 1.4% to $26.7 billion last year from the 2019 figure compared to the sector’s revenues that jumped 7.1% in 2019.
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