BPO office rentals buoy Megaworld’s Q2 profit

Philippine property developer Megaworld posted a net income of P3.39bn in Q2 of this year, up 10% from the same period last year, thanks to aggressive expansion of the group’s leasing portfolio, escalation of rental rates and high demand for office space from BPO companies. For H1, Megaworld generated revenues amounting to P23.03bn, 5% higher from P22.01 billion. Recently, Megaworld unveiled office developments to form the ‘Visayas BPO Triangle’. It will open eight new office towers in Iloilo Business Park, the Mactan Newtown in Cebu and the Upper East in Bacolod. According to Megaworld treasurer Francis Canuto, creating the Visayas BPO Triangle will allow the group to streamline its growth strategy in its rental portfolio.