Throughout 2016, global markets were constantly anxious about Great Britain exiting the European Union. This move was popularly termed as the ‘Brexit’. But it seems like the Philippines’ business process outsourcing industry might get a boost from this move.
Industry experts predict that Brexit will likely work in favor of the outsourcing destination because it will encourage several foreign companies to outsource operations to the Philippines. This will help them increase profits through cost-cutting.
A property dealer in the Philippines reports that 15% of the newly built office stock has already been rented out for 2017. Further, there has been a significant rise in rental rates regardless of the new supply influx.
According to global economists, UK’s separation from the European Union will have the impact of slowing down economic growth all across the EU and the UK. But Brexit will not have any significant impact on the economic fundamentals in the Philippines.
The property consultant further elaborated on office space statistics and said that nearly 614,000 square meters of office space was made available in 2015. In 2016, an additional 700,000 sq m was added to this lot.