Cooling property market could test Philippine economy
International economic watcher Asean+3 Macroeconomic Research Office (AMRO) said that a cooling property market could test the Philippine economy, which is heavily reliant on business offices and online gaming.
The country’s real estate market is largely driven by a boom in the business process outsourcing (BPO) and online gaming industries, and the slowing of these industries could trigger the drip in the market. However, the government earlier said the impact of the slowing BPO and gaming industries will be moderate and manageable as property demand in the country would still be high.
To contain the risk, AMRO recommended that the Philippines deliver structure reforms and focus more on supporting growth while guarding financial stability.
