The Philippine offshore gaming operators (POGO) industry is forecast to overtake the information technology and business process management (IT-BPM) industry as the country’s main real estate driver, according to real estate services firm JLL Philippines.
Office take-up of POGOs has been increasing since 2017, while take-up in the IT-BPM sector grew at a slower but still encouraging rate over the past two years. JLL said that IT-BPM demand is still stable and will remain the major driver in Metro Manila.
Last year, the movement of the real estate industry was affected by the crackdown on POGOs, heavily impacting the industry overall. The country’s office space sector, however, is expected to be robust for this year due to new policies and retail trade.