The Philippines’ real estate sector is proving remarkably resilient and continuing to expand despite ongoing market volatility and a number of related uncertainties, according to several senior figures within the industry. For his part, Jet Yu, chief executive of Prime Philippines, a Metro Manila-based commercial real estate consultancy, said while there were still a variety of issues that needed resolving, including those relating to the status of the Philippines’ offshore gaming operators (POGOs), which have an impact on the demand for office space, his company remains optimistic about the future prospects in the office, retail and residential sectors.
Furthermore, he said they didn’t foresee any slowdown in the real estate market over the next couple of years, with the rising middle-class population likely to continue driving growth. Equally upbeat, Cary Lagdameo, the first vice president of Damosa Land, a Davao-headquartered developer, said the country’s highly educated workforce would play a crucial role in the industry’s growth. Issuing a rallying call to the sector in general, meanwhile, Victor Consunji, CEO of Victor Consunji Development, a Makati City-based developer, said the industry should take full advantage of the many opportunities emerging as a result of the overall success of the country’s economy.