U.S. inflation will open more IT-BPM investments in PH, says property expert
MANILA, PHILIPPINES — The high inflation in the United States (U.S.) and other parts of the world is a “welcome development” for the Philippine IT-BPM industry.
According to Morgan McGilvray, Senior Director for Occupier Services at real estate firm Santos Knight Frank (SKF), more foreign companies would put up back offices in the country to cut operating costs.
“While we will continue to see some downsizing of footprints for Philippine headquarter companies, we still expect to see an overall net positive take up in 2023 driven mainly by the BPO sector,” McGilvray added.
Aside from the outsourcing industry, the Philippine property market is also projected to enjoy a “sustained return of demand” in 2023 across various sectors, including retail, hospitality, and industrial.
Countryside expansions are also expected to increase as more locators explore business opportunities outside Metro Manila.
