June 24, 2018, 8:53 am
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1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

Lack of hard, soft infra challenge to growth

Property consultant Santos Knight Frank (SKF) said more investments should be poured into  infrastructure in order to further bolster the Philippines’ potential as an investment hub in East Asia, the real estate sector in particular.  

“The potential challenge is infrastructure. We had been a victim of our own success. We need better roads for added capacity. As a knowledge-based economy, education as an infrastructure is needed. We need to get the those higher engineering programs on track (for one),” said Rick Santos, SKF chairman.

SKF said the Philippines’ real estate industry looks “rosier than ever” post-Asean Summit after the government inked key bilateral trade deals and funding for critical infrastructure initiatives from East Asian neighbors.  

Santos said the commitments signed “will be vital to the long-term expansion of the real estate sector and the broader economy, which once again outperformed China with a 6.9 percent GDP growth in the third quarter.” 

The country signed 14 agreements with China that include the development of industrial parks, railways, bridges and agricultural facilities. The Philippines forms part of the Chinese-led Belt and Road Initiative, a $1-trillion partnership that involves 70 countries and 40 percent of global GDP,” noted Santos. 

He saSantos at the same time noted that the country also entered agreements with Japan on the P46 billion deal for the first phase of the Metro Manila Subway Project and a P4 billion funding facility for the Philippine-Japan Friendship Highway in Bulacan. 

“With deeper cooperation between the Philippines and East Asian neighbors such as China and Japan, prospects for the Philippines’ property sector are stronger than ever before. Enhanced infrastructure and access naturally attract more institutional and private investments that, in turn, lead to accelerated countryside development and growth of secondary cities,” Santos  said. 

“We anticipate the office, residential, retail and industrial sectors to grow further in terms of supply and activity thanks to stronger regional trade and infrastructure cooperation,” he added. 

Santos said “sound macroeconomic indicators continue to render the Philippines as one of the strongest performers among emerging economies in Asia.”

“With greater investment interest coming out of the Asean Summit, there is no stopping the Philippine real estate sector from growing at an accelerated pace next year. Manila today is Hong Kong or Singapore 30 years ago. We thought we’ve seen the best of the real estate market --- but it’s only about to get even better in 2018,” said Santos. 

SKF said rental growth in Manila over the last 12 months has been the highest across Asia, pointing to a strong demand for office space in the market in the backdrop of a “healthy vacancy rate” which provide occupiers with a range of options. 

SKF said  Manila’s office market is “unique” with its rental rates still going up despite continued pumping out of supply. 

“You normally expect lease rates to go down when you have a large office supply coming, instead rental growth in Manila has been the highest across Asia,” said Santos. 

SKF noted that in Fort Bonifacio alone, headline lease rates already breached the P1,000 per square meter (sq.m.) market as of the third quarter this year at P1,027.27. In Makati lease rate stood at P1,263.15, in Ortigas at P660.71, and in Bay City at P725.43. 

The overall vacancy rate in Manila meanwhile stands at 4.62 percent, up from 3.25 percent last year. SKF said the increase in vacancy was a result of completion of several buildings in the third quarter, but it remains to be at a “robust level.”

SKF said office space net absorption is estimated to go beyond 600,000 sq.m, with another 946,782 sq.m. expected to go online by next year. 

Of the amount, 409,377 sq.m, or about 76 percent will be supply by Bonifacio Global City alone. 

The residential market meanwhile is seen to post “unprecedented growth” as key drivers --- office sector, middle-income families, and cross-border investments --- ramp up demand. 

SKF said Manila residential space is expected to grow “more than the size of Bonifacio Global City --- 3 million sq.m. or 50 percent of the current stock --- in the next four years. 

“People are the secret sauce in the success of the Philippine office sector and it will be the same for the residential market,” said Santos. 

SKF said the residential market is dominated by the middle-income and high-end/luxury segments of the market and are sent to continue going strong. The Bay Area is the hottest residential investment market, far exceeding all other districts in terms of take-up, it noted. 

SKF noted that as of the third quarter, there were 207,182 residential units available in the market, 9,415 units of which had been launched in the first nine months of the year. Another 13,858 units meanwhile were turned over in the same period. 

Units in the middle-income market currently range between P78,000 to  176,000 eacht, the high-end between P108,000  and  P187,000, and the luxury segment at P182,000 to  P350,000. 
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