March 26, 2017, 7:43 am
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 Zimbabwe dollar

Offshore gaming to lift demand for office space

The introduction of offshore gaming or electronic gaming (e-games) by foreign operators has opened opportunities for the office propertysector, according to property consultant Colliers InternationalPhilippines.

In its Top 10 Predictions for 2017, Collierssaid over 80,000 square meters (sq.m.) of office space was taken by offshore gaming in 2016.

Joey Bondoc, research manager at Colliers, said while bulk of the office space uptake and pipeline are still for traditional andbusiness process outsourcing (BPO) operations, the propertyconsultancy has noted in the last quarter of 2016 a surge in inquiriesfrom offshore gaming companies, each with a minimum requirement of 10,000 sq.m. taking BPO spaces.

In late 2016, the Philippine Amusement and Gaming Corp. (Pagcor)launched Philippine Offshore Gaming Operation (POGO), initially setting 25 POGO licenses, with a potential to increase to 50,according to Colliers.

Bondoc said these offshore gaming firms use the spaces both for online gaming and technical support.

“As demand from offshore gaming companies increase, concrete government
policies on Pagcor’s role will be key,” Colliers said.

“Colliers recommends landlords to consider accommodating offshoregaming companies who are looking to expand immediately,” the reportsaid.

According to Bondoc, the office market is poised to deliver a recordof more than 800,000 sq.m. of space this year, after a minor setbackin 2016 when the sector suffered some delays.

About 40 percent of the new office spaces will be in Bonifacio GlobalCity.

Bondoc said some of the spaces unfinished in 2016 would be carriedover in this year’s office stock.

He attributed the delay to the lack of construction workers across thesector who are either going abroad or poached for other jobswithin the country.

Bondoc said industrial suppliers for buildings confirm that poachingis prevalent in the industry as workers seek better pay.

He added that lack of training is also a concern in the construction sector.

In the report, Colliers said at the beginning of 2016, theprojected supply of new office space was close to 900,000 sq.m.

This has been adjusted downwards by more than 30 percent due toproject delays related to the tight labor supply in the constructionsector.

Citing a BCI Economics latest report, Colliers said the number ofconstruction that starts in the fourth quarter of 2016is expected toincrease by more than 1,000 percent from the previous quarter.

Construction starts in the residential segment alone.

Top general contractors are already declining to provide their companyprofiles to prospective clients due to a shortage of adequatelyskilled workers.

“We believe that private construction in 2016 could’ve been morerobust if not for construction delays brought about by the lack ofadequately-skilled workers. The intensified development of publicinfrastructure projects around the country will exacerbate thisproblem,” the report said.

Colliers said private construction will continuously grow due tosustained appetite for office and retail developments, whileoutsourcing and tourism-related activities will continue to drive theservices sector.

Colliers also believes BPOs will continue to drive the office marketwith a shift to higher value services and provincial locationsenvisioned to drive growth.

“We consider Cebu, Bacolod, Iloilo, Pampanga and Davao as most viablealternative locations for growth given the talent pool, businesscompetitiveness, and LGU (local government unit) and ICT (information and communications technology) council support,” Colliers said.

In 2016, the property consultancy said companies like Google, TowersWatson, Wells Fargo, Pharmaceutical Product Development have definedthe market.

Colliers also does not see this trend among knowledge processoutsourcing slowing down.

Another trend noted by Colliers is the flexible office space.

“As mobility, connectivity and flexibility become the norm in workingin the 21st century, occupier demands will also change dramatically,requiring for more flexible office spaces,” Colliers said.

Approximately 100,000 sq.m. are occupied by flexible office spaceoperators in Metro Manila alone, with many still looking to expandnext year, it said.

The profile of tenants vary from start-ups, to law firms, Fortune 500companies and freelancers.

There are about 1.3 million freelancers in the Philippines, accordingto Colliers.

Market leader Regus, for example, is looking to launch Spaces, itsco-working alternative, to compete in the growing sub-segment.

Colliers added Regus is also considering setting up flexibleworkspaces in local airports.

In the report, Colliers said a surge in manufacturing investments over the near to medium term will further raise demand for industrialspace.It suggested that developers should start developing industrial parksoutside of Cavite-Laguna-Batangas area.

As infrastructure spending ramps up, Colliers sees public constructionto be a major source of growth.

The implementation of infrastructure projects nationwide shouldprovide access to properties that could be redeveloped into mixedcommercial, residential, hotel/leisure and industrial estates.

Colliers anticipates developers to be more aggressive in pursuingprojects outside of Metro Manila as access will be significantlyenhanced.

For retail, Colliers sees developers constructing morelifestyle-oriented malls rather than retail-centric ones todifferentiate themselves especially with the emergence of onlineshopping.

In the residential development, Colliers noted condominium living isincreasingly being accepted by the market with approximately 70percent of new condominium units being studio and one-bedroom units.

This spurs demand for home furnishings and accessories that luresforeign brands such as Crate & Barrel, H&M Home, Pottery Barn and WestElm to set up shops.

Ikea is set to enter the Philippine market.

According to Colliers, the emerging segment of affordable hotels islikely to drive the market given the rising number of localentrepreneurs and domestic tourists. It sees local developersexpanding their hotel portfolio to cater to this market.

Colliers projects hotel occupancy rates in Metro Manila stabilizingbetween 65 percent and 70 percent over the next 12 months.

The entry of more foreign hotel brands such as Grand Hyatt, Okada andDusit’s D2 will continue in 2017, it said.

Colliers anticipates the development of more resort hotels in tourismhubs in Visayas and Mindanao.
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