July 24, 2017, 10:51 am
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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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