January 18, 2017, 1:13 am
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1 Philippine Peso = 0.07373 UAE Dirham
1 Philippine Peso = 2.57378 Albanian Lek
1 Philippine Peso = 0.03554 Neth Antilles Guilder
1 Philippine Peso = 0.31799 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04015 Barbados Dollar
1 Philippine Peso = 1.59024 Bangladesh Taka
1 Philippine Peso = 0.03683 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 33.69343 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02866 Brunei Dollar
1 Philippine Peso = 0.13752 Bolivian Boliviano
1 Philippine Peso = 0.06466 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.3697 Bhutan Ngultrum
1 Philippine Peso = 0.21257 Botswana Pula
1 Philippine Peso = 401.92732 Belarus Ruble
1 Philippine Peso = 0.03975 Belize Dollar
1 Philippine Peso = 0.02636 Canadian Dollar
1 Philippine Peso = 0.02027 Swiss Franc
1 Philippine Peso = 13.25216 Chilean Peso
1 Philippine Peso = 0.13857 Chinese Yuan
1 Philippine Peso = 59.08452 Colombian Peso
1 Philippine Peso = 10.94158 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.08352 Cape Verde Escudo
1 Philippine Peso = 0.51054 Czech Koruna
1 Philippine Peso = 3.5802 Djibouti Franc
1 Philippine Peso = 0.14047 Danish Krone
1 Philippine Peso = 0.93074 Dominican Peso
1 Philippine Peso = 2.20173 Algerian Dinar
1 Philippine Peso = 0.29553 Estonian Kroon
1 Philippine Peso = 0.37844 Egyptian Pound
1 Philippine Peso = 0.45091 Ethiopian Birr
1 Philippine Peso = 0.01889 Euro
1 Philippine Peso = 0.04186 Fiji Dollar
1 Philippine Peso = 0.01668 Falkland Islands Pound
1 Philippine Peso = 0.01668 British Pound
1 Philippine Peso = 0.08489 Ghanaian Cedi
1 Philippine Peso = 0.88376 Gambian Dalasi
1 Philippine Peso = 186.70949 Guinea Franc
1 Philippine Peso = 0.15123 Guatemala Quetzal
1 Philippine Peso = 4.106 Guyana Dollar
1 Philippine Peso = 0.15569 Hong Kong Dollar
1 Philippine Peso = 0.45774 Honduras Lempira
1 Philippine Peso = 0.14162 Croatian Kuna
1 Philippine Peso = 1.28749 Haiti Gourde
1 Philippine Peso = 5.79984 Hungarian Forint
1 Philippine Peso = 267.35595 Indonesian Rupiah
1 Philippine Peso = 0.07659 Israeli Shekel
1 Philippine Peso = 1.3682 Indian Rupee
1 Philippine Peso = 23.7101 Iraqi Dinar
1 Philippine Peso = 649.86949 Iran Rial
1 Philippine Peso = 2.28267 Iceland Krona
1 Philippine Peso = 2.57599 Jamaican Dollar
1 Philippine Peso = 0.01421 Jordanian Dinar
1 Philippine Peso = 2.28719 Japanese Yen
1 Philippine Peso = 2.08292 Kenyan Shilling
1 Philippine Peso = 1.39468 Kyrgyzstan Som
1 Philippine Peso = 80.11845 Cambodia Riel
1 Philippine Peso = 9.27525 Comoros Franc
1 Philippine Peso = 18.06866 North Korean Won
1 Philippine Peso = 23.72214 Korean Won
1 Philippine Peso = 0.00613 Kuwaiti Dinar
1 Philippine Peso = 0.01646 Cayman Islands Dollar
1 Philippine Peso = 6.68681 Kazakhstan Tenge
1 Philippine Peso = 163.9229 Lao Kip
1 Philippine Peso = 30.21682 Lebanese Pound
1 Philippine Peso = 3.01144 Sri Lanka Rupee
1 Philippine Peso = 1.82694 Liberian Dollar
1 Philippine Peso = 0.27103 Lesotho Loti
1 Philippine Peso = 0.06121 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02868 Libyan Dinar
1 Philippine Peso = 0.20159 Moroccan Dirham
1 Philippine Peso = 0.40323 Moldovan Leu
1 Philippine Peso = 1.15559 Macedonian Denar
1 Philippine Peso = 27.06284 Myanmar Kyat
1 Philippine Peso = 49.94981 Mongolian Tugrik
1 Philippine Peso = 0.16036 Macau Pataca
1 Philippine Peso = 7.12387 Mauritania Ougulya
1 Philippine Peso = 0.72014 Mauritius Rupee
1 Philippine Peso = 0.30797 Maldives Rufiyaa
1 Philippine Peso = 14.38807 Malawi Kwacha
1 Philippine Peso = 0.43213 Mexican Peso
1 Philippine Peso = 0.08957 Malaysian Ringgit
1 Philippine Peso = 0.27209 Namibian Dollar
1 Philippine Peso = 6.32403 Nigerian Naira
1 Philippine Peso = 0.58975 Nicaragua Cordoba
1 Philippine Peso = 0.17069 Norwegian Krone
1 Philippine Peso = 2.1843 Nepalese Rupee
1 Philippine Peso = 0.02826 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.06745 Peruvian Nuevo Sol
1 Philippine Peso = 0.06333 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10359 Pakistani Rupee
1 Philippine Peso = 0.08276 Polish Zloty
1 Philippine Peso = 116.05701 Paraguayan Guarani
1 Philippine Peso = 0.0731 Qatar Rial
1 Philippine Peso = 0.08481 Romanian New Leu
1 Philippine Peso = 1.19264 Russian Rouble
1 Philippine Peso = 16.31379 Rwanda Franc
1 Philippine Peso = 0.07528 Saudi Arabian Riyal
1 Philippine Peso = 0.15698 Solomon Islands Dollar
1 Philippine Peso = 0.26272 Seychelles Rupee
1 Philippine Peso = 0.12864 Sudanese Pound
1 Philippine Peso = 0.17904 Swedish Krona
1 Philippine Peso = 0.02867 Singapore Dollar
1 Philippine Peso = 0.01668 St Helena Pound
1 Philippine Peso = 0.44581 Slovak Koruna
1 Philippine Peso = 146.29592 Sierra Leone Leone
1 Philippine Peso = 10.96165 Somali Shilling
1 Philippine Peso = 462.93516 Sao Tome Dobra
1 Philippine Peso = 0.17511 El Salvador Colon
1 Philippine Peso = 10.33889 Syrian Pound
1 Philippine Peso = 0.27216 Swaziland Lilageni
1 Philippine Peso = 0.7113 Thai Baht
1 Philippine Peso = 0.04658 Tunisian Dinar
1 Philippine Peso = 0.04632 Tonga Pa'ang
1 Philippine Peso = 0.07556 Turkish Lira
1 Philippine Peso = 0.1345 Trinidad Tobago Dollar
1 Philippine Peso = 0.63521 Taiwan Dollar
1 Philippine Peso = 44.48906 Tanzanian Shilling
1 Philippine Peso = 0.5529 Ukraine Hryvnia
1 Philippine Peso = 72.37502 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57519 Uruguayan New Peso
1 Philippine Peso = 64.9468 Uzbekistan Sum
1 Philippine Peso = 0.20026 Venezuelan Bolivar
1 Philippine Peso = 453.06163 Vietnam Dong
1 Philippine Peso = 2.15479 Vanuatu Vatu
1 Philippine Peso = 0.05167 Samoa Tala
1 Philippine Peso = 12.38747 CFA Franc (BEAC)
1 Philippine Peso = 0.05421 East Caribbean Dollar
1 Philippine Peso = 12.49508 CFA Franc (BCEAO)
1 Philippine Peso = 2.24312 Pacific Franc
1 Philippine Peso = 5.01706 Yemen Riyal
1 Philippine Peso = 0.27219 South African Rand
1 Philippine Peso = 104.1859 Zambian Kwacha
1 Philippine Peso = 7.26561 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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