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August 22, 2018

Palace welcomes Moody’s positive outlook on PH economy

NEWS

Malacañang on Friday welcomed the positive outlook of Moody’s Investors Service on the Philippine economy.

“We welcome the positive outlook of Moody’s Investors, stating that the Philippines is expected to sustain its robust economic growth over the next few years,” Presidential Spokesperson Harry Roque said in a press conference in Malaybalay, Bukidnon.

Roque said Moody’s has attributed the country’s economic growth to the government’s focus on what has been touted as "the golden age" of infrastructure development.

“This only goes to show that our ‘Build, Build, Build’ program continues to provide favorable results for the country,” he said.

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RESEARCH VIEW

The Philippine economy grew by 6% in 2Q2018, slower than the 6.6% recorded in the same period last year and below the 7% to 8% initially projected by the government. The government intends to post faster economic growth in the next three to six years by enticing more investments thru relaxation of foreign ownership restrictions in key economic sectors such as construction and ramping up the implementation of vital infrastructure projects.  Amid the slower growth, the property sector remains resilient with major segments such as office, residential, and leisure poised for record-high demand and supply in 2018. However, we see challenges ahead, primary of which are the rising interest rates, construction delays due to labor shortage, uncertainty surrounding the second package of tax reform program, and right-of-way (ROW) issues obstructing the construction of vital infrastructure projects across the country.

MPIC expansion targets logistics


NEWS

Metro Pacific Investments Corporation (MPIC) is investing billions in its new logistics business as it anticipates rapid growth as the robust economy boosts consumer spending.
In a press briefing, MetroPac Movers, Inc. President Marilyn Aquino said they are almost tripling their warehousing capacity in two years from the current 35 hectares in Davao and Cebu to about 95 hectares to become the country’s largest warehouse operator.

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RESEARCH VIEW

We expect logistics and warehousing to be a major sub-segment of the Philippine economy over the near to medium term. Industrial parks in Central and Northern Luzon are expected to corner bulk of the new industrial investments especially in light of the planned expansion of Clark Airport and the construction of the Subic-Clark cargo railway. The opportunities in this segment abound and are enticing developers to acquire warehousing and logistics businesses. Aside from MPIC, other business groups that have been aggressive in acquiring logistics-related businesses are the SM Group and Davao-based businessman Dennis Uy of Udenna. Colliers recommends that mall developers complement their online businesses by acquiring logistics and warehousing businesses. This enables retailers to effectively execute last-mile deliveries and cash in on expanding e-commerce.


Dot Property still bullish about PH property market

NEWS

Dot Property, a digital media company serving property seekers, remains optimistic about the Philippines' property market despite rising interest rates and other external risks.

The Filipino market's strong appetite for residential properties can be seen in the high traffic of visitors on its website, an online marketplace for properties.

In a briefing Wednesday, Dot Property Philippines Country Manager Tanya Kristina Yu said 68 percent of visitors to their website came from the Philippines.

Yu added that the countries where there are many overseas Filipinos, such as the United States, Canada, Singapore, Australia, Saudi Arabia, United Kingdom, Japan, and Qatar, are among the sources of visitors to its website.


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RESEARCH VIEW

The Philippines' property sector is poised for record-high supply and demand for 2018. Sectors such as office and residential remain robust due to demand from Chinese offshore gaming firms. Colliers encourages developers to take advantage of opportunities that could arise from the implementation of government policies such as the Comprehensive Tax Reform Package; relaxation of foreign ownership restrictions on retail and construction; and amendments to the existing procurement law and business registration systems which should entice more developers to take part in the government’s ambitious infrastructure development programme. We encourage the developers' infrastructure units to explore operation and maintenance (O&M) opportunities involving transportation projects in and outside of Manila. We also recommend that developers be more innovative given the proliferation of townships and expansion of opportunities in alternative markets such as Cebu



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