The Philippine economy expanded by 6.2% in Q3 2019. This figure makes the Philippines one of the fastest growing economies in Asia. Read more.
Manila, 28 November 2019 - The Philippine economy expanded by 6.2% in Q3 2019, as the government ramped up spending on infrastructure. The Q3 2019 figure makes the Philippines one of the fastest growing economies in Asia.The improvement was mainly government spending-driven, with public construction rising by 11% in Q3 2019 from a 27% contraction in Q2 2019. Private construction rose by 19.1%, sustaining the 10.4% growth posted in Q3 2018. This indicates a strong appetite for office towers, residential units (condominium and house & lots), malls, hotels, and industrial parks across the country. With economic growth for the remainder of President Duterte’s term (June 30, 2022) likely to be anchored on government and infrastructure spending, Colliers sees a sustained property market over the next 12 to 36 months.
During the period, Colliers sees the economic growth being supported by an improved credit rating, decelerating inflation, and a higher ranking in global competitiveness surveys. We encourage both landlords and tenants to further explore opportunities in the market by –
> Identifying expansion sites and alternatives for outsourcing and offshore gaming firms
> Developing co-living and mid-income projects
> Housing flexible workspace operators