‘This is expected to sustain the economy and demand for real-estate should continue to grow.’
DUBAI: The economic and social policies announced by President Rodrigo Duterte and his team “have been well-received by the business community and this is expected to sustain the economy and demand for real-estate should continue to grow,” said Thomas Mirasol, Ortigas & Co. Senior VP and Chief Operations Officer
In an email interview from Manila, Mirasol told The Filipino Times the economic outlook “continues to be positive,” indicating that the new administration has infused confidence among key players and sectors.
“Economic growth is forecast to be 6.7 percent by the end of the year, making it a solid performer. By mid-2017, growth is forecast to be at 6.4 percent and by 2020 it is expected to be at 6.3 percent,” said Mirasol.
“The drivers of economic growth are still doing well,” he added, noting that remittances from overseas Filipino workers (OFWs), which hit $2.7 million in March 2016, continue to grow.
First quarter 2016 remittances went up $7.2 billion which is 4.4 percent more than the same period last year.
“Employment rates are slightly better as of April 2016 versus the same time last year. Consumer spending is up and inflation is mild at just 1.9% Year-on-year as of June,” Mirasol said.
Ortigas is a developer with an exceptionally long track record in the Philippines. This year marks the company’s 85th founding anniversary. Some of the company’s more well-known projects include the Greenhills Shopping Center and the Greenhills residential villages, Ortigas Center, Valle Verde residential villages, Greenmeadows, Tiendesitas and more recently, the Capitol Commons estate and Circulo Verde estate.
All projects are located in Metro Manila, specifically in San Juan City, Pasig City and Quezon City.