Real estate seen to drive PH growth

DUBAI: The services sector, particularly real estate, is expected to drive the economic growth of the Philippines in the succeeding years, said Roselou T. Jomah, Megaworld International’s (MI) assistant vice president for sales in the Middle East and Africa,
“Demand will be driven by a number of factors, resulting in a well-distributed growth across the sector. The continuing growth in the business process outsourcing (BPO) sector and the growth in consumer spending will certainly help boost the company’s revenues,” Jomah told The Filipino Times in an email interview from Manila.

In this light, she said, Megaworld is now expanding its rental portfolio to capitalize on the BPO sector and consumer spending growth.

Jomah meantime said remittances from overseas Filipino workers (OFW) will continue to power low-end to mid-market residential housing segment while foreign investors and expatriates will keep up the demand for luxury housing.

Apparently capitalizing on this, Megaworld is reaching out to more Filipinos based abroad through the real estate company’s global network of satellite offices.

“This makes property acquisition easy and convenient for overseas buyers,” .Jomah said, explaining that satellite offices serve as a one-stop shop for prospective buyers and clients who would like to learn more about Megaworld’s projects to invest.

According to her, Megaworld International currently has 16 satellite offices: Los Angeles, USA; California, USA; San Diego, USA; Ontario, Canada; New York, USA; Rome, Italy; Madrid, Spain; London, UK; Dublin, Ireland; Vienna, Austria; Tokyo, Japan; Singapore; Bahrain; Doha, Qatar; Muscat, Oman; and Dubai, UAE.

According to the Asian Development Bank (ADB), the Philippines is expected to grow by six percent this year “on the back of higher consumption and investment.