The funds sent home by overseas Filipino workers (OFW) and the booming business process outsourcing (BPO) industry remain the drivers of the Philippine real estate sector in 2013.
This positive outlook was complemented by healthy investment environment and low interest rates, a key factor in buying homes, especially by OFWs, shared Rick Santos, chairman and CEO of real estate advisory firm CBRE Philippines. BPO industry revenues are expected to reach P25 billion in 2016, more than double the 2012 projected revenues of P12 billion, CBRE numbers showed. To accommodate the booming BPO business, demand for both residential and commercial properties has been steadily grown, writes Aya Lowe for Rappler News.