The Philippines’ real estate industry looks rosier than ever post-ASEAN Summit after the government inked key bilateral trade deals and funding for critical infrastructure initiatives from East Asian neighbors. Leading property consultant Santos Knight Frank believes the commitments will be vital to the long-term expansion of the real estate sector and the broader economy, which once again outperformed China with a 6.9% GDP growth in the third quarter.
During the ASEAN Summit, the Philippines signed 14 agreements with China that include the development of industrial parks, railways, bridges and agricultural facilities. The Philippines forms part of the Chinese-led Belt and Road Initiative, a USD1-trillion partnership that involves 70 countries and 40% of global GDP.
Meanwhile, the Philippine government also entered agreements with Japan on the PHP46-billion deal for the first phase of the Metro Manila Subway Project and a PHP4-billion funding facility for the Philippine-Japan Friendship Highway in Bulacan.
Rick Santos, Chairman and CEO of Santos Knight Frank says: “With deeper cooperation between the Philippines and East Asian neighbors such as China and Japan, prospects for the Philippines’ property sector are stronger than ever before. Enhanced infrastructure and access naturally attract more institutional and private investments that, in turn, lead to accelerated countryside development and growth of secondary cities.”
Santos continues: “We anticipate the office, residential, retail and industrial sectors to grow further in terms of supply and activity thanks to stronger regional trade and infrastructure cooperation.”
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