US recession will boost Philippines real estate – experts
A looming recession in the United States is expected to boost the Philippines’ booming property market and its outsourcing industries, real estate consultants CB Richard Ellis (NYSE:CBG) said Thursday.
‘We see no end for the demand for commercial real estate,’ CB Richard Ellis Philippines chairman Rick Santos told a news conference.
‘We haven’t seen this much interest since pre-1997 (before the Asian crisis),’ he said.
A report by the company said that while the call center industry in the Philippines may feel the brunt of a US recession it will be offset by an increase in the BPO (business process outsourcing) business as US companies increase their outsourcing of back office operations.