ASEAN integration to make PHL property sector competitive

The Association of Southeast Asian Nations (ASEAN) economic integration will compel the Philippine property sector to be more competitive with the influx of foreign investments, according to property consultancy firm Colliers International.

"The ASEAN integration, it will make us a little bit more competitive as there will be more foreign players," Colliers International senior research manager Dinbo Macaranas told reporters on the sidelines of the company's third quarter property market briefing in Makati City on Thursday.

The ASEAN Economic Community (AEC) established in 2015 is a milestone in regional economic integration, offering business opportunities within a single market worth an estimated $2.6 trillion with over 622 million people, according to the AEC primer.

The AEC is characterized by the free flow of goods, services, investment, capital, and skilled labor.

With the unimpeded movement of goods, services, investments and labor, Macaranas said there would be an increase in demand for office, industrial, and residential spaces.

He said the ASEAN integration will compel the country's developers to improve their "game plan."

"I think, we can compete because we have a good number of developers and our products are comparable," Macaranas said.

"But they have to ensure that they are updated as far as technology is  concerned, as far as the know-how in building structures and the elements that are important in any development," he added. — VDS, GMA News