Real estate execs bullish on PHL property sector

Real estate executives remain optimistic about the country's property sector despite the uncertainty and volatility arising from developers' exposure to Philippine offshore gaming operators (POGOs).

Prime Philippines CEO Jet Yu said that uncertainties are present but the industry remained resilient and continued its growth.

Real estate services firm Leechiu Property Consultants said the POGO  industry has overtaken the information technology-business process management (IT-BPM) sector in terms of demand for office space. 

Several lawmakers, however, wanted an inquiry into the impact of POGOs on the local economy, national security, and the public amid issues regarding revenue monitoring and the entry of foreigners who they said work for offshore gaming operations without valid work permits.

Last August, the Philippine Amusement and Gaming Corporation (PAGCOR) stopped accepting applications for offshore gaming licenses until all concerns have been addressed.

Despite the uncertainties arising from POGO sector, Yu said, "I think in the next couple of years, we still see a bright spot in the real estate industry across different sectors —residential, office, retail."

"We don't see it slowing down in the next couple of years," Yu said, noting that the growing  middle class population will drive property demand.

For his part, Victor Consunji Development Corp. CEO Victor Consunji said that since the economy is doing well, there will be a lot of opportunities in the property industry that developers can take advantage of.

For his part, Davao-based Damosa Land Inc. first vice president Cary Lagdameo said that the country's highly educated workforce is the key for the sector's continuous growth.

Yu, Consunji, Lagdameo along with Wee Community Developers Inc. president Cesar Wee and Angkas chief transport advocate for livable cities George Royeca are the judges in business reality show The Final Pitch produced Streetpark Productions Inc. —LDF, GMA News