Year 2011 is expected to be the start to finally end the high percentage of jobless Filipinos as more international firms plan expansion in the country starting next year.
Aside from Procter and Gamble, Coca Cola, JP Morgan among others, international companies like CB Richard Ellis and other BPO companies will also expand their businesses in the country.
The expansion of these business giants meant more jobs for Filipinos which would help also the Philippines economy to rise from last year’s downfall.
CB Richard Ellis (CBRE) chairman Rick M. Santos said that the demand for office space in the country will go up by 10 percent next year. This year, the demand is expected to be flat when compared to a year ago. The take up of new office space in Metro Manila for the first 11 months of the year was at 250,000 square meters.
“The good days are back. We have not seen economic fundamentals this strong since 1996. It feels like we are back in (President Fidel V.) Ramos’ time,” Santos said.
He said that the growth is no longer centered in Makati but in other key areas like Ortigas and The Fort.
Santos said the election of President Aquino into office has been positive for the investor confidence. “Aquino was the number one choice of foreign investors.”
Likewise, the program of the administration to spur investments in infrastructure through the recently launched Public-Private Partnership (PPP) projects has been a good sign for foreign businessmen.
Santos said the growth in the Philippine market is impressive given that other markets, specifically the United States have contracted. He noted that the decline in office space in the US will directly benefit the Philippines because this means a growth in the business process outsourcing (BPO) sector.
He explained that the growth in the BPO sector will remain despite of the strengthening of the peso against the dollar. A stronger peso translates to higher costs for BPO firms. Santos noted that a stronger local currency will not be a deterrent for new BPO firms to come in.
“The BPO growth will accelerate especially given the downturn in the US. While the US is down, the Philippines can benefit,” Santos said.
Quick & Easy Application
Get Hired by Top Employers