The positive growth seen in the residential real estate market mirrors the positive growth in the commercial market. The growth is due in part to the POGO (Philippine Offshore Gaming Operator) industry.
Companies like Arthaland answer the demand through its partnership with Mitsubishi EstateCo. Ltd. The partnership will see new developments in condo and office spaces across our central business districts.
A Need That Exceeds
Leechiu Property Consultants reports that the POGO firms are gradually outstripping the wages of call-center firms. This is due to the sheer number of workers in POGO companies.
Annual salaries in the POGO industry have reached Php504 billion, a large chunk higher than annual salaries seen in the BPO industry (Php400 billion).
It is predicted that more POGO firms will also be established outside Manila, especially in places like Pampanga, Cebu, and Batangas. For the first time in the Philippines, POGO companies have exceeded the office space demands of BPO companies.
Proceeding with Caution
The country welcomes foreigners into these POGO firms. Nevertheless, the government advises caution. A total of 3.3 million Chinese have visited the country since 2016. The rise of POGO firms also increase the risk of illegal foreign workers.
As such, many companies encourage thorough evaluations before welcoming foreign workers on board.
A similar situation is happening in Canada. The Altus Group revealed that foreign investors are buying commercial real estate in Canada. The total investment is up to $1.1 billion.
The progress seen by foreign investment firms is sustainable. Authorities expect foreign workers to migrate to the country on a steady basis for up to 4 years hence.
How will these POGO firms avoid having illegal foreign workers? How long will this growth last? Why most foreign investments in this country came from China?
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