BPO firms taking up POGO-vacated office spaces
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Increased demand from the information technology-business process management (IT-BPM) sector took up office spaces vacated by Philippine Offshore Gaming Operators (POGO) since the second quarter this year, boosting opportunities for the real property sector amid the pandemic.
Photo credit: www.iloilobusinesspark.com.ph
In a virtual briefing Tuesday, Dec. 15, Leechiu Property Consultants chief executive officer David Leechiu said improved fundamentals, along with government measures to address the pandemic and raise funds, and the resiliency of the domestic property market, among others, are seen to prop up the real property sector next year.
(Senate of the Philippines / MANILA BULLETIN)
The Senate received from the Palace President Duterte’s certification of Senate Bill No. 1945 “in order to address the strategic deficiencies in our anti-moeny laundering and countering terrorism financing legal framework and avoid adverse findings against the country.”
It comes at a time as international watchdog Financial Action Task Force (FATF) recommended the strengthening of the country’s AMLA to prevent the Philippines from being grey-listed or tagged as high-risk for money laundering or terrorism financing.
Senators, however, were surprised after the President’s certification included certain conditions, which they noted was a first.
December 15, 2020 | 8:13 pm Font Size
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OFFICE VACANCIES following the departure of online gaming firms could be filled by expanding IT-Business Processing Manufacturing (IT-BPM) companies, making the industry a key barometer for a real estate recovery, Leechiu Property Consultants said in a report.
At a virtual briefing Tuesday, Leechiu Property Chief Executive Officer David T. Leechiu said companies involved in IT-BPM, an umbrella term for an activity also known as business process outsourcing (BPO), are expected to take up as much as 56% of the office vacancies, making BPOs once more the main market driver.
The industry’s expansion is expected to be fueled by global businesses restructuring their office arrangements during the pandemic and assigning more work to the outsourcing industry.
SunStar Cebu’s office logs 12.8% vacancy, highest since 2007
DELAY. The coronavirus pandemic has slowed down the construction of office buildings in Cebu. Colliers International Philippines says completion of some buildings will be delayed in the first half of 2021 to 2022. (SunStar file)
+ December 14, 2020 NO NEW buildings were completed in the first nine months of 2020 in Metro Cebu, indicating the impact of the Covid-19 pandemic on office construction.
Property research firm Colliers International Philippines, in its latest market study, revealed that only about 37,300 square meters (sq.m) of new office space in Metro Cebu will likely be completed in the fourth quarter this year. Completion of some office buildings will likely be delayed to the first half of 2021 to 2022.
Three of the four integrated resort (IR) casinos in the Philippines capital of Manila have received online gaming licenses to service their domestic VIP high rollers during the ongoing COVID-19 pandemic.
Andrea Domingo, the chief gaming official in the Philippines, says domestic high rollers will soon be able to gamble online. (Image:
GR Newswire)
Philippine Amusement and Gaming Corporation (PAGCOR) Chair Andrea Domingo confirmed to
Asia Gaming Brief during an interview this week that newly created Philippine Inland Gaming Operator (PIGO) licenses have been issued.
Three of the recipients are Bloomberry Resorts, Melco Resorts, and Universal Entertainment. The Resorts World parent company Genting was not mentioned. Unlike Philippine Offshore Gaming Operators, which targets gamblers internationally and specifically in China the PIGO licenses only allow the casinos to welcome qualified domestic high rollers located inside the Philippines.