Real estate executives remain optimistic about the country’s property sector given the uncertainty and volatility generated by the exposure of developers to Philippine offshore gaming operators (POGOs).
Prime Philippines CEO Jet Yu said there are uncertainties, but the industry remained resilient and continued to grow.
Real estate services firm Leechiu Property Consultants said that the POGO industry has overtaken the IT-Business Process Management (IT-BPM) sector in terms of demand for office space.
Some senators, however, wanted an investigation into the effect of POGOs on the local economy, national security, and the community in the context of revenue monitoring and the entry of foreigners who said they worked 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 issues were resolved.
Victor Consunji Development Corp. for his part. CEO Victor Consunji stated that since the economy is doing well, there will be a lot of opportunities in the property sector that developers can take advantage of.
Davao-based Damosa Land Inc. First Vice President Cary Lagdameo said the country’s highly educated workforce is the secret to the continued growth of the sector.
Yu, Consunji, Lagdameo along with Wee Community Developers Inc. President Cesar Wee and Angkas Chief Transport Counselor George Royeca are judges of the business reality show The Final Pitch created by Streetpark Productions Inc.
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