Philippine Economy Talk

**Deestone** · September 24th, 2020 02:19 PM

Even sm moa dept store is now into live selling....

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**uls** · September 24th, 2020 02:28 PM

Originally Posted by boybi

Parang gusto ko tuloy lumuwas para mag mall hehe.

haha

hey malls!

your stimulus is coming!

**uls** · September 24th, 2020 02:33 PM

Originally Posted by Monseratto

BPI BanKo says 62% of SME clients stopped operations due to COVID-19 | Bilyonaryo

grabe ang damage

**shadow** · September 24th, 2020 04:22 PM

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**Deestone** · September 24th, 2020 04:38 PM

The Manila Times – News | Opinion | Philippines | Asia | World

Legit or fake news but this is an article in manila times....

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**Monseratto** · September 24th, 2020 06:08 PM

Originally Posted by Deestone

The Manila Times – News | Opinion | Philippines | Asia | World

Legit or fake news but this is an article in manila times....

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Manila Times is a pro-duterte newspaper, owned by GMA's crony Dante Ang...

At the rate Presidential Alalay is being "advertised" at Manila Times...

**Monseratto** · September 24th, 2020 06:13 PM

Pogo exodus seen to empty more than a tenth of Metro Manila offices, condo units | Inquirer Business

“Last night, I got a call from one of the owners of a building in Makati, who’s saying that his Pogo and service provider-clients have started cancelling their lease contracts for lack of business,” Finance Secretary Carlos G. Dominguez III told senators on Wednesday (Sept. 23).

Dominguez said China was clamping down on money transfers, while Pogos in the Philippines were lacking in operators as the Chinese government was also cancelling the passports of workers from the mainland.

The Bureau of Internal Revenue (BIR) earlier told the Inquirer that “plenty” of Pogo workers—mostly Chinese—were returning home as they were afraid of the high number of COVID-19 infections in the Philippines.

But for Dominguez, “the issue is not so much on Pogo revenues but more on the impact to real estate values and businesses.”

Joey Bondoc, senior manager of property advisory firm Colliers Research, told the Inquirer on Wednesday that “in case all Pogos leave, we will see a double-digit office vacancy in Metro Manila.”

“As of the second quarter of 2020, Pogos covered an estimated 11 percent of total leasable office space in Metro Manila, or about 1.34 million square meters,” Bondoc said. “In the second quarter, office vacancy in Metro Manila stood at 5 percent. Hence, if all Pogos leave, we will see a 16-percent office vacancy—leased space by Pogos plus vacancy as of the second quarter,” he said.

Bondoc said the last time that Metro Manila suffered double-digit vacancy in office space was when the Asian financial crisis left 12 percent of offices vacant in 1999 while their lease rates dropped by 16 percent.

Not only office space but also residential units—especially in condominiums where the Chinese workers used to live—will take a hit

“Slower office take up from Pogos is also resulting in slower condominium sales and leasing,” Bondoc said.

“Colliers sees a rise in vacancy among completed or ready-for-occupancy (RFO) condominium units in Metro Manila, especially those that mainly cater to Pogo firms and investors,” Bondoc said.

“We see vacancy rising to 14-15 percent by end-2020 from 11.8 percent in the second quarter of 2020,” he said.