Mobius hopes to cash in on Philippines' BPO boom


Posted at Apr 22 2016 04:49 PM | Updated as of Apr 22 2016 05:31 PM

Top fund manager Mark Mobius said Friday he was looking at the Philippines for growth, as the country's booming outsourcing industry fuels demand for affordable real estate.

Mobius, executive chairman of Templeton Emerging Markets, is backing MyTown, which provides dormitory-type dwellings for young urban professionals.

"We believe the Philippines is going to be a leader in BPO (business process outsourcing). You have so many qualified people who speak very good English, people who are looking to get ahead," Mobius told ANC's Cathy Yang.

"It's an ideal situation, that's the reason we figured better start in the Philippines because that's where growth is going to be."

Decked out in a powder blue suit, and white sneakers, Mobius said: "There is no limit because we can put in hundreds of millions of dollars."

Mobius said he hoped to list MyTown on the stock exchange in four to five years or "even sooner."

READ: BPO, OFWs raise demand for real estate

Mobius said MyTown was aimed squarely at BPO agents who want to live closer to their workplaces in Metro Manila and cut their commuting time which could stretch to as long as three hours.

"This, hopefully, will provide them the opportunity to have less time commuting and (to be) near their work. This is a win-win situation," he said.

Mobius noted the brisk pace of construction in the mega city of 12 million people.

"The change here i incredible. When I was here, this was just flat land now we got a city this is just incredible," he said.

He said presidential candidates discussing the country's pressing problems like law and order would be good for business.

"That's a good sign," he said.