MANILA – Diversifying its portfolio to reduce exposure to offshore gaming is a business decision and is “nothing discriminatory,” the CEO of real estate firm DM Wenceslao said Friday.
The firm currently has approximately 10 percent revenue exposure in the Philippine Offshore Gaming Operators (POGOs), CEO Buds Wenceslao told Cathy Yang in an exclusive interview for ANC’s The Boss.
POGOs, which mostly cater to Chinese players abroad, have received opposition from various sectors due to alleged labor, tax and other violations.
“It’s nothing discriminatory. It’s just simple portfolio management," Wenceslao said.
"It’s the same way if you have a portfolio of stocks, you don’t want to have 30 percent of your stocks within one company, you want to make sure that you’re diversified across several industries,” he added.
Business Process Outsourcing (BPO) has about 20 percent share of its office space portfolio while the rest are from banks, shipping and logistics companies, among others.
Office supply is “steadily” growing in the Manila Bay area while demand is “huge” for condominiums, he said. Land value has also increased to up to P270,000 per square meters in the area, he added.
“I think any supply and product that we put out in the market, for this particular location is going to do well. We’re pretty confident that the location and the product that we’re putting out there will still be competitive,” Wenceslao said.