MANILA - Real estate advisory firm CBRE has welcomed the incoming Duterte administration's plan to focus on developing the countryside, but noted that decentralization has already begun.
CBRE chairman Rick Santos on Thursday said developments in secondary sites such as Laguna, Cavite, Bulacan, Pampanga, Cebu, Bacolod, Iloilo, Davao, Cagayan De Oro and Zamboanga were "initially limited to local developers. But over the past several years the national developers started to enter on a growing scale."
Santos said for the momentum to continue, the new government needs to ensure infrastructure development for interconnectivity and telecommunications. These are vital, particularly for the driving force behind real estate: the business process outsourcing sector (BPO), which relies heavily on communications.
Santos said the new government can achieve this by continuing the infrastructure projects of the Aquino administration as well as its public-private partnership framework.
"There is a lot of room for more development. We are seeing increased interest but we would like to see more," said Santos.
He said there is much work to be done, but there are a lot of positives for the Philippines.