April 25, 2018, 10:23 pm
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1 Philippine Peso = 0.07044 UAE Dirham
1 Philippine Peso = 2.01285 Albanian Lek
1 Philippine Peso = 0.03414 Neth Antilles Guilder
1 Philippine Peso = 0.3869 Argentine Peso
1 Philippine Peso = 0.02498 Australian Dollar
1 Philippine Peso = 0.03414 Aruba Florin
1 Philippine Peso = 0.03836 Barbados Dollar
1 Philippine Peso = 1.59992 Bangladesh Taka
1 Philippine Peso = 0.03047 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58228 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.025 Brunei Dollar
1 Philippine Peso = 0.13157 Bolivian Boliviano
1 Philippine Peso = 0.06531 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.26103 Bhutan Ngultrum
1 Philippine Peso = 0.18432 Botswana Pula
1 Philippine Peso = 383.96625 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 11.4346 Chilean Peso
1 Philippine Peso = 0.12071 Chinese Yuan
1 Philippine Peso = 52.91139 Colombian Peso
1 Philippine Peso = 10.76908 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.72344 Cape Verde Escudo
1 Philippine Peso = 0.3961 Czech Koruna
1 Philippine Peso = 3.39145 Djibouti Franc
1 Philippine Peso = 0.1164 Danish Krone
1 Philippine Peso = 0.94764 Dominican Peso
1 Philippine Peso = 2.1869 Algerian Dinar
1 Philippine Peso = 0.24445 Estonian Kroon
1 Philippine Peso = 0.33832 Egyptian Pound
1 Philippine Peso = 0.52167 Ethiopian Birr
1 Philippine Peso = 0.01562 Euro
1 Philippine Peso = 0.03879 Fiji Dollar
1 Philippine Peso = 0.01369 Falkland Islands Pound
1 Philippine Peso = 0.01368 British Pound
1 Philippine Peso = 0.08493 Ghanaian Cedi
1 Philippine Peso = 0.89893 Gambian Dalasi
1 Philippine Peso = 172.6122 Guinea Franc
1 Philippine Peso = 0.1407 Guatemala Quetzal
1 Philippine Peso = 3.94879 Guyana Dollar
1 Philippine Peso = 0.15041 Hong Kong Dollar
1 Philippine Peso = 0.4519 Honduras Lempira
1 Philippine Peso = 0.11558 Croatian Kuna
1 Philippine Peso = 1.23341 Haiti Gourde
1 Philippine Peso = 4.85501 Hungarian Forint
1 Philippine Peso = 266.4557 Indonesian Rupiah
1 Philippine Peso = 0.06754 Israeli Shekel
1 Philippine Peso = 1.26972 Indian Rupee
1 Philippine Peso = 22.70809 Iraqi Dinar
1 Philippine Peso = 805.52361 Iran Rial
1 Philippine Peso = 1.92079 Iceland Krona
1 Philippine Peso = 2.37438 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.06782 Japanese Yen
1 Philippine Peso = 1.91408 Kenyan Shilling
1 Philippine Peso = 1.31497 Kyrgyzstan Som
1 Philippine Peso = 76.83161 Cambodia Riel
1 Philippine Peso = 7.65286 Comoros Franc
1 Philippine Peso = 17.26122 North Korean Won
1 Philippine Peso = 20.47315 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.25738 Kazakhstan Tenge
1 Philippine Peso = 158.78405 Lao Kip
1 Philippine Peso = 28.8646 Lebanese Pound
1 Philippine Peso = 2.99962 Sri Lanka Rupee
1 Philippine Peso = 2.50441 Liberian Dollar
1 Philippine Peso = 0.23188 Lesotho Loti
1 Philippine Peso = 0.05847 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02539 Libyan Dinar
1 Philippine Peso = 0.17621 Moroccan Dirham
1 Philippine Peso = 0.31433 Moldovan Leu
1 Philippine Peso = 0.95589 Macedonian Denar
1 Philippine Peso = 25.29728 Myanmar Kyat
1 Philippine Peso = 45.79977 Mongolian Tugrik
1 Philippine Peso = 0.15492 Macau Pataca
1 Philippine Peso = 6.75105 Mauritania Ougulya
1 Philippine Peso = 0.64212 Mauritius Rupee
1 Philippine Peso = 0.29862 Maldives Rufiyaa
1 Philippine Peso = 13.71883 Malawi Kwacha
1 Philippine Peso = 0.35542 Mexican Peso
1 Philippine Peso = 0.07476 Malaysian Ringgit
1 Philippine Peso = 0.23032 Namibian Dollar
1 Philippine Peso = 6.88531 Nigerian Naira
1 Philippine Peso = 0.59455 Nicaragua Cordoba
1 Philippine Peso = 0.15025 Norwegian Krone
1 Philippine Peso = 2.02693 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06167 Peruvian Nuevo Sol
1 Philippine Peso = 0.06232 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21711 Pakistani Rupee
1 Philippine Peso = 0.06525 Polish Zloty
1 Philippine Peso = 105.81128 Paraguayan Guarani
1 Philippine Peso = 0.06981 Qatar Rial
1 Philippine Peso = 0.07297 Romanian New Leu
1 Philippine Peso = 1.17426 Russian Rouble
1 Philippine Peso = 16.19889 Rwanda Franc
1 Philippine Peso = 0.07192 Saudi Arabian Riyal
1 Philippine Peso = 0.14921 Solomon Islands Dollar
1 Philippine Peso = 0.25758 Seychelles Rupee
1 Philippine Peso = 0.34621 Sudanese Pound
1 Philippine Peso = 0.1621 Swedish Krona
1 Philippine Peso = 0.02526 Singapore Dollar
1 Philippine Peso = 0.01369 St Helena Pound
1 Philippine Peso = 0.42589 Slovak Koruna
1 Philippine Peso = 146.33679 Sierra Leone Leone
1 Philippine Peso = 10.79785 Somali Shilling
1 Philippine Peso = 382.92676 Sao Tome Dobra
1 Philippine Peso = 0.16782 El Salvador Colon
1 Philippine Peso = 9.87687 Syrian Pound
1 Philippine Peso = 0.2317 Swaziland Lilageni
1 Philippine Peso = 0.60153 Thai Baht
1 Philippine Peso = 0.04709 Tunisian Dinar
1 Philippine Peso = 0.04287 Tongan paʻanga
1 Philippine Peso = 0.07793 Turkish Lira
1 Philippine Peso = 0.12937 Trinidad Tobago Dollar
1 Philippine Peso = 0.56552 Taiwan Dollar
1 Philippine Peso = 43.65171 Tanzanian Shilling
1 Philippine Peso = 0.50153 Ukraine Hryvnia
1 Philippine Peso = 70.73264 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54066 Uruguayan New Peso
1 Philippine Peso = 154.48792 Uzbekistan Sum
1 Philippine Peso = 1138.30075 Venezuelan Bolivar
1 Philippine Peso = 436.67051 Vietnam Dong
1 Philippine Peso = 2.02071 Vanuatu Vatu
1 Philippine Peso = 0.04846 Samoa Tala
1 Philippine Peso = 10.24242 CFA Franc (BEAC)
1 Philippine Peso = 0.05178 East Caribbean Dollar
1 Philippine Peso = 10.24242 CFA Franc (BCEAO)
1 Philippine Peso = 1.85386 Pacific Franc
1 Philippine Peso = 4.79287 Yemen Riyal
1 Philippine Peso = 0.23169 South African Rand
1 Philippine Peso = 99.53011 Zambian Kwacha
1 Philippine Peso = 6.94093 Zimbabwe dollar

Offshore gaming to lift demand for office space

The introduction of offshore gaming or electronic gaming (e-games) by foreign operators has opened opportunities for the office propertysector, according to property consultant Colliers InternationalPhilippines.

In its Top 10 Predictions for 2017, Collierssaid over 80,000 square meters (sq.m.) of office space was taken by offshore gaming in 2016.

Joey Bondoc, research manager at Colliers, said while bulk of the office space uptake and pipeline are still for traditional andbusiness process outsourcing (BPO) operations, the propertyconsultancy has noted in the last quarter of 2016 a surge in inquiriesfrom offshore gaming companies, each with a minimum requirement of 10,000 sq.m. taking BPO spaces.

In late 2016, the Philippine Amusement and Gaming Corp. (Pagcor)launched Philippine Offshore Gaming Operation (POGO), initially setting 25 POGO licenses, with a potential to increase to 50,according to Colliers.

Bondoc said these offshore gaming firms use the spaces both for online gaming and technical support.

“As demand from offshore gaming companies increase, concrete government
policies on Pagcor’s role will be key,” Colliers said.

“Colliers recommends landlords to consider accommodating offshoregaming companies who are looking to expand immediately,” the reportsaid.

According to Bondoc, the office market is poised to deliver a recordof more than 800,000 sq.m. of space this year, after a minor setbackin 2016 when the sector suffered some delays.

About 40 percent of the new office spaces will be in Bonifacio GlobalCity.

Bondoc said some of the spaces unfinished in 2016 would be carriedover in this year’s office stock.

He attributed the delay to the lack of construction workers across thesector who are either going abroad or poached for other jobswithin the country.

Bondoc said industrial suppliers for buildings confirm that poachingis prevalent in the industry as workers seek better pay.

He added that lack of training is also a concern in the construction sector.

In the report, Colliers said at the beginning of 2016, theprojected supply of new office space was close to 900,000 sq.m.

This has been adjusted downwards by more than 30 percent due toproject delays related to the tight labor supply in the constructionsector.

Citing a BCI Economics latest report, Colliers said the number ofconstruction that starts in the fourth quarter of 2016is expected toincrease by more than 1,000 percent from the previous quarter.

Construction starts in the residential segment alone.

Top general contractors are already declining to provide their companyprofiles to prospective clients due to a shortage of adequatelyskilled workers.

“We believe that private construction in 2016 could’ve been morerobust if not for construction delays brought about by the lack ofadequately-skilled workers. The intensified development of publicinfrastructure projects around the country will exacerbate thisproblem,” the report said.

Colliers said private construction will continuously grow due tosustained appetite for office and retail developments, whileoutsourcing and tourism-related activities will continue to drive theservices sector.

Colliers also believes BPOs will continue to drive the office marketwith a shift to higher value services and provincial locationsenvisioned to drive growth.

“We consider Cebu, Bacolod, Iloilo, Pampanga and Davao as most viablealternative locations for growth given the talent pool, businesscompetitiveness, and LGU (local government unit) and ICT (information and communications technology) council support,” Colliers said.

In 2016, the property consultancy said companies like Google, TowersWatson, Wells Fargo, Pharmaceutical Product Development have definedthe market.

Colliers also does not see this trend among knowledge processoutsourcing slowing down.

Another trend noted by Colliers is the flexible office space.

“As mobility, connectivity and flexibility become the norm in workingin the 21st century, occupier demands will also change dramatically,requiring for more flexible office spaces,” Colliers said.

Approximately 100,000 sq.m. are occupied by flexible office spaceoperators in Metro Manila alone, with many still looking to expandnext year, it said.

The profile of tenants vary from start-ups, to law firms, Fortune 500companies and freelancers.

There are about 1.3 million freelancers in the Philippines, accordingto Colliers.

Market leader Regus, for example, is looking to launch Spaces, itsco-working alternative, to compete in the growing sub-segment.

Colliers added Regus is also considering setting up flexibleworkspaces in local airports.

In the report, Colliers said a surge in manufacturing investments over the near to medium term will further raise demand for industrialspace.It suggested that developers should start developing industrial parksoutside of Cavite-Laguna-Batangas area.

As infrastructure spending ramps up, Colliers sees public constructionto be a major source of growth.

The implementation of infrastructure projects nationwide shouldprovide access to properties that could be redeveloped into mixedcommercial, residential, hotel/leisure and industrial estates.

Colliers anticipates developers to be more aggressive in pursuingprojects outside of Metro Manila as access will be significantlyenhanced.

For retail, Colliers sees developers constructing morelifestyle-oriented malls rather than retail-centric ones todifferentiate themselves especially with the emergence of onlineshopping.

In the residential development, Colliers noted condominium living isincreasingly being accepted by the market with approximately 70percent of new condominium units being studio and one-bedroom units.

This spurs demand for home furnishings and accessories that luresforeign brands such as Crate & Barrel, H&M Home, Pottery Barn and WestElm to set up shops.

Ikea is set to enter the Philippine market.

According to Colliers, the emerging segment of affordable hotels islikely to drive the market given the rising number of localentrepreneurs and domestic tourists. It sees local developersexpanding their hotel portfolio to cater to this market.

Colliers projects hotel occupancy rates in Metro Manila stabilizingbetween 65 percent and 70 percent over the next 12 months.

The entry of more foreign hotel brands such as Grand Hyatt, Okada andDusit’s D2 will continue in 2017, it said.

Colliers anticipates the development of more resort hotels in tourismhubs in Visayas and Mindanao.
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