THE Philippines’ property sector is not being distracted by the ongoing political noise in the country following the arrest of former president Rodrigo Duterte to face crimes against humanity before the International Criminal Court (ICC), according to real estate research and consultancy firm Colliers International Philippines.
At a media briefing in Parañaque City on Tuesday, March 18, Colliers senior research manager Joey Bondoc was asked if the current political noise following Duterte’s arrest would affect property developers’ investment sentiment.
In response, he said, “Investors, developers are wise enough to tune out all these political noises that they are hearing right now and just focus on what needs to be done to make the Philippines a very good and ideal investment destination.”
“Even if we have some political differences and political bickering, we’re seeing, hearing left and right… the government, not just the current administration, but even the previous administration [have] implemented a lot of crucial… retail trade liberalization [measure] which is having a positive impact on retail space absorption, office space take-up,” Bondoc said.
Malacañang, likewise, expressed confidence that foreign investors will continue to invest in the Philippines despite the current political noise.
“We have Foreign Investments Act, Public Services Act… developers are of course very positive with all these reforms, pro-business reforms being implemented by our politicians,” Bondoc said.
He added: “We’re out of the grey list right… it reduces the transaction cost for a lot of all overseas Filipinos, therefore allowing them to send more money to the Philippines… so if we tune out that political noise, what’s important is that our politicians do their job and you know implement all these pro-business measures that will eventually be down to a faster growing economy and a thriving property sector.”
Philippine authorities on March 11 assisted the Interpol in serving a warrant of arrest from the ICC against Duterte for murder related to crimes against humanity in connection with his deadly drug war.
Duterte on March 13 (Philippines time) entered the Hague Penitentiary Institution or the Scheveningen Prison where he will be held while awaiting trial.
On March 14, Duterte faced the ICC via video link, while his counsel former executive secretary Salvador Medialdea was present inside the court.
The next hearing on the confirmation of the charges has been set for September 23, 2025.
Meanwhile, Bondoc said that take up for both residential and office spaces are shifting key areas outside Metro Manila such as Iloilo, Bacolod, Pampanga, Cebu, and Davao amid the tempering of demand in the capital region following the exit of Philippine Offshore Gaming Operators (POGOs).
Metro Manila office vacancy has gone up to 19.8% as of the end of 2024, from 19.3% in 2023.
This is equivalent to 2.8 million vacant office stocks as of the end of last year. (GMA Integrated News)
