ECONOMIC ACCELERATION PAVES THE WAY FOR CELEBRATION OF THE FINEST REAL ESTATE IN THE PHILIPPINES
After celebrating its milestone 10th edition in 2022, the PropertyGuru Philippines Property Awards programme returns in 2023 on the heels of a remarkable period of economic growth.
The 11th Annual PropertyGuru Philippines Property Awards 2023, presented by Kohler and supported by Boysen Paints, now call for submissions to the open categories of the programme and rank among the Philippines’ finest. Submissions are accepted online via: asiapropertyawards.com/nominations
Driven in part by increased consumer spending, the resurgence of domestic tourism, and a boost in the activity of small and large enterprises, the Philippines last year recorded its fastest rate of economic growth since 1976.
Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “The Philippines remains a strong, innovative property market and a key contender in the PropertyGuru Asia Property Awards regional series. Developers here truly value quality, and being recognised for their commitment to quality, which always means a large, diverse pool of entries for our awards programme, which in turn creates healthy competition. We’re excited for what’s next from the Philippines as developers move ahead with highly anticipated projects across Luzon, Visayas, and Mindanao.”
Richard Raymundo, managing director of Colliers Philippines and a member of the independent judging panel of the Awards in the Philippines, said: “This is a positive signal for the property market which, over the past decades, mirrored the boom-bust cycle of the country’s economic output. This economic expansion should support positive net take-up of office space in 2023 and continued rebound in Metro Manila’s pre-selling and secondary residential markets. An aggressive stance taken by the national government in attracting manufacturing investments should result in greater absorption of industrial space across the country. The personal consumption-led economic growth should also spur retail and hotel demand.”
This good showing means that the country is well on its way to transitioning from pandemic risk management to investor sentiment recovery and job creation, according to research by Property Report by PropertyGuru, the Official Magazine of the Awards.
With cautious optimism and more certainty in the market, property seekers, including overseas Filipino workers and those in the business process outsourcing (BPO) sector, will be incentivised to purchase homes. Meanwhile, the national push for industrialisation will be a bright spot for the manufacturing industry, a significant contributor to economic expansion in 2022, and industrial development as a result.
Jules Kay today led a media event at the Fairmont Makati hotel launching the 2023 edition of the Awards in the Philippines. Joining him at the media launch were: Cyndy Tan Jarabata, chairperson of the judges of the Awards in the Philippines and president of TAJARA Leisure & Hospitality Group Inc.; Lloyd T. Tan, partner with Diaz Murillo Dalupan and Company – HLB Philippines, the Official Supervisor of the Awards; Junefer Llena, head of project sales for Kohler Kitchen and Bath Philippines, the platinum sponsor of the Awards; and John Richard Sotelo, senior vice-president and general manager of RLC Residences, representing the Best Developer titleholder of the 10th PropertyGuru Philippines Property Awards 2022.
The black-tie gala celebration of the Philippines’ finest real estate will take place at the main ballroom of the Fairmont Makati hotel on Friday, 29 September 2023.