Western Visayas, especially Iloilo, is among the regions in the country that are attractive to property developers and investors, according to the study of the Colliers Philippines.
Colliers Philippines research head Joey Bondoc, during the Iloilo Market Updates briefing, said Iloilo continues to attract massive interests from business process outsourcing firms, property investors, and Filipinos working abroad.
“Iloilo remains an attractive, competitive city across the Philippines. If you compare Iloilo, it is the fifth most competitive city in the Philippines, and that is very positive news for Iloilo,” he said.
Under the Build Better More program of the administration of President Ferdinand R. Marcos Jr., Western Visayas has several “exciting” multi-billion proposed projects that can boost the demand of the property market.
These include the Panay Railway, Iloilo-Capiz-Aklan Expressway, Iloilo-Sta. Barbara Bus Rapid Transit, and Iloilo International Airport.
He said investors can just look at the price appreciation potential of properties in Iloilo once the projects are completed.
“Once those are completed and operating, definitely you will achieve a much greater price increase,” he said.
Iloilo is also a preferred location for business process outsourcing (BPO) firms expanding outside Metro Manila and looking for spaces.
“What is interesting for Iloilo is that the profile of locators is not just the low-end of the outsourcing spectrum. What we are seeing right now is that these outsourcing companies are higher valued outsourcing providers,” he said.
In addition to infrastructure and BPO competitiveness, other strengths of Iloilo include its young workforce, relatively cheaper cost of living, and dynamic retail landscape.
Among the biggest investors in Iloilo is the Megaworld Corporation, which is nearing the completion of its 72-hectare Iloilo Business Park (IBP) in Mandurriao district.
The development project started in 2012.
“We see IBP to be the most mature township we have here in the whole Visayas. The township is already mature. We’ve already developed a lot,” Megaworld Corporation Vice President and head of Public Relations and Media Affairs Harold Geronimo said in an interview.
“We’re only left with some parcels of land that we have to fill up and then we’re completed in the IBP, this entire 72 hectares we have here,” he said.
The IBP is hosting major BPO firms and developing condominium units.
Geronimo said Megaworld has a capital spending of almost P200 billion for various townships in Visayas, which include two each in Iloilo and Negros Occidental, and one each in Boracay Island and Cebu.Perla Lena/PNA
