MANILA STANDARD TODAY - July 3, 2008

RP is now Southeast Asia's hottest property market

The Philippines is now the hottest real estate market in Southeast Asia, thanks to the business process outsourcing industry boom, said property services company CB Richard Ellis Group Inc.

Trent Frankum, CB Richard Ellis Philippines general manager, said the offshoring and outsourcing boom in the Philippines had created new opportunities for the real estate market.

"Major investors and businesses are looking at the Philippines because it is one of the largest English-speaking nations in the world and has 33.5 million Filipinos in the workforce," Frankum said in a statement.

He made the assessment at the recently held Smart Investment and International Property Expo, the largest and longest-running real estate expositions in Asia held in Hong Kong.

The expo showcased global real estate market opportunities and featured property experts and investors from global companies based in Asia, Australia and the United Kingdom.

Frankum said major multinational business process outsourcing firms were expanding their presence in the Philippines.

He cited Accenture, which has leased 1.3 million square feet. Other companies, such as Teletech, have built six facilities outside Metro Manila.