Philippines: The New Call Center Capital

According to an article published by The New York Times, The Philippines is now the “New Capital of Call Centers”, a position previously associated with India. This is due to the continuing growth of call centers in the Philippines, which was also labeled as the “revolution” that has “reshaped the call center business” in the world. According to the article, the Philippines call center demographic is mostly made up of young people who speak lightly accented English” and are very well oriented with the American culture.

An appeal to change PHL foreign ownership laws by CREBA

With regards to the foreign ownership laws by its neighboring Asian countries, the Philippines is lacking initiatives on amending its laws to respond to the current global trading.  According to The Chamber of Real Estate & Builders’ Associations, Inc. (CREBA), it is time for Philippine lawmakers to review the existing foreign ownership laws of the Philippines. For CREBA, they believe that allowing foreigners to own land in the Philippines will encourage foreign investors to put bigger and more substantial investments in the Philippines and attract the much-needed capital that will create a butterfly in the country. CREBA also stated that foreign investment will also promote additional opportunities for local businesses and employment and raise additional government revenues from taxes.

KMC MAG Group releases Real Estate Market Report Philippines for Q3 2011

Philippine real estate firm, KMC MAG Group has released its real estate market report Philippines or the real estate market research Manila for the Q3 of 2011.

The report contains summaries of the trends in commercial and residential real estate, as well as an office market overview in Metro Manila .

According to the report, the trend for the Q3 of 2011 are that rental rates of commercial spaces rose due to the increasing demand and low vacancy rates while the demand for residentials spaces surpassed the supply in the luxury residential market due to investments of the OFW and expat community. Also, the continuous construction of residential real estates has increased the overall vacancy rate in Metro Manila.

Bills to make BPO sector more investor-attractive pushed

A series of bills in the House of Representatives seeks to make the BPO industry in the Philippines, which includes call centers in the Philippines, more attractive to potential investors.

According to House Speaker Feliciano Belmonte Jr., among the bills already “moving” inside the House of Representatives are the Data Privacy Act, creation of the Department of Information and Communication Technology, and the Anti-Cyber Crime Act. These bills seeks to boost the position of offshoring Philippines.

Landbank and SEC tie up to improve corporate registration procedure

In order to improve the procedures of business registration in the Philippines, The Land Bank of the Philippines (Landbank), a government financial institution and the Securities and Exchange Commission (SEC), the country’s corporate regulator, have started implementing a partnership agreement.

Landbank announced that it would start accepting application for SEC registration of stock corporations starting Sept. 15. All Landbank provincial branches would already be able to accept applications for registration.

Tourism Enterprise Zones Take Global Competitiveness to New Heights

by: Jason dela Torre

Republic Act (RA) 9593, or the Tourism Act of 2009 passed by the Arroyo administration, cements a national policy bolstering investments and improving employment in the Philippines’ tourism industry. Fast forward to 2011, less than two (2) years since the law’s inception, and the country is seeing a rise in international visitor arrivals, which spiked to 7.89% in the first quarter of 2010.

by: Jason dela Torre

In a bid to renew investor confidence and create more job opportunities to bolster the Philippine economy, President Benigno Aquino III is expected to pursue public-private partnerships in the financing and construction of key government infrastructure projects. The Aquino administration believes that public-partnerships are crucial to reducing the Philippines’ growing budget deficit, and ensuring the financial mobility of local governments in setting up infrastructure projects geared toward the overall improvement of their respective communities. Aquino is optimistic that in spite of his government’s lack of funding, their economic goals will be achieved through the institution of public-private partnerships in different sectors.

Philippines Tax Talk: Understanding the REIT Act

In a bid to boost the stock market, the Real Estate Investment Trust (REIT) Act was recently passed into law, marking the fourth legislative attempt to bolster economic growth and development in Philippine markets. The Real Estate Investment Trust (REIT) Act of 2009 (Republic Act No. 9856) promises to promote economic development in capital markets, democratize the distribution of wealth by increasing Filipino participation in the Philippine real estate market, enable the financing of infrastructure and other projects through the management of capital markets, and provide protection to the investing public.