PH office market surges with world-class design projects

PH office market surges with world-class design projects

Story by Joy Raah Serrano
Inquirer.net
28 September 2024

The Philippine office market, currently ranked third globally in terms of occupancy, owes much of its success to the country’s talented workforce and cost-effective business environment.

However, another key factor driving foreign companies to choose the Philippines is the availability of world-class real estate.

Iconic offices

Leading developers in the Philippines have sought the expertise of renowned international architectural firms to design iconic office spaces. This strategic move has successfully attracted top global companies to the country.

Gensler, the world’s largest architecture firm, is just one example. The firm has designed several highly successful projects in the Philippines, including the World Plaza, The Finance Center, and Ore Central.

World Plaza, Bonifacio Global City

These buildings have consistently boasted high occupancy rates even during the challenging times of the pandemic. Moreover, these office spaces have become home to multinational giants such as ING, Shell, and CIMB, further solidifying the Philippines’ reputation as a prime destination for foreign businesses.

Significant transformation

The retail sector is also undergoing significant transformation.

SM Megamall, one of the world’s largest malls, is being redeveloped with the help of Benoy, a global architecture firm known for its work in Singapore. The new design will incorporate natural light, nature-inspired elements, higher ceilings, and wider hallways, creating a more modern aesthetic.

SM Megamall, Mandaluyong City

In Makati, Ayala Land is redeveloping Greenbelt 1 with the expertise of Gensler, Buchan, and CAN Design. This project aims to create a luxury mall experience, combining world-class architecture with premium retail offerings.

Greenbelt 1 (Ayala Land), Makati City

Meanwhile, Robinsons Land Corp. is expanding its upscale portfolio with The Jewel, a mixed-use development in Mandaluyong City. Designed by Broadway Malyan, this project will feature both a premium office tower and a luxury mall component, enhancing the city’s high-end commercial landscape.

The Jewel (Robinsons Land), Mandaluyong City

In Bonifacio Global City, Bench, a leading clothing and lifestyle brand, is setting a new standard for corporate headquarters. The company’s new building, slated for completion in 2026, is designed by Foster + Partners.

Bench Headquarters, Bonifacio Global City

This state-of-the-art space will include offices, design studios, and event venues. Bench is also targeting Green Mark Super Lower Energy and LEED Platinum certifications, demonstrating its commitment to sustainability—an increasingly important factor for companies adopting environmental, social, and governance (ESG) policies.

Sustainable, premium spaces

Such certifications are not just symbols of environmental responsibility; they are now also integral to attracting global tenants.

As more companies prioritize sustainability, buildings with LEED, BERDE, WELL certifications and the like become critical assets in developers’ portfolios.

The trend toward sustainable, premium office spaces has expanded beyond the main business hubs of the Makati central business district (CBD) and Bonifacio Global City. Since 2018, districts like Ortigas, Filinvest City, the Bay Area, and Quezon City have witnessed a surge in high quality office developments.

Projects such as Podium West Tower, GLAS Tower, One Griffinstone, Three and Four E-com, and GBF Center 1 in Bridgetowne now set the standard for premium office spaces. These properties are highly sought after by tenants and often command rental premiums of up to 40 percent, reflecting their superior quality and desirability.

Primary sources

Makati, Ortigas/Mandaluyong, and Quezon City will be the primary sources of new office space in the coming years.

With a vacancy rate of 17 percent and limited future supply, the Philippine office market is experiencing a resurgence as companies gradually return to the workplace.

As demand increases, securing prime office space will only continue to become more competitive as they are first to be filled up in their respective districts. This presents a unique opportunity today for businesses to find the perfect workspace that aligns with their needs and contributes to their long-term success.

Top destination

The future of the Philippine office market is bright, driven by strong economic growth, rising demand for quality office space, and a pipeline of exciting new developments.

As the country continues to attract foreign investors and businesses, the need for modern, well-designed office spaces will only increase.

Through investments in premium architecture and sustainability, Philippine developers are ensuring that the country remains a top destination for global companies seeking a dynamic, forward-looking business environment.

Philippines among the fastest risers in Global Innovation Index

Global Innovation Index: Philippines rises to 53rd

Louella Desiderio 
The Philippine Star
September 27, 2024

MANILA, Philippines — The Philippines was among the fastest risers in a decade in the latest Global Innovation Index (GII) of the World Intellectual Property Organization (WIPO), moving up three places this year to 53rd out of 133 economies.

The report released yesterday showed the country was among the fastest 10-year climbers starting from 90th in 2013.

Other economies that have made the biggest advances in the GII in the past decade are China, India, Indonesia, Iran, Turkey, Vietnam and Morocco.

Aside from the Philippines moving up three ranks from the previous year’s 56th, the WIPO said it has also attained third position in the lower middle-income group.

The Philippines’ 2024 GII rank is also better than the government’s target of placing 54th this year under the Philippine Development Plan (PDP).

The GII ranks economies based on their innovation ecosystem performance and tracks global innovation trends. It is intended to guide policymakers, business leaders and others in unleashing human ingenuity to improve lives and address shared challenges, like climate change.

“Notable areas in which it excels are trade-related indicators, including high-tech exports (first globally), high-tech imports, creative goods exports and ICT (information communications technology) services exports,” WIPO said.

It said the Philippines has also made advances, albeit at lower levels, in intangible assets, driven by its strong global brand value and the intangible asset intensity of its companies.

The Philippines moved up in almost all pillars tracked by the report. In particular, it ranked 65th in the institutions pillar, up from 79th in the previous year.

In human capital and research, the Philippines moved up to 84th from 88th last year.

As for infrastructure, the Philippines climbed to 85th from 86th in 2023.

The Philippines, however, saw its ranking go down to 77th in market sophistication from 55th last year.

In terms of business sophistication, the Philippines rose to 37th from 38th in 2023.

It also moved up in knowledge and technology outputs to 42nd place from the previous year’s 46th.

In creative outputs, the Philippines’ rank remained at 60th.

Under the PDP, the aim is for the Philippines to rank 43rd in the GII by 2028.

Scientists in Philippines develop new rice variety aimed at combatting diabetes

Scientists in Philippines develop new rice variety aimed at combatting diabetes

Statistics Canada reports that as of 2020-21, there were 3.7 million Canadians living with diabetes — almost 10 per cent of the population

Stewart Lewis
National Post (Canada)
Sep 26, 2024

Scientists at the International Rice Research Institute (IRRI) in the Philippines have developed a new variety of rice that could help reduce the growing worldwide burden of diabetes.

An estimated 537 million adults on the planet are living with the disease. And that number is expected to grow to 783 million in the next 20 years.

Statistics Canada reports that as of 2020-21, there were 3.7 million Canadians living with diabetes – almost 10 per cent of the population.

Diabetes is a chronic condition that develops when a person’s body doesn’t produce or effectively use insulin, which it needs to turn sugar into energy. If a person’s blood sugar is excessively high, symptoms such as thirst, blurred vision, and headaches can arise. The worst-case scenario driven by consistently high blood sugar can involve blindness or amputation of the toes or feet.

There are essentially two types of diabetes. Type 1 is an auto-immune condition that is not preventable. Those sufferers must take insulin daily.

However, Type 2 diabetes can be combatted to some extent by changes in lifestyle and eating, sometimes preventing the need for diabetes medication. People with Type 2 diabetes or pre-diabetes can benefit from a diet of food low on the glycemic index (GI).

GI measures how fast a food item raises blood sugar levels and contributes to diabetes. According to Diabetes Canada, GI is a scale from 1-100 that ranks a carbohydrate-containing food or drink by how much it raises blood sugar levels after it is consumed. Foods with a high GI (70 or more) increase blood sugar higher and faster than foods with a low GI (55 or less).

Most available rice varieties have GI levels between 70 and 72. White rice is notable for having a high glycemic count.

The good news is that the IRRI has developed a rice variety that has a GI as low as 25. Also high in protein, the new rice variety looks like white rice but has smaller grains.

The IRRI researchers have been working with the University of California, the Max Planck Institute of Molecular Plant Physiology in Germany, and Bulgaria’s Centre of Plant Systems Biology, reports the Guardian.

Using the IRRI’s extensive rice gene bank, the world’s largest, researchers screened 380 seed samples over 10 years to identify genes with a lower glycemic index and higher protein content. Then they combined them, creating a diabetes-friendly, healthier rice option.

Dr. Nese Sreenivasulu, the principal scientist at the IRRI’s grain quality and nutrition centre, told the Guardian: “We thought that if we could come up with a diet with low glycemic index properties (and) that could be considered healthier, not only to those subjects who are diabetic and pre-diabetic … then it could be a very good intervention to counter growing incidences (of diabetes).”

The rice has yet to be grown outside IRRI’s laboratories, but the IRRI plan is to start growing the new varieties in India and the Philippines as part of the IRRI’s aim to combat hunger in countries where rice is the staple food, reports Philippines-based website wionnews.com.

The IRRI project is currently undergoing multi-location trials in over 10 Philippines provinces. It is hoping the new rice variety will be ready for market within two years.

ADB retains 2024, 2025 PH economic growth forecast

ADB retains 2024, 2025 PH economic growth forecast

Story by TED CORDERO
GMA Integrated News
25 September 2024

The Asian Development Bank (ADB) has maintained its economic growth forecast for the Philippines this year and 2025 as it expects monetary easing and decelerating inflation to drive growth.

In the September edition of its flagship publication, Asian Development Outlook (ADO), the ADB said the growth forecast for the country’s gross domestic product (GDP) was unchanged from the July edition, at 6% for 2024 and 6.2% for 2025. 

“Moderating inflation, monetary easing, and sustained public spending, particularly on major infrastructure projects, will support Philippine economic growth this year and the next,“ the Manila-based multilateral lending said.

The ADB’s figures fall within the lower end of the Marcos administration’s GDP target range of 6% to 7% for the year and 6.5% to 7.5% for next year.

“The expansion in gross domestic product will be driven by broad-based domestic demand, supported by lower inflation and interest rates,” the lender said.

The Philippines posted a growth rate of 6.3% in the second quarter of 2024—the fastest in five quarters—on the back of strong consumption activities.

The ADB also lowered its inflation forecast to 3.6% in 2024 from its April estimate of 3.8%, reflecting the sustained deceleration in food prices partly due to lower tariffs on rice imports.

Inflation is expected to ease further to 3.2% in 2025 compared to the previous estimate of 3.4%, according to the lender.

“Most of the ingredients for the Philippines’ sustained economic growth are in place—rising government revenues are boosting public expenditures on infrastructure and social services, increasing employment is driving consumption, and reforms to open the economy to more investments are underway. With inflation slowing, the country is in a strong position to lead growth in Southeast Asia,” said ADB Philippines country director Pavit Ramachandran.

The bank said risks remain due to potential severe weather events, which could drive inflation higher.

“External factors such as a sharper slowdown in major advanced economies and the People’s Republic of China, financial volatility due to US monetary policy decisions, geopolitical tensions, and rising global commodity prices also pose threats to growth,” the ADB said.

The bank cited the government’s public infrastructure spending, which is seen to range between 5% and 6% of GDP annually from 2024 to 2028, after hitting 5.8% of GDP in 2023.

The government’s “Build Better More” infrastructure program includes 66 ongoing projects and another 31 approved for implementation as of August 2024.

“The infrastructure program aims to enhance physical connectivity through railways, bridges, and airports, or strengthen water management through irrigation, water supply, and flood control,” the ADB said.

“Climate change mitigation and adaptation, digital connectivity, energy, and agriculture projects are also prioritized under this program,” it added.

The ADB said it is financing key infrastructure projects, such as the Malolos Clark Railway Project and the South Commuter Railway Project, which will link Metro Manila to northern and southern provinces in Luzon.

The bank is also supporting the Bataan-Cavite Interlink Bridge Project and the Integrated Flood Resilience and Adaptation Project, which aim to enhance flood and climate change resilience in three major river basins in the country.  —VBL, GMA Integrated News

The Bright Future Between the Philippines and Singapore

The Bright Future Between the Philippines and Singapore

Journal Online 
September 23, 2024

The Philippines and Singapore share a historic bond dating back decades (since May 16, 1969). They enjoy strategic political and geographical connections that have led to a natural bilateral relationship. These countries partner to overcome challenges and nurture mutually beneficial opportunities in the modern world. Thanks to political will, the potential for a stronger Philippines-Singapore relationship is immense.

The Philippines’ and Singapore’s Economic Partnership for Development

Both countries have built robust economies through intentional and strategic regulations and infrastructure to support various sectors.

In Singapore’s financial industry, for instance, the government regulates Singapore forex broker companies to ensure high standards for products and services. The business environment also benefits from the Government’s commitment to fast and stable internet connectivity and friendly policies that attract foreign clients. The Philippines and Singapore also partner on trade, investment, sustainability, energy, and defense, with the presidents of both countries recently signing MOUs for trade relations.

Speaking at a bilateral meeting between the Philippines and Singapore on Thursday, 15 August 2024, President Ferdinand R. Marcos Jr. showed optimism about partnering with Singapore in various areas, recognizing that months of negotiations were fruitful in developing deep relationships with Singapore. For his part, Singapore President Tharman Shanmugaratnam expressed his confidence in partnering with the Philippines. President Shanmugaratnam said he is “confident” that both countries can achieve their mutual objectives through the partnership.

The key areas addressed in the partnership are:

Economic Collaboration

Both countries can further enhance their trade relationship through preferential trade agreements, increased market access, and joint ventures. Singapore’s expertise in finance and technology can complement the Philippines’ growing manufacturing and services sectors.

With bilateral trade volumes above $10 billion in 2023, the Philippines and Singapore can partner for trade and investments to unlock their economies. Their natural location along the South China Sea will prove critical for both countries’ energy and transportation.

Digital Economy

Singapore’s strides in the digital economy have made it a shining light on the Asian continent. Partnerships between Singapore and the Philippines will enhance development in the digital economy through knowledge sharing and human resource exchange. E-commerce, FinTech, cybersecurity, and online trading are essential for beneficial partnerships in the digital economy to foster growth and innovation.

Both countries must partner in advancing high-speed, stable internet connections for online trading and other digital economic activities.

Business and Social Infrastructure

Singapore’s experience in urban planning and infrastructure development is valuable to the Philippines as it addresses its growing population and infrastructure needs. Joint projects like transportation, energy, and water management can create mutually beneficial partnerships.

This is especially necessary regarding sustainability and energy and is one of the critical MOUs signed by both presidents. The Philippines and Singapore could explore energy projects to meet growing demand from increased population and economic activities. The Philippines’s green economy will receive boosts from Singapore’s sustainability programs and improve the country’s sustainable projects in the long term.

People-to-People Exchange

Singapore’s world-class education system can serve as a model for the Philippines. Collaboration in education and training programs can equip Filipino students and professionals with the skills to compete in the global marketplace.

Both countries can benefit from promoting tourism exchange. Singapore can attract Filipino tourists with its unique attractions, while the Philippines can offer Singaporean visitors diverse experiences. People-to-people exchange promotes cultural experiences and could unlock more benefits for both countries.

Human resource partnerships will also drive innovations in both countries as more expats seek work in the Philippines and Singapore.

Security and Defense

As coastal nations, Singapore and the Philippines face common challenges in maritime security. Counterterrorism, anti-piracy, and search-and-rescue cooperation can enhance regional stability.

The Philippines can benefit from Singapore’s expertise in the defense industry. Joint defense manufacturing, maintenance, and training projects can strengthen both countries’ military capabilities. The MOU on Defense Cooperation will guide both countries to mutually-beneficial solutions.

Regional Cooperation

As key members of the Association of Southeast Asian Nations (ASEAN), Singapore and the Philippines can work together to promote regional integration and economic development. Both countries have a stake in peacefully resolving disputes in the South China Sea.

Cooperation on maritime security, fisheries management, and environmental protection can contribute to regional stability. Regional cooperation greatly benefits local and regional markets, as investors consider political stability when making critical decisions.

Leveraging the Philippine-Singapore Partnerships

Trade and investment opportunities will arise from the strategic partnerships between both countries, benefiting local and international businesses and individuals. Investors can expect increased trading volume in the currency and stock markets and advances in supporting technologies. Increased foreign direct deposits (FDI) and economic growth could strengthen their respective currencies and expand economic targets. Investors will find opportunities in emerging industries backed by Governments through strategic partnerships with the private sector. Experienced investors will also rely on financial services companies offering market access to research and invest in financial markets, riding trends arising from the collaboration between the Philippines and Singapore.

Philippines ‘15th most powerful’ in Asia-Pacific

Philippines ‘15th most powerful’ in Asia-Pacific

Joseph Bernard A. Marzan

Daily Guardian

24 September 2024

The Philippines ranked 15th out of 27 countries in the Asia-Pacific region’s most powerful nations for 2024, according to the Asia Power Index released by Australia’s Lowy Institute on Sept. 22.

Graphics from BusinessWorld

The country’s position was boosted by its diplomatic influence and military capabilities.

In the 2024 Asia Power Index, the Philippines moved up one spot from its 2023 ranking, scoring 14.7 out of 100, overtaking Pakistan (14.6) and just behind Taiwan (16.0).

The index measures comprehensive power based on the ability to influence other states, divided into two major categories: Resources (economic capability, military capability, resilience, and future resources) and Influence (economic relationships, diplomatic influence, defense networks, and cultural influence).

The Philippines ranked highest in Defense Networks (10th), although this was a drop from last year due to a decrease in its regional alliance network score. The category factors in military alliances, joint training, arms procurement, and other defense partnerships.

Notable improvements were seen in Diplomatic Influence and Future Resources, with the country climbing one and three ranks, respectively.

Diplomatic Influence evaluates the global reach of the Philippines’ diplomatic offices and its participation in multilateral forums.

Future Resources looks at projected economic and military growth by 2035, and demographic trends by 2050.

The country also improved in Economic Relationships, which assesses influence through trade, foreign investment, and economic leverage.

However, the Philippines’ weakest area was Resilience, where it dropped to 20th place with a score of 20.2, a decline of 0.9 points from 2023. This category measures internal security, resource stability, geopolitical security, and nuclear deterrence.

Globally, the Philippines is categorized as a middle power, along with India (3rd), Japan (4th), and Australia (5th).