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People who read the pages of the David Stanley Redfern site will know that we don't use superlatives very often, because people tend to think, they are agents, they are going to say that, but when it comes to the Philippines capital Manila I'm afraid it's unavoidable. There are a few cities in the world that stand out as having absolutely incredible potential for profitability and Manila is most definitely one of them.
Asia as a region is the expert's favourite to enjoy the strongest and most sustainable growth trends in the coming years. The Philippines and Manila were worst affected by Asia's financial crisis a few years ago, and now that Asia's economy has bounced back, Manila being worst affected has become a definite advantage.
As I said Asia is currently symbolic of economic growth, and many global corporations, from the major banks and financial institutions to retail outlets rely on Asia for a large portion of their business. More and more it is becoming necessary for these corporations to set up an Asian hub or branch for the Asian division of their business, in other cases it is not necessary but they do so out of choice.
Either way, but increasingly when doing it through choice they are looking for the cheapest country and city to set up in, from paying the least amount for the land to build their business on, or a building to renovate, to the lowest quotes for building, to the workforce they need for the lowest wage budget.
For retail chains or companies setting up in Asia with a view to selling there are looking for all the above, plus the substantial likelihood of economic growth in the area that will propel their sales as it goes.
Manila ticks all the right boxes, with yearly GDP growth strong at 5% for a few years now, rising to 7% last year and predicted to grow by at least an additional 1% per year for the next two years. With all the new businesses coming into Manila and foreign investment the city is becoming more affluent and the government is able to divert more into further developing the country.
Manila and the Philippines still have their problems, the biggest being high poverty rates and distribution of wealth issues, but as property investors all we can hope is that the small part we are playing in developing the economy in Manila helps the development spread throughout the Philippines and its population.
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