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In 3Q2018, the Metro Manila property market remained resilient amid headwinds from Peso depreciation, inflationary pressure, and rising interest rates. Office take-up remained healthy as IT-BPM companies sustained their expansion activity. The weaker Peso versus the US Dollar maintained the country's competitiveness as a global destination for Offshoring and Outsourcing (O&O) operations. Likewise, the Peso depreciation also supported the residential sector, expanding the purchasing power of Overseas Filipino households and housing budget of expatriate employees from the O&O sector. The retail sector maintained stable growth despite high inflation rates, underpinned by solid domestic consumption supporting new entrants and expansion of foreign and local brands. Lastly, the hospitality sector also grew moderately with the surge of tourist arrivals especially from Mainland China, occupying hotel rooms within resort complexes in the Bay Area.
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10 October 2018