Impacting the local markets and creating fear and uncertainty are: the current worldwide resurgence in coronavirus disease 2019 cases due to the Omicron variant BA.5, the spread of the monkeypox virus, the global currency and debt crisis, the Chinese real estate mortgage boycott, supply chain problems, logistics difficulties and increasing costs of shipping, global inflation and increasing interest rates, and the food and security issues arising from the Ukraine-Russia war.
The IT-BPM sector is the country’s largest employer, accounting for 1.4 million jobs. The IT & Business Process Association of the Philippines said 120,000 jobs were created in the IT-BPM sector in 2021 alone. This is the second highest annual number of jobs created since the inception of the BPO industry in the country.Ongoing projects under the Build, Build, Build program will not be suspended, and thus government spending will proceed, President Ferdinand R. Marcos, Jr.
The Philippines is likely to benefit from tourism, given the current trend of foreign travelers seeking cheaper destinations amid rising global inflation.Mr. Marcos’ declaration that the government would no longer impose lockdowns, which the economy could ill afford, is expected to have the widest impact.
The government’s perceived determination to return to business as usual is expected to drive the Philippine office market back to 2016’s pre-POGO and pre-pandemic state. Office demand in 2016 was then at 647,000 sq.m. making the Philippines one of the major office markets in the world. As of the second quarter of 2022, actual office absorption was 255,000 sq.m., the highest since the start of the pandemic.
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