Macro Movements: GDP growth projections upgraded and new central bank chief named
World Bank raises its Philippine GDP growth forecast for 2023 to 6%
Philippine central bank signals rate pause until yearend, gets new chief
Industry Insight: Fresh asset infusions to boost local real estate investment trust (REIT) portfolios
AREIT to acquire five properties worth USD410M in swap deal
MREIT to acquire seven office buildings, banks on the sustained growth of the IT-BPM sector
Startup Scene: Value of Manila’s startup ecosystem surges to USD3.5B; Kaya Founders raises USD12M in fresh funds
Manila’s startup ecosystem valued at USD3.5B in 2022, ranks 10 th in affordable talent in Asia
Kaya Founders secures USD12M to invest in tech startups in Southeast Asia
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The World Bank raises its Philippine growth forecast and Fitch upgrades its outlook
Unemployment drops to 4.5% in April amid increased hiring
Industry Insight: Office market updates and pipeline real estate investment trust (REIT) listing
Office leasing sees upswing despite projected rise in vacancies
SM Prime eyes rollout of the country’s largest REIT listing in the second half of 2023
Bank Sector Snapshot: Asset growth acceleration and reductions in reserve requirements
Philippine banks witness the quickest asset growth in three quarters
Bank reserve requirements to be reduced beginning June 30, 2023
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Macro Movements: Philippine growth forecast & new ecozones
IMF increases Philippines growth forecast from 5% to 6%
Approved ecozones in Bacolod and Batangas to spread growth outside the National Capital Region
Industry Insights: IT-BPM talent crisis; Philippine office market post-pandemic comeback
IT-BPM stakeholders call for talent development initiatives to address the talent crisis
Accelerating demand for office spaces driven by the IT-BPM sector and traditional offices
Deal Highlights: Local coffee startup backed by foreign investors; Philippines as hotbed for edtech services
Local grab-and-go coffee startup Pickup Coffee secures USD 40M in funding
Two edtech companies partner with Philippine BPO companies for front- and back-office requirements
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Macro Movements: PH on track with investment target; now open to full foreign ownership in select public sectors
PH gov’t secures nearly half of its PHP 1 trillion investment target for 2023
Gov’t releases implementing rules and regulations for amendments to the Public Service Act
Trade Relations: RCEP to take effect in June; ADB and International Trade Center project significant increase in exports
Largest free trade agreement to take effect in the Philippines this June 2023
Deal Highlights: Startup investments see sustained momentum in 2022 with over USD 1 billion raised in capital
Early-stage investments continue to dominate the local startup fundraising space
PH gov’t accredits Gobi-Core Philippine Fund as co-investor for state Startup Venture Fund
Industry Watch: Global cost-cutting to benefit Philippine BPO growth
BPO sector grows by 8.4% in headcount and 10.3% in revenues in 2022
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