Top 10 predictions

Leading global real estate services providers Colliers International Philippines has recently released its top 10 predictions for 2017.

First, the group expects gross domestic product (GDP) to grow between six and 6.5 percent annually over the next three years as macroeconomic fundamentals remain sound and as the contribution of investments and manufacturing to national economic output continually expands. It sees a 2016 GDP of between 6.5 and seven percent.

Other groups that have predicted the Philippine’s 2017 GDP growth are the World Bank, 6.9 percent; Barclays and Citi, 6.8 percent; IMF, 6.7 percent; Moody’s, 6.5 percent, HSBC and S&P, 6.3 percent and ADB, 6.2 percent.

In its report, Colliers anticipates a surge in manufacturing investments over the near to medium term that would raise demand for industrial space.

It noted that public construction would be a major source of growth as government has committed to ramp up infrastructure spending throughout the country. Meanwhile, private construction would continuously grow due to sustained appetite for office and retail developments, while outsourcing and tourism-related activities would continue to drive the services sector.

Second, Colliers said the business process outsourcing (BPO) sector would continue to drive the office market and that Cebu, Bacolod, Iloilo, Pampanga and Davao would be the most viable alternative locations for growth.

Third, with over 80,000 square meters of office space taken by offshore gaming in 2016 and with Pagcor launching Philippine Offshore Gaming Operation (POGO) late this year, demand for office space is expected to increase. In fact, in the last quarter, there was a surge in inquiries from offshore gaming companies, each requiring a minimum of 10,000 sqm.

Fourth the report pointed out that the infrastructure plans of the current administration would dictate the direction of real estate developments beyond the term of President Duterte.

It said the implementation of infrastructure projects nationwide could provide to properties access that could be redeveloped into mixed commercial, residential, hotel/leisure, and industrial estates.

Fifth, the report highlighted expectations of flexible office spaces expanding with a young and dynamic workforce. There are already around 100,000 sqm occupied by flexible office space operators in Metro Manila alone, with tenants varying from start-ups, to law firms, Fortune 500 companies, and freelancers.

Sixth, millenials would dictate retail spending in the country and developers are building new malls with millenials in mind.

Seventh, thriving condo living and an expanding middle class with incomes buoyed by the BPO sector and OFW remittances would drive demand for home furnishings and accessories. IKEA, it revealed, is set to enter the Philippine market and join foreign brands like Crate&Barrel, H&M Home, Pottery, Barn, and West Elm.

Eighth, construction delays, related to tight labor supply, would continue to temper growth across real estate segments. Supply projections for new office space at the start of 2016 had to be adjusted downwards by more than 30 percent due to project delays.

Ninth, affordable hotels would drive the market given the rising number of local entrepreneurs and domestic tourists and Colliers sees local developers expanding their hotel portfolio to cater to the market.

And lastly, with the US Federal Reserve raising interest rates by quarter point in December and a series of rate increases expected between 2017 and 2019, this would affect residential developers due to rising cost of debt and rise in purchase costs of their buyers, Colliers said.

It expects a decline in purchases from speculate investors who are more sensitive to higher borrowing costs.

Short list

Last Dec. 2, the Judicial and Bar Council (JBC) submitted to President Duterte its nominees for the next associate justice of the Court of Appeals vice Justice Agnes Carpio who is retiring.

There were six nominees, but only one caught my attention because this was one person who I have had the privilege of knowing, both as a law professor and as an outstanding member of the bench.

Las Pinas RTC Judge Joselito Vibandor has received different commendations and awards from various sectors.

Before becoming a judge, he was named one of the outstanding prosecutors of Pasay City.

He was special awardee of the year in 2006 by the Bureau of Jail Management and Penology and was bestowed the Judicial Achievement Award by the Philippine Judges Association in 2008. The San Beda College of Law Alumni Association has also acknowledged him as a Bedan in great service to the Filipino people.

In 2011, while concurrently the acting judge of Manila RTC Branch 4, the city of Manila named him as one of its outstanding judges. In the same year, he was named exemplary alumnus by St. James Academy, Malabon City.

Judge Vibandor was a delegate to the Hague Forum in international law for justices and judges in the Netherlands in 2007 and is a professional lecturer of the Philippine Judicial Academy. He has been teaching law for the past 24 years, specializing in remedial law.

He was executive judge of Las Pinas for two terms and is the presiding judge of Las Pinas RTC Branch 199.

He finished both his baccalaureate and law degrees from San Beda College Manila.

Las Pinas Regional Trial Court Judge Joselito de Jesus Vibandor was a recipient of different commendations and   awards  from various sectors. He was Special Awardee of the Year in 2006 by the Bureau of Jail Management and

Penology and was bestowed the Judicial Achievement   Award by the Philippine Judges Association in 2008. During its Alumni Homecoming, the San Beda College of Law Alumni Association acknowledged him as a Bedan in Great Service to the Filipino People.

But even before his nomination, I have written a number of pieces about him, specifically how he has created the Las Pinas City Jail Library which is the first of its kind in the country.

In May, the Judge Joselito DJ Vibandor Learning Room and Mini-Library, named after the man who started it all, added eight computers loaded with TESDA learning modules donated by Consuelo Foundation based in Hawaii.

The library, which was conceptualized by Judge Vibandor back in 2008, had around 2,000 books which include children’s books, encyclopedias, the Bible, magazines, and even law and economics books. Now the collection is much bigger.

Judge Vibandor back then had this idea of setting up a library inside the jail to serve the inmates. Now, the inmates would spend time with their children there during visiting hours. The library is also being used for alternative learning system (ALS) and has helped produce elementary and highschool graduates.

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