The Philippines continues to be one of the world’s fastest-growing economies today, making it a viable consideration for investors in real estate. Positive fundamentals with a well-managed financial sector, an aggressive global tourism drive, and a strong business process outsourcing industry that is now moving towards higher value-added services all point towards a continued healthy growth for commercial, residential, and business estates.
Makati City, in particular, is known as the business center of the Philippines. The following is an overview of this important city, with particular focus on its thriving commercial and business district (CBD).
Makati is a first class city thanks to a commercial and business district that spans some 200 hectares. Generally recognized as the financial center of the Philippines, it is home to a staggering 40 percent of the total office and commercial space of Metro Manila, with some 2.8 million square meters of office space.
It is recognized as the banking and finance hub of the country, with practically all of the country’s major banks maintaining a key presence. All in all, over 62,000 business enterprises are registered in the city, making it the preferred home base for corporate headquarters of the country’s largest publicly-traded firms.
The city has a population of over 126,000 households, or over 529,000 inhabitants. It is also home to over 368,000 employees, a number that is expected to grow to over 400,000 by 2016. Because of this, it is often said that the population of the city doubles during work days. It is a very dense and highly urbanized area with some 22,100 persons per square kilometer. It is also home to a large expat community that has favored living in Makati City.
Upscale residential developments, sophisticated shopping options, a vibrant night-life and a thriving business sector all contribute to making Makati City one of the most sought-after locations for property investment in the Philippines today.