MANILA, Philippines - Megaworld, the giant Philippino property developer, is mapping out the so-called “Visayas BPO (Business Process Out-Sourcing) triangle” with three huge township developments in Iloilo, Cebu and Bacolod.
The expansion is on the back of growing demand from BPO companies to expand outside Metro Manila.
Megaworld senior vice president Jericho Go said the company expects to boost its office leasable space to 225,000 square meters in these three provinces by 2020. “We are targeting around 175,000 sqm of office space for the business process outsourcing industry in these three key cities in the next three years to form the so-called Visayas BPO Triangle. By 2020, our target is to bring it up to 225,000 sqm depending on market demand. So far, the demand goes up, so we see this as a big possibility.”
The expanded presence of BPO companies in these key Visayan cities is estimated to generate around 50,000 full-time direct jobs.
Go added, “If we talk about direct and indirect jobs, we see around 300,000 for Cebu, Iloilo and Bacolod by end-2019. These include jobs that can be generated within our townships such as those from transport and retail.”
At present, Megaworld is developing The Mactan Newtown, a 30-hectare project in Lapu-Lapu City, Cebu. The inventory of office space will be around 80,000 sqm by next year as the company is set to open two more office towers. These are the Tower One Plaza Magellan to be completed this year and Pacific World Tower, which is targeted for completion in 2017. Combined, the two projects offer an additional 34,000 sqm of fresh office spaces in The Mactan Newtown. Other towers that have been previously launched are One World Center, Manulife Center and 8 Newtown Boulevard.
Go said that in Cebu, there is a growing preference for BPO locators to be in Mactan Island because of the traffic problem and congestion in Cebu City. “We see Lapu-Lapu City as a big alternative location for BPOs in Central Visayas especially that the new and bigger Mactan-Cebu International Airport will be completed soon,” he said.
In Iloilo, Megaworld’s 72-hectare Iloilo Business Park township is expected to have an inventory of office space of around 33,000 sqm by the end of the year. This is on the back of the expected completion of an additional office tower, Three Techno Place, which will have 8,700 sqm of fresh office spaces.