BPO industry seen to grow post-COVID-19

Despite the coronavirus pandemic, there will be opportunities for the country's BPO industry.

Santos Knight Frank Chairman Rick Santos said global companies will increase outsourcing to cut costs, making the Philippines an attractive destination due to competitive costs and young talent.

The office market is expected to see a decline in new space this year to 810,000 square meters from an initial forecast of 1.18 million sqm, with higher vacancy rates at 10% compared to 5% last year.

Rental rates are projected to be stagnant in the second quarter and may contract later due to reduced demand for co-working spaces and social distancing measures.