As the Philippines formally enters into the recession phase after registering a record contraction of 16.5% and 0.7% in Q2 2020 and Q1 2020, respectively, the continued disruption to business and economic activities weighed heavily on consumer spending — the biggest contributor to GDP – by shrinking 15.5% in Q2 2020.
Faced with the weighed-down consumer sentiment along with the anticipated decline in overseas Filipino (OF) remittances and tourism receipts — two of the most-hit sectors of the economy due to the severity of containment measures in response to the COVID-19 virus — amidst the burgeoning unemployment rate, it is imperative to take a look at the severity of its implications from the viewpoint of the Philippines’ real estate developers.
COVID-19 Real Estate Developer Sentiment Survey presents the over-all state of the Philippine commercial real estate market from the perspective of the real estate developers. The report provides a glimpse on how the real estate developers view the current real estate market environment and highlights their insights on its future growth direction amidst the impact of the COVID-19 pandemic. Click here to download the report.