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Friday, May 30, 2025 Vol. 20 No. 229
P25.00 nationwide | 2 sections 32 pages | 7 DAYS A WEEK
Firm: WFH, Pogo exit keep office vacancies high
By Andrea E. San Juan @andreasanjuan
T
HE Philippine economy can grow at an 8 to 10 percent rate only if it irons out problems with government regulatory processes and reduce documentary requirements for businesses as this will pave the way for a “circular flow of income,” according to an economist. “If you have a better streamlined government, then we can actually reach 8 percent [GDP growth]. The ideal computation is 8-10 percent GDP growth for 8 to 10 consecutive years. That was done by China
By Bless Aubrey Ogerio
T
HE scars left by the pandemic-era work shift and the mass exit of Philippine offshore gaming operators (POGOs) are still dragging Metro Manila’s office market, with vacancy rates expected to remain in the double digits for the foreseeable future, according to a real estate services firm. In its latest Office Marketbeat Report, Cushman & Wakefield said vacancy rates for Prime and Grade A office developments in the capital region remain stuck between 16 and 18 percent.
and that’s why they eliminated the poverty of 300 million Chinese,” Ronilo Balbieran, Senior Economist at University of Asia and the Pacific (UA&P) and E-Commerce, See “EODB,” A2
EXPERTS: EMERGING ECONOMY CURRENCIES TO FINISH STRONG By Cai U. Ordinario @caiordinario
W
HILE emerging market economy currencies, including the peso, are weakening against the United States dollar, these are still expected to end 2025 stronger than when they began, according to a US-based think tank. In its latest commentary, BMI, a Fitch Solutions Company, said
emerging economy currencies are projected to end the year 0.4 percent stronger against the dollar, compared to how they traded at the start of 2025. BMI noted that this is considered a major shift as these currencies declined by an average of 8.1 percent in 2024. Based on Bangko Sentral ng Pilipinas (BSP) data, the Philippine peso has been depreciating since 2022.
“OVERALL rates are expected to remain elevated due to soft demand for office space and the upcoming high volume of new supply in the market.”–Cushman and Wakefield research director Claro Cordero Jr.
See “Experts,” A20
BOC, DA seize ₧90M worth of smuggled agri products
T
HE Bureau of Customs (BOC) seized a total of P90.065 million worth of smuggled agricultural products from separate operations at the Port of Manila in its bid to uphold food security, public health and rule of law. In a statement on Thursday, the BOC said it found about P9 million worth of smuggled sugar in two separate shipments. On May 23, the BOC examined two 20-foot container vans from Thailand storing 1,000 sacks of refined sugar. A joint team from the BOC, Sugar Regulatory Administration
(SRA), Department of Agriculture (DA) and the Philippine Drug Enforcement Agency (PDEA) led the inspection. The BOC said that while the consignee was registered with the SRA, the importation was unauthorized since the shipment lacked the required import allocation and clearance. The Customs Intelligence and Investigation Service (CIIS)— POM recommended the issuance of a Warrant of Seizure and Detention (WSD) for violations of Section 117 (Regulated Importation and Exportation) in relation See “BOC,” A2
@blessogerio
SMUGGLED SWEETS AND SMOKES Agriculture Secretary Francisco Tiu Laurel Jr., Customs Commissioner Bienvenido Rubio, and Sugar Regulatory Administration Administrator Pablo Azcona inspect smuggled refined sugar worth P9 million at the Port of Manila on Thursday. The shipment—two container vans from Thailand and two more from Vietnam—was brought in without permits or proper declarations by Lapaz Multipurpose Cooperative and Yobai OPC, violating import regulations. Aside from refined sugar, the BOC also confiscated smuggled cigarettes that could undermine the income of tobacco farmers. The inspection follows President Ferdinand Marcos Jr.’s directive to intensify the crackdown on agricultural smuggling to protect farmers and ensure fair trade. Story at left, “BOC, DA seize P90M worth of smuggled agri products.” JAY MORALES
By the end of the first quarter of 2025, vacancies hit 17.3 percent, a slight uptick from 17 percent in the previous quarter, and 105 basis points higher than the 16.5 percent recorded in the same period last year. “Overall rates are expected to remain elevated due to soft demand for office space and the upcoming high volume of new supply in the market,” said Cushman and Wakefield research director Claro Cordero Jr. In common definition, “Prime” offices are typically prized for their location and prestige, while “Grade A” buildings are distinguished by high-quality construction, design and management. Despite the elevated vacancies, average headline rents in Metro Manila’s top offices have remained relatively stable. It See “WFH,” A2
PESO EXCHANGE RATES n US 55.5670 n JAPAN 0.3838 n UK 74.8654 n HK 7.0913 n CHINA 7.7212 n SINGAPORE 43.1053 n AUSTRALIA 35.6851 n EU 62.7740 n KOREA 0.0405 n SAUDI ARABIA 14.8147 Source: BSP (May 29, 2025)