IloIlo Market Potential Looking Up
Last March, the Foreign Trade Service Corps (FTSC) of the Department of Trade and Industry (DTI) visited Iloilo City to assess its development and review areas they can extend their support to.
According to FTSC Supervising Undersecretary Rowel Barba, “We visited Iloilo to basically know more about the developments in the area so we can assist them promote the province and the city for investments and maybe possible trade with other countries.”
Barba also observes big potential in Iloilo’s real estate business.
“Prices of real estate have increased tremendously and there is not enough office space for BPO (business process outsourcing). But we hope the developers will be able to come up with additional office space the soonest possible time so more companies can come. That’s for the services sector,” he said.
Barba also hopes to improve the city's production in the manufacturing sector, which he eventually hopes to be exported abroad.
The FTSC has been active in helping Iloilo City develop and marketed abroad, and this sentiment was echoed by Ritchel Gavan, head of the Iloilo City Local Economic Investment Promotions Office.
According to her, “they checked how they can extend help to Iloilo. They promised to involve Iloilo in their investment promotions abroad.”
Joey Roi Bondoc, research manager a Colliers International Philippines, also weighs into the investment potential of Iloilo City. The city is observed to constantly rank high in highly competitive cities and municipalities in the Philippines.
Moreover, two proposed key initiatives at Iloilo City are expected to greatly impact the city’s real estate landscape. Namely, 365-ha land reclamation project and the three-line skyrail project connecting key villages in the city. With these projects, along with the modernization of the Iloilo International Airport should advance the city’s attractiveness.
For more articles on Iloilo City, read: Newly-Restored Historic Park Shines A Light On Iloilo City