Clark Field seen to be next Global City

Clark Field in Pampanga may become the next Bonifacio Global City as local developers increasingly look outside of Metro Manila for more office space to fill the rising demand of the business process outsourcing (BPO) industry which, in turn, is brought on by soaring business confidence in the Philippines, according to CBRE Philippines.

“Investor confidence in the Philippines continues to be strong, reinforced by recent events held in the country,” said Rick M. Santos, chair and chief executive of the real estate consultancy firm.

Santos was referring to the recent visit of United States President Barack Obama, the holding of this year’s World Economic Forum on East Asia in Manila, and the recent upgrade on the country’s credit rating by Standard & Poor’s.

“Investors from China, Hong Kong, Japan, Singapore, (South) Korea, US and Europe are anticipated to expand in emerging markets, with the Philippines as one of the top destinations,” Santos said.

He added that political instability in other countries, like Thailand, had helped influence more investors to consider the Philippines for their operations and expansion plans.

“The Philippines is in a good spot,” he said.

In particular, Santos said, what used to be the largest American military base outside of the United States may develop the way Fort Bonifacio in Metro Manila did, fueled by a continuously growing BPO sector.

“Americans return to Clark for business process outsourcing, call centers, and other ventures,” Santos said.

The BPO workforce is expected to grow to 1.3 million by 2016. This early, companies are scrambling for scant office space in Metro Manila. Developers are now forced to consider other places such as Clark Field.

“We see rapid growth and development in Clark and its surrounding areas,” he said. “More investors are going to come in once developments are fully maximized.”