Knowledge April 2010

8/8/2019 Knowledge April 2010

1/12

co l l i e r s i n t e r n at i o n a l | p h i l i p p i n e s

eXecUtiVe sUMMarY

py i: a B Y

Exportsimprovedby42%intheirsttwomonthstoput theeconomyontracktoachievea4%GDPgrowththisyear.Inlationin1Q10arealsowithinexpectationsdespiterisingoilpricesintheworldmarket.

Impliedlandvaluesinthemajorbusinessdistrictsweresteadyintheirstthreemonthsotheyearastherentalmarketstabilized.

ThenumberoHLURBlicensesissued

continuestodeclinewiththe12-monthmovingaverageaso1Q10standingat88,180units,downromitspeakat128,042unitsayearearlier.

o: c h tug

NonewoicebuildingswillcompleteinMakatiCBDthisyear,withonly150,000sqmexpectedtocompleteinotherMetroManilalocations.Thiscompareswithnewsupplyo+500,000sqminboth2008and

2009andillustratestheimpactoprojectdeermentdecisions.

Rentsremainedstablethroughtheirstquarter.Manylandlordsarenowlookingtowithdrawincentivesandratesareexpectedtobegintotrendupwardswithullyearrentalgrowthexpectedat5%-10%.

MakatiCBDisexpectedtolagintherecoveryasexpansiondemandrom

traditionaloceusersremainsanemic.BycontrastasignicantuptickinexpansiondemandromBPOlocatorswasexperiencedintherstquarter-continuingacceleration

experiencedsincemid2009.

r: r sb, F n

Four r e sident ia l condomin iumsa r escheduledtocompleteinMakatiCBDthisyear,butthesupplypipelineisevenstrongerinotherMetroManilasub-markets,particularlyBoniacioGlobalCity.

Whilenewdevelopmentsinthepipelinewill increasepressureonrents andoccupancy,1Q10vacancyratesremainencouraging.Reneweddemandromexpatriatesissupportingtheluxuryresidentialrentalsegment.

Averagerentsorluxury3BRunitsintheMakatiCBDaresoarstable,butexpectationspointtolongrunadjustmentsorrentalratesduetotheaordabilityopre-sellingprojectsandthegrowingsupplyocondominiumsinmanybusinessdistricts

acrossthecapital.

Market indicators

trends

4q09 1q10

oFFice

XUrY residential

retail

www.colliers.com/philippines

M a r k e t o V e rV i e w | a p r i l | 2 0 1 0

py M ovv 1 qu 2010


2/12colliers international2

2004 2005 2006 2007 2008 2009

G n puG dm pu

6.7%6.2%

5.6%5.0%

6.1%5.4%

7.8%7.3%

6.2%3.8%

3.0%0.9%

p cum exuGv. exu

ivmexim

5.8%1.4%

7.2%14.4%5.8%

4.9%4.0%

-6.0%4.2%2.4%

5.5%6.1%

2.7%11.2%1.9%

6.0%10.0%

9.3%3.1%

-5.4%

4.7%3.2%

1.7%-1.9%2.4%

3.8%8.5%

-9.9%-14.2%-5.8%

aguuiuysv

5.3%4.7%7.6%

1.8%4.9%6.4%

3.8%4.5%6.7%

5.1%6.6%8.7%

3.2%4.9%3.3%

0.1%-2.0%3.2%

ifBug d (b p)p:Us$ (avg)avg 91-dy t-B r

5.5%p187.1p56.07.3%

7.6%p146.8p55.06.4%

6.2%p62.2p51.35.3%

2.8%p12.4p46.13.4%

9.3%p68.1p44.75.2%

3.2%p270p47.64.0%

econoMic indicators

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T Kwl Rprt | April | 2010 | Pilippi

r: pg U reit

Atanaggregateovemillionsqm,mallsinMetroManilaaccountor70%o

theentiremallstockinthePhilippines.Althoughonlyonemajormallproject,SMNovaliches,isexpectedtocompletethisyearinMetroManila,therearevariousprovincialdevelopmentsinthepipeline.

Met ro Mani la -wide mal l vacancy continuestoallandisnowat8.9%.Strongtake-upromnon-traditionalmalllocatorsshouldcontinuetoboostdemandorretailspaces.

Motormanuacturersanddistributorshad

agreatrstquarter,witha36%increaseinvehiclesales,especiallyinthecommercialsegment.Remittanceswerealsostrong,increasingby7.7%inJanuary-FebruarybehindthestrongdeploymentoOFWsabroad.

The ofce sector is

fnally on an uptick

as expansion demand

continues to pick up

in the last six months.

There is an optimism

that this positive trend

will persist in the next

twelve months, and

industry players are quickto acknowledge and to

take advantage o this

momentum.


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econoMYTheyearstartedwithavorableindicatorspointingtobettereconomicperormanceortheremaindero2010.Election-relatedprivateconsumptionandthenotablegrowthinexportsshouldputtheeconomybackontrack.Forthersttwomonthsotheyear,

exportsroseby42%toUS$7billioncomparedtolessthanUS$5billioninthesameperiodlastyear.Electronicsectorexportsgrewby50%.Onthelipside,exportgrowthmaytemperasthepesocontinuestostrengthenwithsomeanalystsexpectingamovetowardsP43:US$1.00.

DespiteworldoilpricesrisingagaintoUS$80perbarrel,localinfationrateswerecontainedortherstthreemonthsotheyear.MarchandAprilinfationratesareboth4.4%,whichiswithintheBSPtargetrangeo3.8%to4.8%orthetwomonths.However,JPMorgannotesthatyear-on-yearinfationwilllikelycontinueitsupwardtrajectory,andexpectsinfationtopeakat6.5%.leavingannualinfationorecastat5.3%.

Peso/sq m 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

Makati cBd 258,070 - 281,358 262,000 - 284,200 - 1.24% 252,500 - 287,500 0.11%

ortiGas center 91,000 - 150,000 92,678 - 154,757 - 2.60% 92,263-153,520 1.98%

coMparatiVe land ValUes

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land ValUesImpliedlandvaluesintheMakatiCBDmarginallydeclinedtoP270,000persquaremeterascommercialrentsreacheditstrough.ThistranslatestoanaccommodationvalueoP17,000perdevelopablesqm.ExpectMakatiCBDlandvaluestocorrect

towardsJune,aterwhichpricesbecomestableasinterestsorMakatipropertiespickup.Ontheotherhand,landvaluesinOrtigasCenterisatP120,000persqmwithaccommodationvaluesrangingromP10,000toashighasP14,000perdevelopablesqm.BoniacioGlobalCity(BGC)lotsarestillpricedatanaverageoP14,000perdevelopablesqm,butmightincreaseby3%to5%overthenext12monthsduetoincessantdemandorlotsinthisarea.ThisisurthersupportedbytheactthatinrastructureworksatNorthBoniacioarealmostcomplete.

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Makati cBd and ortiGas centeraVeraGe land ValUe




license to sell

Fortheirstquarterotheyear,atotalo57,419unitsreceivedlicensestosellissuedbytheHLURB.Thisrepresentsa56%declineinthenumberounitscomparedtothesameperiodlastyear.ThisdeclineisexpectedasHLURBlicensestosellrepresentalaggingindicatorothenumberoprojectslaunchedinthelastsixmonths.Thedropinlicensesissuedrelectsthewait-and-seeattitudeodevelopersandrealestatebuilderseventhroughthesecondhalo2009ateralacklusterrsthalperormanceotheresidentialandcommercialsectors.Themoving12-monthaveragenumberolicensesissuedhasbeenonadeclinesinceitspeako128,042unitsin1Q09to88,180unitsin1Q10.

ThenumberohighriseresidentialcondominiumsregisteredasoMarch2010continuedtodeclineby21.6%to9,374unitsrom11,959unitsinthesameperiodayearbeore.SomeothenotableprojectsduringthisperiodincludeOneShangri-LaPlace,OneCentral,CirculoVerde,AvidaTowersAlabang,andADBAvenueTower.

For1Q10,thesocializedhousingsegmentreceivedlicensestosellor11,986units,ewerby11.1%comparedtothesameperiodlastyear.Ontheotherhand,thelowcosthousingsegmentreceivedlicensesor17,000units.ProjectsinthissegmentincludeGreenplaceHomeswith541lotsinImus,Cavite,LessandraBacoor3with367unitsinBacoor,Cavite,andMetrovilleComplexwith363unitsinBinan,Laguna.

oFFice sector

suyWhilemorethanamillionsquaremetersonewspacewasaddedtoMetroManilasoceinventoryin2008and2009only180,000sqmonewspacewillcompletethisyear.NocompletionsareanticipatedintheMakatiCBDthisyearwithdevelopersocusingonothersub-markets,notablyFortBoniacio.Asatend2009therewassome500,000sqmovacantocespaceintheMetroManilamarketbutthiswillbereadilyabsorbedoverthenext18months.Thishasencourageddeveloperstobringorwardnewanddeerredprojectsandtherecentincreaseinground-breakingsisexpectedtoacceleratethrough2010.

hlUrB license to sell (cUMUlatiVe)

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UnITs JAn - mAR JAn - mAR % ChAnge

2010 2009 (YoY)s hugl c hugM im hughg r rcmm cmumFmMm piu subvcmm subvt (p)

11,98617,0006,4059,374

17647

12,295-

13657,419

13,48613,48114,75311,959

96018

75,094-

91129,842

-11.1%26.1%

-56.6%-21.6%-81.7%161.1%-83.6%

0.0%49.5%

-55.8%

LoCATIon end-2009 20102010

2011 2012

Makati cBd 2,699,696 57,353

ortiGas 1,095,623 45,396

Fort BoniFacio 413,020 72,673 83,793 49,920

eastwood 220,103 32,876 39,840 35,765

alaBanG 234,305 27,701

others* 657,012 60,000

total 5,319,759 178,646 123,633 203,038

Forecast oFFice sUpplY

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*M, py, Muyg, quz cy

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hlUrB license to sell12-Month MoVinG aVeraGe




1q10 4q09 1q11F

preMiUM 12.00% 12.11%

Grade a 7.07% 8.86%

Grade B & Below 6.20% 6.04%

all Grades 7.05% 7.32% 5.76%

Makati cBdcoMparatiVe oFFice VacancY rates

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dmAsexpected,demandcontinuedtopickupintheirstthreemonthso2010.Inquiriesorexpansion,particularlyinthebusinessprocessoutsourcing(BPO)sectorincreasedthreeoldin1Q10comparedtothesameperiodlastyear.Vacancylevelsinmostsub-marketsellbutonlymarginallyintheMakatiCBDwherePremiumGradebuildingvacancyremainsat12%duetoanemicdemandromtraditionaloceusers.For1Q10,GradeAvacancyeasedto7.1%rom8.9%in4Q09.GradeBvacancyontheotherhandinchedhigherto6.2%rom6%lastquarter.

Thetotalnettake-uportherstquarterinMakatiCBDis7,389

sqm,uprom-12,427sqmin4Q09and3,000sqminthesameperiodlastyear.

rAveragerentsinMakatiCBDwerestablethroughQ12010,endingaperiodosixsuccessivequarterlydeclinesrommid2008.Aswouldbeanticipatedatthispointinthecycle,withthemorepositiveoutlookorbusinessprospectsthisyearup-gradingdemandisbeginningtocomethrough.ThisisprincipallyocusedonnewbuildingsoutsidetheMakatiCBD.Landlordsarenowlookingtoreducetenantsincentivesinalllocationsandthisshouldleadtorentsbeginningtotrackupwardsinthenearterm.Overallrentalgrowtho5%to10%isexpectedin2010,withtheMakatiCBDatthelowerendotherange.

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Makati cBdoFFice VacancY rates

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Makati cBdoFFice sUpplY and deMand

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Makati cBd Vs Metro ManilaoFFice stock

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Makati cBd oFFice rents(Based on net UsaBle area)




BUILdIng AReA TenAnT sIZe (sq m)

8 p avu BF lg t

t Bug6750 ay avu

Mky hBGc

MM cBd

Ust Gb (s-it)cu (Bg/F)

lb (Bg/F)nV Bx sa (it-Bpo)

2,1304,400

8501,100

notaBle leasinG deals

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Peso / sq m / monTh 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

preMiUM 720 - 850 720 - 850 0.0% 740 - 910 5.0%

Grade a 430 - 830 427 - 813 0.4% 460 - 900 8.3%

Grade B 375 - 455 371 - 455 0.0% 425 - 470 7.9%

coMparatiVe oFFice rental ratesMakati cBd (Based on net UseaBle area)

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Peso / sq m 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

preMiUM 89,739 - 106,261 91,106 - 106,609 - 0.9% 92,000 - 101,000 3.1%

Grade a 63,000 - 85,000 65,465 - 83,121 - 0.4% 65,650 - 89,000 4.5%

Grade B 44,000 - 60,000 44,538 - 60,144 - 0.7% 45,000 - 61,000 1.9%

coMparatiVe oFFice capital ValUesMakati cBd (Based on net UseaBle area)

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Aso1Q10,averagerentinPremiumGradeoceswasrelativelyunchangedatP790persqmmonthly(pernetuseablearea).ThesamegoesorGradeAandGradeBoceswhicharevirtuallyunchangedatP630persqmandP415persqm,respectively.

c VuTrackingchangesinrentalrateslastyear,capitalvaluesmarginallydeclined.For1Q10,capitalvaluesorocespacesdeclinedbylessthan1%.PremiumGradeocesarecurrentlypricedatanaverageoP98,000persqm.GradeAocecapitalvaluesontheotherhandmaintainsitscurrentpriceatP74,000persqmandGradeBcapitalvaluesstandatP52,000persqm.Expectminorchangesinocecapitalvaluesoverthenext12monthsasrentalgrowthlookslesspromisinginMakatiCBDcomparedtootherlocationsinMetroManila.

Makati cBdoFFice capital ValUes

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UnITs 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

lUXUrY 5,420 5,420 0.0% 6,871 26.8%others 6,595 6,595 0.0% 6,595 0.0%

all Grades 12,015 12,015 0.0% 13,466 12.1%

Makati cBdresidential condoMiniUM stock

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residential sector

uyourresidentialcondominiumsarescheduledtocompleteinMakati

CBDthisyear.TheseareAyalaLandsResidencesatGreenbeltSanLorenzo)andTheColumnsatLegaspi,CenturyProperties

GrandSohoMakati,andMegaworldsGreenbeltChancellor.Byheendothisyear,thetotalresidentialcondominiumstockinheCBDwillbe13,466units.Over6,000newcondominiumunits

willcompleteintheMakatiCBDinthenextouryearsalone.Onheotherhand,thesupplypipelineorresidentialdevelopmentsemainthestrongestinBoniacio(BGCandMcKinleyHill)with

morethan8,000unitsexpectedtocompleteuntil2013.OrtigasCenterwillhavearound2,500newcondominiumunitsovertheextthreeyears.Expectmorecondominiumdevelopmentstopour

nasdeveloperscontinuetobeeuptheirprojectportoliostotakedvantageostrongdemandmovingorward.

dmVacancyinMakatiCBDresidentialcondominiumsimprovedurtherto6.9%in1Q10romthepreviousquarters7.5%.Theackonewsupply,coupledwithincreasingdemandromexpatri-tes,supportedthedeclineinvacancyratesparticularlyorluxuryondominiums.Onthefipside,thissituationmaychangeatertheompletiononewcondominiums;newsupplyintherentalandecondarymarketisexpectedtopushvacancylevelsbackto8%to%inthenext18months.


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Makati cBdresidential sUpplY and deMand

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Makati cBdresidential condoMiniUM stock

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Makati cBd

residential VacancY rates

rAso1Q10,averagerentsorluxury3BRunitsinMakatiCBDisvirtuallyunchangedatP540persqmorP135,000monthlyora250-sqmunit.Itshouldbenotedhoweverthatnewercondo-miniumslikeShangGrandTowerandTheResidencesatGreenbeltchargesmuchhigheronapersqmbasis,butonlyaewunitsaregreaterthan250sqm.Theluxury3BRmarketisprimarilydrivenbydemandromexpatriateswhohavestartedlookingatbiggerunitsagain.





Makati cBd 349 - 729 349 - 733 - 0.3% 360 - 769 4.7%

rockwell 600 - 760 597 - 754 0.7% 640 - 799 5.8%

BGc 523 - 699 523 - 699 0.0% 540 - 720 3.2%

Metro ManilacoMparatiVe lUXUrY 3Br rental rates

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1q10 4q09 1q11F

lUXUrY 4.4% 4.8%

others 8.9% 9.8%

all Grades 6.9% 7.5% 8.1%

Makati cBdcoMparatiVe residential VacancY rates

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LoCATIon 2009 2010 2011 2012 2013 ToTal

Makati cBd - 1,451 2,762 645 1,141 5,999

rockwell - 1,336 - - 635 1,971

Fort BoniFacio 1,964 1,823 3,154 1,871 1.389 10,201

ortiGas 1,144 761 1,325 462 - 3,692

eastwood 344 255 - 558 537 1,694

total 3,452 5,626 7,241 3.536 3.702 23,557

Forecastresidential new sUpplY

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Makati cBd, rockwell, BoniFacio GloBal citYpriMe 3Br rents

AveragerentsinRockwellCenter,ontheotherhand,iscurrentlyattherateoP680persqmorP153,000permonthora225-sqmunit.AverageratesarealsosteadyatBoniacioGlobalCitywhereluxury3BRunitsareleasedatanaverageoP177,000permonthora290-sqmunit.Rentsorsmallercondominiumunitsintheselocationsaremuchmoreexpensiveonapersqmbasis,butdemandorsmallunitsremainsthin.Itwillbeinterestingtoseehowrentsadjustwhenmorecondominiumunitsenterthesecondaryandrentalmarketinthenext18months.

c VuCurrently,capitalvaluesoexistingcondominiumsintheMakatiCBDcanbesoldatanaverageoP99,191persqm.

Therearenochangesinpricesoexistingcondominiumsgiventhatnonewdevelopmentscompletedoverthepast12months.Asnewdevelopmentscomplete,expectaveragecapitalvaluestoimproveby3%to5%.

AveragecapitalvaluesocondominiumsinRockwellCenterisP104,000persqm.NewerbuildingsintheareaarepeggedashighasP120,000persqm.AterthecompletionoOneRockwell,expectaveragecapitalvaluestoincreasetoaroundP110,000persqm,withahighoP130,000persqm.Rockwellsnewestpre-sellingproject,Edades,sellsoratleastP125,000persqm.



Aso1Q10,capitalvaluesoexistingresidentialcondominiumsinBoniacioGlobalCityremainsunchangedatP101,600persqm.Withsixnewcondominiumtowersexpectedtocompletethisyear,averagecapitalvaluesshouldincreasegraduallyoverthenext18months.

Moreresidentialprojectsareexpectedtobelaunchedthisyearasdemandpicksup.Onapersquaremeterbasis,condominium

unitsinMetroManilaarebecomingmuchmoreexpensive,butintermsototalcontractprice(sometimesstartingatP1.5million)pre-sellingcondominiumunitsarestillaordable.Moreover,pre-sellingunitsareseentobemoreaordableduetothelowinterestrateenvironmentandattractivepaymentterms.Thisbuyingtrendwillcontinueandwhiledevelopersareatit,expectmoreresidentialdevelopmentstargetingallsegmentsothemarkettocontinue.


mInImUm AveRAge mAxImUm % ChAnge(YTd)

am rg / rx tgr rgavg sz

50,000

220

102,500

270

215,000

305- 2.38%

s Vgr rgavg sz

50,000

130

77,500

190120,000

3200.93%

lg Vgr rgavg sz

50,000175

144,167212

210,000274

1.76%

rr rgavg sz

120,000

184

150,000

224180,000

2861.35%

F Br rgavg sz

80,000

145

147,083

241210,000

3090.00%

coMparatiVe residential lease ratesthree-BedrooM, seMi-FUrnished

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Peso / sq m 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

Makati cBd 67,913 - 130,469 67,913 - 130,469 0.0% 71,535 - 134,954 4.1%

rockwell 90,416 - 117,874 90,416 - 117,874 0.0% 92,000 - 122,500 3.0%

BGc 84,415 - 118,860 84,415 - 118,860 0.0% 87,018 - 122,525 3.1%

Metro ManilapriMe 3Br capital ValUes

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Makati cBd, rockwell, BoniFacio GloBal citYlUXUrY 3Br capital ValUes



retail sector

suyWithmorethan70malls,thestockoretailmallsinMetroManilacurrentlystandsat4,999,186sqm.Thisaccountsor70%othetotalstockinthePhilippines.Althoughonlyonemajormallproject,SMNovaliches,isexpectedtocompletethisyearinMetroManila,therearevariousprovincialdevelopmentsinthepipeline.Weanticipatemoremalldevelopmentsoutsidethecountryscapitaltoaccommodatetherisingdemandorretailspacesinmajorcitiesacrossthecountry.

Dominatedbythebigthreemalldevelopers(SMPrime,Robinsons,andAyala),theretailsegmentisprimedorREITlistingthisyear.TheirsteadyincomestreammakesmallassetsaperecttorREITvehicles.Bytheendothisyear,SMPrimewillbeoperating40mallsacrossthecountry,andtheywillbeusingtheREITtoraisemoreundsordevelopments.RobinsonsLandandAyalaLandarealsopoisedtotakeadvantageothenewREITlawortheirown

expansionplans.


sq m 1q10 4q09 % ChAnge 1q11F % ChAnge(qoq) (YoY)

sUper reGional 2,938,562 2,938,562 0.0% 2,938,562 0.0%

reGional 1,010,294 1,010,294 0.0% 1,065,378 5.5%

district/neiGhBorhood 1,050,331 1,050,331 0.0% 1,050,331 0.0%

all Malls 4,999,187 4,999,187 0.6% 5,054, 271 1.1%

retail stockMetro Manila

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1q10 4q09 1q09

Metro Manila 9.2% 9.2% 13.5%

Metro Manilaretail VacancY

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Metro Manilaretail sUpplY and deMand

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Metro Manilaretail stock

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Metro Manilaretail VacancY rates

dmMetroManila-widemallvacancyaso1Q10isat8.9%,downrom9.2%attheend-2009.Thesteadydeclineinvacancyratesshowsthecontinuedstrongtake-uporetailspacesevenornewermalls.Demandisexpectedtourtherimprove,consideringtheestablishmentonewlocalbrandsandtheinfuxointernationalchainscominginthePhilippines.Non-traditionalretailspacelocators-clinics,activitiesandliestyleservices-arelikewisellingmallspaces.Ontopothese,thereispotentialdemandromBPOlocatorsinprovincialmalls.





aYala center 1,120 1,100 1.8% 1,180 5.4%

ortigas 1,030 1,030 0.0% 1,060 2.9%

coMparatiVe eFFectiVe retail rents

su: c i p r

For more inormation about this topic pleasecontact our Research or Consultancy andValuation. You may log on to our website athttp://www.colliers.com/philippines

whichalsogrewby15%andreached1.44billionlastyear.Contin-uedincreaseinaccesstoormalremittancechannelsalsohelpedboosttheremittancesgure.OFWremittancesareexpectedtogrowbymorethan10%thisyear.

su: cmb aumv Muu p i.

qUarterlY Vehicle sales

*a Fbuy 2010

su: B s g p

oFw reMittances

su: p ov emym agy,

n s c B

oFw deploYMent

rAveragerentsorAyalaCenterinMakatiCBDarecurrentlyatanaverageoP1,120persqm,upromP1,100persqminDecember.Ontheotherhand,mallsinOrtigasCenterchargesanaverageoP1,030persqmmonthlyormallretailspaces.SmallerretailspacesareusuallyabitpricierataroundP1,500persqmespecially

inprimemalllocations.

sg iFortherstthreemonthsotheyear,vehiclesalesgrewby36%year-on-yeartorecord38,711unitssold.TheChamberoAuto-motiveManuacturersothePhilippines(CAMPI)arerevisingcurrentsalesgrowthorecastsandassumptionstoincorporatethepositiveresultsin1Q10.Certainly,themarketismorecon-dentthisyear,ascommercialvehiclesalesincreasedby40%to25,701units,accountingoralmost70%otheentirenumberovehiclessoldortheperiod.Thisindicateshowperceptionshaveturnedpositiveandhowconsumershaverespondedtoimprovingeconomicconditions-whichinturncanbeanindicationohow

welltheresidentialandretailmarketswillperormthisyear.

OverseasFilipinoWorker(OFW)remittancesgrewby7.1%year-on-yeartoUS$2.8billionorthersttwomonthsothisyearcomparedtoUS$2.5billioninthesameperiodlastyear.GrowthisstillsupportedbythesteadydeploymentoFilipinoworkers


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