Metro Manila is now one of the world's top 30 megacities, thanks to a booming Philippine outsourcing industry, competitive population size and economic scale according to the recent Global City Commercial Attraction Index report. Real estate firm JLL said that the metro is on the rise as a competitive global city with a bright future.
According to JLL, one of the reasons for the city's competitiveness is its population size and economic scale. Metro Manila is one of the five most populous cities in the world, and its gross domestic product (GDP) has been positive for the past few years. JLL researchers predict that Manila will rise to 25th place by 2020 and 18th place by 2030, a feat for a country that was ranked 28th in 2010 and was not even on the list in 2000.
Another key driver is outsourcing in the Philippines that has placed Metro Manila as the world's second most attractive outsourcing destination behind Bangalore, India.
"It's a key tipping point. Increasing across the globe, cities that are successful have to be specialists in specific industries and Manila has that in the BPO industry. Manila is in the sweet spot of growth and momentum reaping the benefits of macroeconomic reforms, improving economic fundamentals, investment grade ratings, and global specialization," said JLL Global Research Group Regional Director Jeremy Kelly.
Kelly said that globalization, urbanization and technology are changing the commercial real estate landscape, giving cities like Metro Manila opportunities to take center stage. The group of elite cities called the "global 30" has competitive advantage due to economic scale and global connectivity. Besides JLL, consulting firm AT Kearney also ranked Manila second behind Jakarta, Indonesia in its 2014 Emerging City Attractiveness Index.