Daikin Airconditioning Philippines Inc. said it goals 15% to twenty% sales growth by 2027, after citing challenges last yr linked to the Philippine Offshore Gaming Operators (POGOs) ban.
“We had a tough time because technically, that is the results of the POGO exit. When the offices were gone, bids from the developers also went down,” Wesley Andre S. Chu, deputy division manager at Daikin Philippines, told BusinessWorld on the sidelines of an event last Friday.
“This 2026 onwards, we will see that the economy is already recovering, and there might be quite a lot of townships… We’re roughly a rise from our sales from possibly 15% to twenty% by 2027 to 2028 onwards,” he added.
Under Executive Order (EO) 74, POGOs were ordered to stop their operations within the country on December 31, 2024. Data from Colliers Philippines indicate that the emptiness rate in Metro Manila has remained at 19.8% for 2 consecutive years for the reason that ban.
In 2026, the projected emptiness rate would barely decline to 19.5%, because the “worst impact” of the POGO exit has likely passed, in response to the consultancy firm.
It added that the demand for condominiums, particularly in central business districts, is anticipated to choose up and sure proceed through 2027.
Daikin Philippines echoed the identical concern, highlighting fewer office vacancies. “If you happen to will notice, a number of the government offices are occupying the buildings left by POGOS,” Mr. Chu said.
Together with offices, the corporate expects the vast majority of its sales to come back from high-end residential properties.
“Right away, we’re targeting high-end residential because our mid to mid-high continues to be oversupply,” Mr. Chu said. “The projects that the developers are doing now are all high-end because quite a lot of investors who’re coming in need high-end residential.”
The rise of high-end residential units also opens opportunities for retail businesses in townships, including banks, restaurants, and convenience stores.
“Once these projects are accomplished by 2028 to 2029, retail businesses will enter, so the economy of construction development will proceed,” he said.
Data from Colliers in 2024 showed that the upscale to ultra-luxury market segments, costing P12 million and above, accounted for 41% of total condominium launches in Metro Manila. — Almira Louise S. Martinez