Wazzup Pilipinas!
With the country’s real estate sector continuously performing well in terms of capital appreciation and rental rate growth, it seems that many Filipinos employed in the business process outsourcing (BPO) industry are quickly becoming priced out of Metro Manila’s condo market.
An analysis conducted by Lamudi Philippines (www.lamudi.com.ph), using data from its 80,000-plus property listings and from real estate consulting firm Colliers International, found that even BPO employees at supervisory and managerial levels would be hard-pressed to afford to rent a condo, let alone buy, in most of Metro Manila’s townships or central business districts. This comes as a surprise, as most of these condos are situated close to BPO offices.
In the analysis, Lamudi used data on average salaries of BPO workers presented by Colliers International in a meeting hosted by SHDA. The data shows entry-level customer care representatives receive on average Php22,500 per month, while supervisors and managers receive Php32,500 and Php75,000 per month, respectively.
Using the 30 percent rule—that is, not spending more than 30 percent of one’s salary on housing—Lamudi found that only those working as managers in BPO firms may be able to afford a condo in select areas in Metro Manila. These areas include Eastwood City, Pioneer-EDSA, Poblacion (Makati), and San Antonio (Makati). The average rents of one-bedroom and studio condos in these areas range from Php19,838 to Php22,563.
Meanwhile, those condos situated in the Ayala Center, Rockwell Center, Ayala Triangle–Apartment Ridge, and Bonifacio Global City are the most out-of-reach for BPO employees. Lamudi data shows that employees must be making, on average per month, Php308,577, Php187,691, Php183,333, and Php155,217 in order to afford even the smallest condos in these areas.
According to Lamudi Philippines managing director Jacqueline van den Ende, the results of this analysis highlights the mismatch between the supply and how much BPO workers can afford.
“It is unfortunate that most of the inventory available now is beyond the means of BPO employees, who will benefit immensely from living close to their work places,” said van den Ende.
Given Metro Manila’s worsening traffic conditions, most BPO employees who live as far north as Bulacan and as far south as Cavite and Laguna will save plenty of time they spend every day on commute. A separate study by the Japan International Cooperation Agency (JICA) shows that traffic is costing the Philippine economy some Php2.4 billion every day on lost income.
Average condo rents and the monthly salary required to afford them,
per area and per unit size
|
AREA/CONDO SIZE (No. of bedrooms)1
|
AVE. RENT
|
MONTHLY SALARY
REQUIRED
|
|
Alabang, Muntinlupa2
|
|
|
|
1
|
22,852
|
76,172
|
|
2
|
62,500
|
208,333
|
|
Ayala Center, Makati
|
|
|
|
1
|
92,573
|
308,577
|
|
2
|
135,934
|
453,113
|
|
3
|
199,457
|
664,855
|
|
5
|
180,000
|
600,000
|
|
Ayala Triangle/Apartment
Ridge, Makati
|
|
|
|
1
|
55,000
|
183,333
|
|
2
|
117,273
|
390,909
|
|
3
|
165,822
|
552,738
|
|
4
|
180,833
|
602,777
|
|
Bay City, Pasay
|
|
|
|
1
|
26,320
|
87,732
|
|
2
|
47,333
|
157,777
|
|
Bel-Air, Makati3
|
|
|
|
1
|
29,861
|
99,536
|
|
2
|
51,933
|
173,111
|
|
Bonifacio Global City,
Taguig
|
|
|
|
1
|
46,565
|
155,217
|
|
2
|
88,338
|
294,459
|
|
3
|
160,653
|
535,510
|
|
4
|
185,000
|
616,666
|
|
Century City, Makati
|
|
|
|
1
|
34,142
|
113,805
|
|
2
|
78,621
|
262,070
|
|
3
|
150,000
|
500,000
|
|
Eastwood City, Quezon City
|
|
|
|
1
|
22,293
|
74,311
|
|
2
|
32,783
|
109,275
|
|
3
|
39,303
|
131,009
|
|
4
|
90,000
|
300,000
|
|
Ermita, Manila
|
|
|
|
1
|
27,215
|
90,715
|
|
2
|
48,125
|
160,416
|
|
Greenfield, Mandaluyong
|
|
|
|
1
|
23,129
|
77,096
|
|
2
|
37,382
|
124,606
|
|
3
|
61,000
|
203,333
|
|
Legaspi Village, Makati
|
|
|
|
1
|
38,902
|
129,673
|
|
2
|
77,778
|
259,258
|
|
3
|
137,474
|
458,245
|
|
4
|
220,000
|
733,333
|
|
Malate, Manila
|
|
|
|
1
|
30,568
|
101,892
|
|
2
|
48,145
|
160,484
|
|
3
|
88,000
|
293,333
|
|
4
|
123,000
|
410,000
|
|
McKinley Hill, Taguig
|
|
|
|
1
|
23,361
|
77,871
|
|
2
|
73,478
|
244,925
|
|
3
|
115,556
|
385,185
|
|
Newport City, Pasay
|
|
|
|
1
|
34,400
|
114,666
|
|
2
|
45,000
|
150,000
|
|
3
|
76,667
|
255,555
|
|
Ortigas Center,
Mandaluyong–Pasig
|
|
|
|
1
|
30,805
|
102,682
|
|
2
|
66,591
|
221,971
|
|
3
|
97,918
|
326,392
|
|
4
|
213,333
|
711,111
|
|
Pio del Pilar, Makati4
|
|
|
|
1
|
24,300
|
81,000
|
|
2
|
49,286
|
164,285
|
|
Pioneer-EDSA, Mandaluyong
|
|
|
|
1
|
19,838
|
66,125
|
|
2
|
28,659
|
95,528
|
|
3
|
51,250
|
170,833
|
|
Poblacion, Makati5
|
|
|
|
1
|
21,250
|
70,833
|
|
2
|
64,400
|
214,666
|
|
3
|
120,000
|
400,000
|
|
Rockwell Center, Makati
|
|
|
|
1
|
56,308
|
187,691
|
|
2
|
110,764
|
369,213
|
|
3
|
156,986
|
523,287
|
|
4
|
340,000
|
1,133,333
|
|
Salcedo Village, Makati
|
|
|
|
1
|
37,703
|
125,676
|
|
2
|
80,139
|
267,129
|
|
3
|
109,409
|
364,696
|
|
4
|
142,237
|
474,121
|
|
San Antonio, Makati
|
|
|
|
1
|
22,563
|
75,211
|
|
2
|
41,778
|
139,259
|
|
3
|
85,000
|
283,333
|
|
Notes:
1. ‘1’ refers to both one-bedroom and
studio units
2. Includes areas outside Filinvest
City and Madrigal Business Park
3. Includes condos outside the Makati
CBD along Gil Puyat Avenue, Malugay Street, and Jupiter Street
4. Includes condos along Chino Roces
Avenue from Don Bosco Street to Gil Puyat Ave.
5. Includes condos along Makati Avenue
but outside Rockwell Center and Century City
|
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