MANILA -- Amid reports of oversupply in the residential and office spaces in Metro Manila, property developers are expanding its presence in the provinces where demand remains high. 

At the PropertyGuru Asia Connect Manila event, many real estate companies said diversification of markets is very important as one cannot just focus on one area or one type of project. 

“The challenge for a lot of developers is to improve quality of development. Also look at diversification where they’re assets are supposed to be,” said Cyndy Tan Jarabata, Presidentof Tajara Leisure and Hospitality Group.

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Many real estate companies have allotted bigger capital expenditures this year and a part goes to several projects in the provinces, especially in Visayas and Mindanao. These include residential projects, commercial, and even industrial estates. 

Jericho Go, Senior Vice President of Robinsons Land, said developments in the provinces allow residents not to leave and go to Manila or abroad. This, he said, has a positive impact on the local economy. 

“If you are in the provinces, stay where you are. We will bring office developments, mixed-use developments to where you live because ultimately we want to promote reverse migration. So we are in the business of keeping families together,” Go said. 

Monica Lorenzana Trajano, Vice President of Aboitiz InfraCapital Economic Estates, added that they too are focusing projects beyond central business districts in the capital 

“Essence of our mission is decentralization. So the way we planned our estates, they are really outside of Metro Manila, out of the CBDS. The core purpose of creation that space is really job creation,” Trajano said. 

The Philippine Economic Zone Authority, which manages hundreds of economic zones mostly outside Metro Manila, agreed with the real estate officials. PEZA Director General Vivian Santos said they plan to add about 30 ecozones per year due to its positive effect on the countryside.

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“Anywhere where PEZA exists, the economic activities followed… We want to provide job opportunities to our people and the best way to do that is give those jobs closer to them so that they will not go to Manila or other highly urbanized areas,” Santos said. 

Meanwhile at the same event, it was announced that PropertyGuru Philippines Property Awards has been opened to entries. In the past years, many winners have come from provincial projects. Top winners will represent the Philippines in the Asian awards by the end of the year.