International real estate services firm Jones Lang Lasalle (JLL) has recently released a report entitled “Global City Commercial Attraction Index” in which it lists Manila as one of the top 30 megacities around the globe for 2014.
This is the second time that Manila has been included in this elite roster (the first was in 2010 where it ranked 28th) of 300 leading cities in terms of economic attractiveness. Its position in the list is expected to increase by 25th in 2020 and to 18th place in 2030, ahead of Istanbul, Mexico City and even Hong Kong.
The global ranking was derived from different variables including population, gross domestic product (GDP), corporate presence (the number of high-value business services firm and number of headquarter offices in the country), air connectivity (annual air passengers of a city’s airports), commercial real estate stock and real estate investment volumes.
According to JLL’s global research director Jeremy Kelly, Manila’s inclusion in the list is attributed to several factors including economic scale, its vast population, its large gross domestic product and its specialization in the BPO industry.
He further adds that Manila is in a favorable spot in terms of growth and momentum thanks to various economic reforms, improvements in its macroeconomic fundamentals, investment grade ratings and global specialization specifically in the business process outsourcing sector.
Manila (and the entire Philippines for that matter) are also doing a great job in other surveys and reports including that of AT Kearney’s Global Services Location index which lists the country as the 7th best offshoring location worldwide and Moody’s credit rating where the Philippines received a Baa3 rating on October 2013.