Amid central Manila’s construction boom, a redevelopment project by Ayala Land is especially eye-catching. The project includes a 69-story building and a condominium whose apartments go for an average 80 million pesos ($1.65 million). That is almost on a par with prices in Tokyo, yet the real estate developer said it received a flood of inquiries when the apartments went on sale in June. Investors are buying the company’s shares in expectation of higher revenues. The share price rose about 14% from the start of the year to the end of September. (Image: Reproduction/Nikkei) The Ayala project highlights the rising income levels in the Philippines. Taking advantage of its large English-speaking population, the country has become one of the biggest providers of business process outsourcing services. Surging employment in this sector has created a consumption boom among the growing middle class. Robinsons Retail Holdings, which operates convenience store and supermarket...
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