The Department of Information and Communications Technology (DICT) is pegged to boost demand for office spaces, according to consultancy firm Colliers International.
A new government agency created through Republic Act 10844, the DICT will be "responsible for all efforts related to industry development, policy formation, ICT development, and capacity building for the public sector," according to the government.
Colliers International states that the DICT is a further boon to the growing BPO sector in the country.
The DICT, says the firm, as "[t]he accommodating regulatory environment for outsourcing, complemented by continuously improving global competitiveness, should sustain the BPO firms’ growing appetite for office supply over the medium-term."
According to Colliers International, "The law also calls for the promotion of strategic partnerships between local and international ICT, research and development, educational and training institutions, to speed up industry growth and enhance competitiveness of Philippine workers, firms, and small and medium enterprises (SMEs) in the global markets for BPO."
"The signing of the law sends the right signals not only to existing BPO locators but also to the other global players that are planning to participate in the Philippine outsourcing industry," adds the report.
With an annual growth rate of 10 to 15 percent, the BPO sector is leading market for office spaces; its "revenues are expected to outpace OFW remittances by 2017," according to the firm.