Economic losses from heavy traffic in Metro Manila could reach P5.4 billion per day by 2035 if there were no plans to resolve the issue, according to the Japan International Cooperation Agency (JICA). Susumu Ito, JICA Philippines office chief representative, said that the projected amount by 2035 would be unlikely, following the government’s Build, Build, Build program. From P5.4 billion, it would reach P3 billion per day. It may be a huge figure, but it’s better than the current P3.5 billion of losses per day from heavy traffic.
Home Away from Home
The traffic situation in the region has prompted many Filipinos to find rental space near their place of work. A long commute to and from work has become more stressful. If you’re looking for a one-bedroom condo in Pasig, you should consider Ortigas Center due to the comparatively lower price growth of high-rise units in the area.
A Colliers International Philippines report showed that sales prices in the center increased to P128,400 per square meter between January and March 2018. It was P99,600 per square meter in the first quarter of 2013. This may be expensive, but it pales in comparison to prices in Makati City, where the price per square meter has ballooned to P235,600 per square meter within five years.
The Build, Build, Build program may not only ease the traffic situation in the metro but also uplift the value of real estate in key city centers. Those who are looking for investments in condominiums should foresee the potential sites for new transportation infrastructure.
Some of the scheduled projects for construction include the Metro Manila Subway Project, which will be a 25.3-kilometer underground train network between Mindanao Avenue in Quezon City and the Ninoy Aquino International Airport.
Road congestion in Metro Manila won’t be resolved overnight, but you can beat traffic by staying at a place near your office. As for investments, properties near new transport systems often increase in value.