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  "documentTitle": "Doing business in the Philippines 2021",
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      "text": "The Philippine real estate sector performed well in 2019, bolstered by a healthy economy, tourist arrivals, and infrastructure development. The gross value added by the real estate sector in 2019 amounted to US$13.5 billion, while approved real estate foreign direct investment equaled US$156.4 million, as the market thrived alongside sustained demand from other industries, such as gaming and outsourcing services.",
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      "text": "Increased vacancy, forecasted recovery. The COVID-19 pandemic disrupted the real estate sector in various ways. The residential real estate price index, which acts as an indicator of residential property prices in the country, experienced its first year-on-year decline in the third quarter of 2020, from 131.7 to 131.2, indicating weak consumer demand as Filipinos deferred purchasing houses and lots amidst economic uncertainty.",
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      "text": "Meanwhile, global real estate services and investment firm Colliers International recorded sharp increases in Metro Manila vacancy rates across both residential and office sectors in 2020, as demand fell due to businesses closing down, firms shifting to remote work, and a slowdown in the influx of foreign employees. Supply is similarly projected to fall, as construction of real properties across both sectors was delayed throughout the year due to the pandemic. Even as construction activities resumed in the latter half of 2020, limitations still led to a slowdown in industry activity.",
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      "text": "The COVID-19 outbreak in 2020 severely affected the industry, as travel and movement restrictions were imposed, and overall consumer activity declined. Nonetheless, avenues for the sector's recovery exist, with demand and property development expected to recover post-pandemic.",
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