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  "documentTitle": "Doing business in the Philippines 2021",
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  "notes": "Data sourced from Colliers International.",
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      "text": "Vacancy rate: 16.9%",
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      "text": "Major players within the real estate sector are commonly part of larger conglomerates. These include Ayala Land, Inc., SM Prime Holdings, Inc., DMCI Holdings, Inc., and Megaworld Corporation...",
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      "text": "However, the industry is expected to begin rebounding in 2021. For residential properties, rent and prices are expected to rise as the economy slowly opens up and waivers of rental payments end. The same is true for office properties...",
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      "text": "Both sectors will also benefit from the completion of projects that were delayed due to the pandemic, as real property supply is expected to increase sharply in 2021.",
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      "text": "The government has lined up various policies and initiatives to support this forecasted recovery, one of which is the REIT Act of 2009... In response, the government issued amendments to the REIT Act in January 2020...",
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      "text": "AREIT Inc., the first publicly listed Philippine REIT, is a subsidiary of one of the largest real estate firms in the country, Ayala Land. It completed its initial public offering in August 2020...",
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      "text": "Residential 15.6% 16.9% +1.3; Office 9.1% 12.5% +3.4",
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