GOVT WORRIED, PROBES REAL ESTATE GLUT
Manila, Oct. 5, 1997 - The property oversupply has left has left many corporations holding the empty bag, prompting the government to initiate a review of the sector.
The Securities and Exchange Commission (SEC) and the Philippine Deposit Insurance Corporation (PDIC) will dig into the real property investments of the corporate sector, particularly non-bank financial intermediaries.
Manila News and Features (MNF) released to media its interview with Finance Secretary Roberto de Ocampo, who explained that the latest government action is aimed at alleviating the slow-down brought about by the peso depreciation. De Ocampo is chairman of an inter-agency task force that will review the currency crisis and other economic issues.
De Ocampo told MNF that in the last 3 years, developers poured billions of pesos into real estate projects. But many buildings now remain unoccupied and some ongoing projects have been delayed, worrying investors and the government that the industry may go bust.
Reported by: Sol Jose Vanzi
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