Tokyo–Mitsubishi Corporation, which has diverse interests in global environment and infrastructure, energy, and metal, among others, ties up with Century Properties Group Inc., one of the major property developers in the Philippines, to build a 34-story office building in the business district of Makati in Manila.

Targeting mainly Business Process Outsourcing (BPO) companies, the planned office building, called Forbes Media Tower, will occupy a land area of 3,166 square meters and a gross floor area of 60,769 square meters.

Bank of the Philippine Islands, a major local bank operated by Ayala Corporation, will finance part of the development cost at PhP 450 million.

The Philippines has recorded remarkably high economic growth over the past three years with GDP that grew above six percent.  “Buoyed by the continuing ‘demographic dividend’ that has resulted from an increasing younger labor force and a stable government, the Philippines is said to have the highest growth potential among Southeast Asian nations,” said Mitsubishi Corp. in a statement.

“The Philippines is also one of the top BPO destinations in the world…Increasing demand for BPO services in the Philippines has led to a shortage of office space in some of the main business districts across the country [including the business district in Makati],” the Japanese firm added.

In addition to strengthening partnerships in the Philippines, Mitsubishi Corp. is currently exploring new opportunities in other real estate development markets, such as in Vietnam, Indonesia, and Myanmar.

Most Japanese companies, including Mitsubishi Corp., are known for their advanced technologies and sophisticated product planning and development.

The Forbes Media Tower is expected to be completed in 2019.