Manila, Philippines—Real estate giant Ayala Land Inc. (ALI) plans to spend P16 billion to build new malls over the next three years.

“We’re expanding aggressively. We will be tripling our size in three years. By 2020, we will have at least 3.2 million in gross leasable area for Ayala Malls,” AC Legarda, senior division manager of ALI’s commercial business group, said in an interview.

In addition to Ayala Malls The 30^th in Pasig City, Legarda noted that ALI plans to complete six shopping centers this year with a total leasable space of 198,000 square meters. These include the Ayala Malls at Vertis North in Quezon City Central Business District; Marikina Heights; Cloverleaf in Balintawak, Quezon City; One Bonifacio High Street in Bonifacio Global City (BGC); Ayala Malls Feliz in Cainta, and Ayala Malls Southville in Las Pinas.

The company targets to launch 11 new shopping malls next year, bringing a total expected gross leasable area by the end of 2018 at 2 million square meters. This expansion includes Bacolod, Cebu, Makati, and Bay Area in Paranaque.

“The economy is ready, we’re very ripe, we’re in our sweetest spot now. All the other brands would like to come in, the numbers are doing very well. And we see the market growing, so we would like to grow with the market,” she added.

Legarda also attributed the growing business process outsourcing (BPO) market and the overseas Filipino workers (OFWs) remittances driving the growth of retail spaces.