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As I drive around the Makati Central Business District, I cannot help but notice the numerous “For Rent” signs outside many office buildings. I also see a lot of closed shops and recently vacated places, which just about a year ago were all bustling and teeming with people. I have also heard from friends who are property owners how they are now struggling for new tenants.
COVID-19 has taken its toll on businesses, and thus, on property owners, too. And the problem persists. The economic situation is even expected to take a turn for the worse as a result of the present surge in cases, and the ensuing lockdowns in NCR+ that have been implemented in reaction to it. For commercial property owners, perhaps the worst is yet to come. ....

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