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Philippine Developers Are Spending a Record Amount on Condominiums

Philippine developers are spending a record on new condominiums with the cost of projects in the first quarter valued at 34.1 billion pesos ($650 million), up 252.6 percent from a year earlier. The number of new projects doubled to 44 nationwide, according to the statistics agency. The cost of imported raw materials like steel and cement were also made more expensive by a weak peso, while new taxes on fuel drove up delivery costs, according to Kash Salvador, an associate director at Santos Knight Frank in Manila.

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