The real estate industry here in the Philippines never slowed down. I still see a lot of high rise condos being built everywhere, even in Quezon City.
I saw a jib crane being lifted by a big crane on top of a condo that's being constructed. That made me think, maybe someday people in Metro Manila would all be living in buildings.
There wouldn't be houses and lots available for living anymore with close to 20% of the population now occupying the capital. The way things are going, the percentage might just go up within the next few years.