By Ian Sayson - Oct 6, 2011 10:19 AM GMT+0800

Megaworld, Philippine Builders Rise on Office Rental Rate Gain

Megaworld Corp. (MEG) climbed, leading an advance among Philippine property developers, after the Philippine Daily Inquirer reported that office rental rates in Manila rose in the second quarter.

Megaworld, which builds offices for call centers, advanced 3.9 percent to 1.60 pesos at 10:16 a.m. in Manila, the first gain in four days. Ayala Land Inc., the nation’s largest developer, climbed 1 percent to 14.20 pesos. Filinvest Land Inc. rose 1.9 percent to 1.07 pesos, set for the sharpest gain since Sept. 28.

Office rentals rose, driven by demand from providers of outsourced business services, the Inquirer reported, citing Rick Santos, chief executive at CB Richard Ellis Philippines.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Matthew Oakley at moakley@bloomberg.net