Philippines: Construction seen to fuel Phl growth

• Apr 24, 2017

MANILA, Philippines –  The construction industry is expected to continue playing an important part in the Philippines’ projected economic growth, especially as the country embarks on the “golden age” of infrastructure.

Construction Industry Authority of the Philippines (CIAP) undersecretary Ruth Castelo said the industry is seen growing its share of total employment in the country.

Castelo said the industry is expected to employ some 5.8 million workers by 2022.

“The construction industry has generated 3.3 million workers in the entire Philippines in 2016. We expect to increase this by another 2.5 million over the spread until 2022,” she said.

“One of the biggest contributors to employment in the country is the construction industry that ‘s why it is really providing a big boost to our economy,” Castelo added.

In 2016, the share of the construction industry to total employment of the country stood at 8.2 percent.

The 3.37 million workers employed last year represented a 25 percent increase from the 2.69 million workers in 2015.

Citing data from the Philippine Statistics Authority, the CIAP said major drivers of the country’s economic growth last year were the accelerated performances of the industry and service sectors.

Growth in the industry sector, in particular, was due to the strong performance of the construction industry.

Construction investments, as measured by the gross value in construction, expanded 13.6 percent to P781.9 billion last year, the CIAP said.

Government infrastructure projects went up 29 percent to P185 billion, while private construction activities rose 9.5 percent to P596.9 billion.

“The industry sector is seen to stay vibrant. The construction industry, in particular, will be in the limelight following the government’s aggressive commitment to approve and implement complex infrastructure projects,”  the CIAP said.

Source: http://www.philstar.com/business/2017/04/24/1693190/construction-seen-fuel-phl-growth