The Philippine construction industry expanded in the first quarter at 12%, data from the Philippine Statistics Authority (PSA) said.
In its latest reports, the PSA revealed that construction output (as measured by Gross Value Added) and construction investments (as measured by Gross Value) are continuously growing. In real terms, first quarter investments reached P368, 269-million from P322,941-million in the same period last year. Output has amounted to P211, 389-million from P185, 860-million in Q1 2016.
Public construction is now recovering from its slow performance on the previous quarters. The total output in public construction in 1st quarter 2016 was estimated at P73,360-million, a considerable progress from the P51,663-million in the same quarter last year. Private construction, on the other hand, continued its robust performance at P294, 910-million Q1 output, an 8.7% increase from the P271,308-million in the same period in 2015.
Construction growth is mainly due to bullish real estate driven by continued BPO office space demand, encouraging government support in PPP projects, and buoyant Philippine economy.