The Philippine construction industry is expected to flourish over the next five years as propelled by the planned P7 trillion (about $144 billion) government infrastructure budget programmed by the Duterte administration.
In an industry report released by BMI Research dated January 1 this year, the Philippine construction sector is seen to grow from P1.09 trillion in 2017 to P1.73 trillion by 2021.
“We continue to forecast robust expansion in the Philippines' construction industry, which we expect to record real growth of 9.0% in 2017 and 8.5% in 2018,” BMI Research said.
Likewise, the government’s continued effort to accelerate Public-Private Partnership (PPP) projects will play a key role in funding big- ticket projects across the country.
Despite this positive forecast, BMI warned that the presence of “bureaucratic obstacles’ will remain a challenge particularly in the transport sector.
Source: BMI Research and Philippine Daily Inquirer