DUBLIN–(BUSINESS WIRE)–The “The Philippines Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market France, 2023-2027” report has been added to ResearchAndMarkets.com’s offering.
Construction industry in the Philippines to expand by 8.5% in 2023, supported by the government’s focus on the development of the infrastructure and energy sectors. As part of the 2023 State Budget, around PHP5 trillion ($89.4 billion) was allocated across all economic sectors by August 2023, equivalent to 95% of the total allocation.
The latest figures from the Philippine Statistics Authority (PSA) show that the Philippine construction industry’s value add grew by 14% year on year (YoY) in Q3 2023, preceded by Y-o-Y growth of 3.6% in Q2 and 11.1% in Q1 in 2023. The total gross fixed capital formation (GFCF) in the construction industry rose by 12.4% YoY in Q3 2023, preceded by Y-o-Y growth of 2.4% in Q2 and 14.4% in Q1 2023.
The construction industry is expected to record growth in 2024, registering an annual growth of 7%, supported by budgetary allocations as part of the 2024 Budget and a continued rise in the value of loans credit by the Philippine banking system for the implementation of construction activities.
The publisher expects the construction industry in the Philippines to register an annual average growth rate of 7.1% between 2025 and 2027, supported by the government’s focus on the development of transport and energy infrastructure, and affordable housing. In March 2023, President Ferdinand Marcos Jr’s administration approved 123 new projects that will form part of a pipeline of infrastructure developments worth PHP9 trillion ($163 billion).
The pipeline includes works that will upgrade transport connectivity, including long-distance railways near the capital and in central and southern Philippines, and improve the ageing Manila international airport, the country’s main gateway. Over the forecast period, the industry’s growth will also be supported by progress on the Build, Better, More” (BBM) program (2022-28), which includes an investment of PHP8 trillion ($143 billion) on 119 Infrastructure Flagship Projects (IFPs).
Among the railway projects, the Metro Manila Subway project is the highest valued, at PHP488 billion ($8.7 billion), while among the road projects, the Panay-Guimaras-Negros Bridge is the highest value project at PHP189 billion ($3.4 billion).
Scope
Reasons to Buy
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/aw4gy2
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