DUBLIN–(BUSINESS WIRE)–The “Construction in Philippines – Key Trends and Opportunities to 2025 (Q2 2021)” report has been added to ResearchAndMarkets.com’s offering.
The Philippine construction industry continues to be severely affected by the disruption caused by the Coronavirus (COVID-19) pandemic.
The industry had been the fastest growing in the Asia-Pacific before the pandemic, recording growth of 9.1% in real terms in 2019, following growth of 14.9% in 2018. However, following a sharp contraction of 30.3% in 2020, construction output fell in Q1 2021, falling by 27.2%, due to the impact of containment measures on the progress of construction projects across much of the country.
The publisher expects the Philippine construction industry to record growth of 21.9% in 2021, with output surpassing pre-pandemic levels in 2023. In 2022, the industry is projected to register growth of 14.9%, and then expand by an annual average rate of 7.8% over the remainder of the forecast period (2023-2025). Government programs promoting the development of affordable housing, transport and renewable energy infrastructure are expected to continue to support the expansion of the industry in the coming years.
In October 2020, the House of Representatives approved the PHP4.5 trillion (US$86.4 billion) national budget for 2021, equivalent to 21.8% of GDP – a budget 9.9% higher than last year’s budget of PHP4.1 trillion (US$79.2 billion). The Fiscal Year (FY) 2021 budget will focus on improving the healthcare system and increasing investment in public and digital infrastructure.
Support will also be provided by the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), effective from 1st January, 2021; the scheme will run until 30th June, 2023. CREATE will reduce a corporate income tax from 30% to 25%, and is hoped to bolster increased foreign investment. In February 2021, the government announced plans to raise a fund of PHP454.5 billion (US$23.7 billion) to finance major infrastructure development projects.
This report provides detailed market analysis, information and insights into the Philippine construction industry, including:
Scope
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 COVID-19 Status
3.5 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/9pe0sa
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HONG KONG SAR - Media OutReach Newswire - 14 March 2025 - UU Wallet, a…
HANOI, VIETNAM - Media OutReach Newswire - 14 March 2025 – KVB emerged as the…
HONG KONG SAR - Media OutReach Neswire - 14 March 2025 - Hong Kong has…
HONG KONG SAR - Media OutReach Newswire - 14 March 2025 – Hong Kong Science…
UK Vice-Chancellors, UK alumni and East Asia leaders convene in Hong Kong to shape the…
JAKARTA, INDONESIA - Media OutReach Newswire - 14 March 2025 - Finex, an acclaimed Indonesian…