4 Reasons Why the Construction Industry Is Booming in the Philippines
Since the rise of Rodrigo Duterte to the presidency, there has been an economic quake in the Philippines that had not happened in the last five decades. Although many believed his War or Drugs campaign may shake the economic stability, the Philippines still rose and became the 10th fastest growing economy in the world.
One of the industries that greatly benefits from this is the construction industry. Here, we examine four reasons why you can expect a lot from the Philippines’ construction business.
High infrastructure spending of the Government
With an allotted amount of P8.4 trillion on infrastructure until 2022 for the “Build Build Build” program, it’s hard not to take notice.
The highest share is allotted for transportation projects at 64.6%, while social infrastructure receives 16.7% of share.
This will not only lead to an improved flow of trade from one place to another but also open millions of jobs for Filipinos nationwide.
Foreign And Private Developers Are Increasing
A good trade flow will attract foreign investors as well. Right now, the Philippine ranks 99th in the world in terms of ease of doing business according to the World Bank.
With that, many private and foreign developers are confident about investing in the Philippines according to the Subdivision and Housing Developers Association (SHDA) President Christopher Narciso.
Boom of Tourism
Having more tourists means there’s a higher demand for infrastructures.
Improvisation of a major tourist destination like Boracay Island and Palawan also means that more neat and organized structures are needed.
The aim is to improve the tourists' experience and in doing so, attract more from countries that are far from the Philippines.
The Growing Number of Manufacturers And Suppliers
Despite the swelling price of construction materials, the number of the construction businesses in the Philippines is steadily increasing.
Now, even provinces can easily find construction materials suppliers. For example, you can easily find an aluminum composite panel provider in Davao or rent a full line of heavy equipment in Cagayan de Oro.
On the other hand, for those who are looking for a construction equipment rental service provider in the Philippines, they can enjoy the same rental price since it is not included in the price increase.
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