Thursday, August 11, 2011
DESPITE economic problems in the United States, the construction industry in the Philippines can grow this year, said a top official from the Philippine Constructors Association (PCA) Inc.
PCA president Levy Espiritu said in an interview yesterday that the industry hopes to record an 11 percent growth this year with the booming construction activities going on in the country. He projected the industry’s growth to be higher the country’s gross domestic product.
“The construction industry was a top performing sector last year. We are banking on this performance and we are hoping to grow even higher the industry’s 11 percent growth in the next three years,” Espiritu said at the sidelines of the launching of the 2nd Philconstruct Visayas 2011 at the Waterfront Cebu City Hotel and Casino.
Espiritu said the optimism is based on the continued growth in key sectors such as business process outsourcing (BPO), tourism, and mining, overseas Filipino workers (OFWs) remittances and the implementation of Public Private Partnership (PPP) or big?ticket projects by the Aquino administration.
The construction industry grew by 11.6 percent last year and generated about two million jobs, representing 5.3 percent of the total employment in the economy.
According to industry reports, from 2006 to 2010, the share of the construction
industry to the total GDP of the country has been steadily increasing. During the five-year period, construction contributed an average of 5.2 percent to GDP.
“The construction sector is getting so many projects, providing stimulus to other industries. The mining sector is one of those still largely untapped by the industry,” he said.
Espiritu said global demand for construction will continue to increase, buoyed by the sustained growth rate in emerging and developing countries, especially in Asia.
PCA will hold the 2nd Philconstruct Visayas 2011, the exhibition of construction equipment, building materials and interior products, on Sept. 1 to 3 at the Waterfront Cebu City Hotel and Casino. The event is co-organized by the Cebu Contractors Association.
Among the highlights of the event are Technoforum Visayas 2011, 1st Regional Authorized Managing Officers Seminar, the Furniture and Furnishing Festival and special showcases such as the Interior Designers Pavilion and the Architectural Pavilion.
Over 100 companies are set to exhibit the latest products, materials, equipment, and machinery that trade buyers can purchase at special prices offered exclusively at the show.
Philconstruct Visayas 2010 was attended by 108 companies. The exhibit generated P53.7 million of on-site sales.
Published in the Sun.Star Cebu newspaper on August 12, 2011.
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