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Construction Industry Poised to Drive Philippine Economic Growth, Says DTI

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Manila – The Department of Trade and Industry (DTI) Assistant Secretary and Construction Industry Authority of the Philippines (CIAP) alternate chairperson Agaton Uvero has expressed confidence in the growth prospects of the country's construction industry, particularly in its contribution to economic development.

According to Philippines News Agency, Uvero acknowledged that while the construction industry faced a significant downturn during the pandemic, it is now poised for growth and remains a vital contributor to the country's economic expansion. He cited a recent report from the Philippine Statistics Authority (PSA) indicating that construction contributed 14 percent to the overall 5.9 percent growth in the country's gross domestic product (GDP) for the third quarter of 2023.

Uvero highlighted the government's Build Better More (BBM) infrastructure program as a key driver of the projected 6 percent economic expansion in 2024. This program is an extension of the previous administration's Build, Build, Build Program and includes 197 infrastructure flagship projects (IFPs) approved by the National Economic and Development Authority (NEDA). These projects focus on developing efficient rail transport systems, farm-to-market roads, air, and seaports.

CIAP will continue to support government initiatives for the construction sector through the Philippine Construction Industry Roadmap 2020-2030. This roadmap serves as the master plan for the industry's advancement, emphasizing alignment with the United Nations Sustainable Development Goals (UN SDGs). It addresses challenges and formulates strategies to mitigate the impacts of climate change, focusing on the pillars of Institutions, Productivity, Sustainability, and Globalization.

Uvero reaffirmed CIAP's commitment to making the Philippines a globally viable partner in construction and achieving a projected construction value of PHP30 trillion by 2030.