The construction industry is constantly evolving, and nowhere is this more evident than in our beloved country, the Philippines. With each passing day, the nation is entering an unprecedented era of a construction boom. It cannot be denied that the ambitious visions of infrastructure and development are being transformed into reality thanks to the government's unwavering commitment and strategic initiatives. As the construction landscape continues to be reshaped, the nation stands poised to cement its position as a beacon of progress and innovation in the global construction arena.
Skyrocketing to New Heights
The Philippines is among the fastest-growing global construction markets, as stated by a UK-based think tank Oxford Economics and Aon Global Construction and Infrastructure report. According to their study, the Philippines is among the six Association of Southeast Asian Nations (ASEAN) countries projected to skyrocket in the construction market over the next fifteen years. “The Philippines is set to be the fastest growing construction market over the next 15 years, averaging over six percent growth per annum,” Oxford Economics and Aon said. According to the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, this rapid growth is due to the government’s insistent push for public-private partnerships (PPPs) for infrastructure development in the country, making civil infrastructure the most flourishing sector in the local construction industry.
Construction Boom Boosted by the Government
Last March 2023, the National Economic and Development Authority (NEDA), chaired by President Ferdinand Marcos Jr., announced a budget of PHP 9 trillion to fund 194 infrastructure flagship projects (IFPs) through his “Build Better More” Program. This approval aligns with the president’s promise to embark on new infrastructure projects while continuing key programs that former President Rodrigo Duterte initiated through the previous “Build, Build, Build” Program.
Through President Marcos’ “Build Better More” initiative, the government aims to strengthen the ongoing infrastructure programs in the country and to address the “binding constraints to business investment and expansion that will create more, high-quality, and resilient jobs that will allow the Philippines to meet its poverty-reduction goals for the medium term.”
Secretary Balisacan also states that the program looks forward to improving the investment state in the country through the approved IFPs that will hopefully boost employment opportunities in the Philippines.
“We will continue to build. I will complete on schedule the projects that have been started. I am not interested in taking credit. I want to build on the success that’s already happening. We will be presenting the public with a comprehensive infrastructure plan. Six years could be just about enough time,” Marcos stated in his inaugural speech last June 30, 2022.
Some of the notable projects listed under the government’s “Build Better More” program include:
Panay Railway Project
Third Phase of the Mindanao Railway Project
University of the Philippines-Philippine General Hospital (UP-PGH) Diliman Hospital
Ilocos Sur Transbasin Irrigation Project
San Mateo Railway
Metro Cebu Expressway
Metro Manila Subway Project
NAIA rehabilitation
North-South Commuter Railway (continued from President Benigno S. Aquino III’s venture)
Other projects not included in the list include irrigation, water supply, flood management, health projects, etc.
Paving the Way for Concrete Dreams
The Philippine construction industry’s future looks bright as the government continues prioritizing and investing in the construction sector. Through their initiatives and proposed projects, the government has laid a solid foundation for sustained progress and growth in the industry. With their unwavering support and the industry's resilience and adaptability, the country is set to become one of the world’s fastest-growing construction markets for many years to come. As one of the primary frontrunners in the industry, JCVA is equipped to take on this growing challenge and cast the foundation for our country’s robust future.
Ready to be part of the country’s construction revolution? Email us at info@jcvassociates.ph or visit www.jcvassociates.ph to learn more about how we can work together to turn your dream projects into reality.
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