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Construction Industry To Support Economic Growth

Construction Industry To Support Economic Growth

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The Department of Trade and Industry (DTI) is optimistic that the country’s construction industry will continue to grow, driven by the government’s infrastructure program.

DTI Assistant Secretary and Construction Industry Authority of the Philippines (CIAP) alternate chairperson Agaton Uvero said that while the construction industry suffered a significant decline at the height of the pandemic, the sector is projected to grow and remain a key contributor to the country’s economic growth.

“From the most recent report of the Philippine Statistics Authority (PSA), construction continues to be one of the main contributors with its 14 percent input to the overall 5.9 percent growth recorded in the third quarter 2023 GDP (gross domestic product),” Uvero said in his speech during the Philippine Overseas Construction Board forum.

Uvero said the government’s Build Better More program will also support the projected Philippine economic growth expansion of 6 percent in 2024.

“This forecast is strongly supported by the Build Better More (BBM) infrastructure program of the current administration which targets to expand the previous administration’s Build, Build, Build Program, paving the way for the development of effective rail transport systems, farm-to-market roads, air and seaports included in the 197 infrastructure flagship projects (IFPs) approved by the National Economic and Development Authority (NEDA),” he said.

He assured that CIAP will continue to help the government in driving initiatives for the construction sector through the Philippine Construction Industry Roadmap 2020–2030.

Uvero said the roadmap serves as the masterplan of the industry’s advancement.

“Among its four pillars of Institutions, Productivity, Sustainability, and Globalization, we emphasize a need to align the industry with the United Nations Sustainable Development Goals (UN SDGs) to shape the future of the construction industry while addressing challenges and formulating strategies to mitigate the impacts of climate change,” he said.

“We remain committed to our goal of making the Philippines a viable global partner in building nations along with our aspiration to achieve the projected construction value of PHP30 trillion by 2030,” he added. (PNA)