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Construction in the Philippines - Key Trends and Opportunities to 2023
The Philippine construction industry registered a growth of 15.1% in real terms in 2018. This was preceded by an average annual growth of 9.6% during the preceding four years. Growth during the review period (2014-2018) was driven by positive developments in regional economic conditions and government investment in residential, transport and energy infrastructure.
The industry's output value is expected to continue to expand in real terms over the forecast period (2019-2023), driven by the government's plans to upgrade the country's transport infrastructure. In addition, public and private sector investments in residential, commercial and educational infrastructure construction projects are expected to support growth in the industry over the forecast period. The government's investment in the development of the country's transport infrastructure under the Build, Build, Build program is expected to support industry growth. In the 2019 budget, the government proposed to spend PHP909.7 billion (US$17.2 billion) under the Build, Build, Build program to develop the country's crumbling transport infrastructure. In addition, the government's aim to improve local energy resources is expected to support investment in energy infrastructure projects, which will in turn fuel growth in the industry.
The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 8.60% over the forecast period.
GlobalData's "Construction in the Philippines - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Philippine construction industry, including -
- The Philippine construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Philippine construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
- GlobalData expects the residential construction market to retain its leading position over the forecast period and account for 34.7% of the industry's total value in 2023, driven by ongoing urbanization, population growth and positive developments in regional economic conditions. The government's efforts to build affordable housing units for the country's low- and middle-income population in order to address the country's housing shortage are also expected to support the market over the forecast period.
- In February 2019, the government approved the proposed 2019 budget, with a total expenditure of PHP3.8 trillion (US$72.2 billion) - an increase of 13.1% over the 2018 budget. Priority investments outlined by the government under this budget include infrastructure development, social services and poverty reduction. The government is planning to spend 36.7% of the total 2019 budget on social services such as education, healthcare, culture and manpower development, welfare and employment, housing and community development and social security.
- GlobalData expects the energy and utilities construction market to register a forecast-period CAGR of 12.21% in nominal terms, driven by the government's efforts to promote renewable energy. To reduce the country's reliance on imported energy, cut carbon emissions and generate more electricity through renewable sources, the government is developing renewable energy infrastructure. Accordingly, the government plans to increase the country's renewable energy installed capacity to 20,000MW by 2040 under the Philippine Energy Plan (PEP) 2017-2040.
- Forecast-period growth in the infrastructure construction market will be driven by public and private sector investments in the development and modernization of the country's transport infrastructure. According to the Department of Budget and Management, the government plans to invest PHP36.2 billion (US$686.5 million) on ten flagship infrastructure projects in 2019. Accordingly, the government is set to implement five railway projects, three bridge and road construction projects and two flood control projects that year.
- The total construction project pipeline in the Philippines - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at PHP19.1 trillion (US$361.6 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 55.0% of the pipeline value being in projects in the pre-planning and planning stages as of April 2019.
- This report provides a comprehensive analysis of the construction industry in the Philippines.
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in the Philippines, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.
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- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.