Philippines Construction Market/Industry Report 2022: An Annual Growth of 10.6% in real terms in 2021, Following an Annual Decline of 30.3% in 2020 - Forecasts to 2026 - ResearchAndMarkets.com

The "Philippines Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The Philippine construction industry registered an annual growth of 10.6% in real terms last year, following an annual decline of 30.3% in 2020.

The industry's growth in 2021 was supported by a favorable base, an improvement in global economic conditions, and investment on infrastructure projects as part of the government's flagship Build Build Build (BBB) program. Of the total PHP1 trillion ($20.7 billion) allocated by the government for the BBB program in 2021, PHP807.5 billion ($16.4 billion) was spent in the first nine months of last year.

The construction industry is expected to register an annual growth of 21.8% this year, before registering an annual average growth rate of 7.5% from 2023 to 2026; however, its output is expected to remain below pre-pandemic levels until 2023. Forecast-period growth in the Philippine construction industry will be supported by progress on the BBB program, which includes an investment of PHP4.7 trillion ($95.4 billion) on 112 Infrastructure Flagship Projects (IFPs).

Of the total, 77 projects worth over PHP3.5 trillion ($71.2 billion) were ongoing and 27 projects worth PHP4.7 trillion ($95.2 billion) were in the pipeline, as of 3rd January 2022. In December 2021, the Philippine President Rodrigo Duterte signed into law the PHP5 trillion ($102 billion) national budget for 2022. It includes an allocation of PHP1.2 trillion ($24 billion) for the BBB program this year.

The industry's growth over the forecast period will also be supported by investments on transport, electricity, and housing projects. As part of the National Renewable Energy Plan (NREP) 2020-2040, the government aims to increase the share of renewable energy in its total electricity mix by 35% by 2030, and 50% by 2040.

To support this target, the government launched a tender in late January 2022 to allocate 2GW of renewable energy capacity. In another positive development, the government awarded a PHP142 billion ($2.9 billion) contract in January 2022 to build the first phase of the Philippine National Railways South Long-Haul project.

Scope

• Historical (2017-2021) and forecast (2022-2026) 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

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/jrjick

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005881/en/