The Philippines Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q3 2024)

The Philippines Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q3 2024)

Summary

GlobalData’s Construction in the Philippines - Key Trends and Opportunities to 2028 (Q3 2024) 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 construction industry in the Philippines to expand by 10.7% in real terms in 2024, supported by investments in transport and renewable energy projects. The Philippine Ports Authority (PPA) reported in July 2024 that it will undertake 84 projects this year, which will require a combined investment of PHP28.6 billion ($516.4 million). Of the total, it expects to complete 29 projects, amounting to PHP8.7 billion ($156.2 million), in 2024. Earlier that month, the PPA had allocated PHP16 billion ($289 million) for port projects until 2028, in line with the rising passenger and cargo traffic. The PPA is also conducting feasibility studies and site surveys to identify locations that require an improvement in sea transport connectivity. In another boost to the industry’s output, in late August 2024, the Department of Budget and Management (DBM) reported that the government infrastructure spending totalled PHP612 billion ($11.1 billion) in the first half (H1) of 2024; this is 12% more than the PHP545.3 billion ($9.8 billion) infrastructure spending program set by the Cabinet-level Development Budget Coordination Committee for the same period. This increase in infrastructure spending is due to early fund releases and procurement.

GlobalData expects the construction industry in the Philippines to register an annual average growth rate of 7.1% between 2025 and 2028, supported by the government’s focus on the development of transport and energy infrastructure, coupled with investment to develop affordable housing and social infrastructure. The government plans to increase the share of renewable energy it its total power mix from 24% in 2020 to 35% by 2030 and 50% by 2040, under the National Renewable Energy Program (2020-40). In mid-August 2024, the Board of Investments of the Philippines fast-tracked a PHP185.3 billion ($3.3 billion) solar and storage project by issuing a 'green lane certificate'; through the 'green lane certificate', the project will benefit from streamlined and expedited processing of permits.

Scope

This report provides a comprehensive analysis of the construction industry in the Philippines. It provides -

• Historical (2019-2023) and forecast (2024-2028) 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

Reasons to Buy

• 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.