Construction in Philippines - Key Trends and Opportunities to 2025 (Q1 2021)

Construction in Philippines - Key Trends and Opportunities to 2025 (Q1 2021)

Summary

The Philippine construction industry has been severely affected by the disruption caused by the Coronavirus (COVID-19) pandemic. The industry had been the fastest growing in Asia-Pacific before the pandemic, growing by 8.9% in real terms in 2019, following growth of 14.9% in the previous year. However, construction output contracted by 34% in the fourth quarter, and by 29.7% in 2020, due to the impact of containment measures on the progress of construction projects across many parts of the country.

GlobalData expects the Philippine construction industry to recover strongly in 2021 and grow by 26.9% in real terms. In 2022, the industry is projected to register growth of 11.4%, and then expand by an annual average rate of 7.4% over the remainder of the forecast period (2023-2025). The governments programs that are promoting the development of affordable housing, transport and renewable energy infrastructure are expected to continue to support the expansion of the industry in the coming years.

In October 2020, the House of Representatives approved the PHP4.5 trillion (US$86.4 billion) national budget for 2021, which is equivalent to 21.8% of GDP, and is 9.9% higher than last years budget of PHP4.1 trillion (US$79.2 billion). The Fiscal Year (FY) 2021 budget will focus on improving the countrys healthcare system and increasing investment in public and digital infrastructure. Support will also be provided by the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), effective from 1st January 2021; the scheme will run until 30th June 2023. CREATE will reduce corporate income tax from 30% to 25% and is hoped to bolster increased foreign investment. In February 2021, the government announced plans to raise a fund of PHP454.5 billion (US$23.7 billion) to finance major infrastructure development projects.

This report provides detailed market analysis, information, and insights into the Philippine construction industry, including -
- The Philippine construction industrys 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.

Scope

This report provides a comprehensive analysis of the construction industry in Philippines. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in 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 GlobalDatas 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 GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 GlobalData Construction
Contact Us

List Of Tables


Table 1: Construction Industry Key Data
Table 2: The Philippines, Key Economic Indicators
Table 3: The Philippines, Commercial Construction Output by Project Type (Real % Change), 2016-2025
Table 4: The Philippines, Top Commercial Construction Projects by Value
Table 5: The Philippines, Industrial Construction Output by Project Type (Real % Change), 2016-2025
Table 6: The Philippines, Top Industrial Construction Projects by Value
Table 7: The Philippines, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025
Table 8: The Philippines, Top Infrastructure Construction Projects by Value
Table 9: The Philippines, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025
Table 10: The Philippines, Top Energy and Utilities Construction Projects by Value
Table 11: The Philippines, Institutional Construction Output by Project Type (Real % Change), 2016-2025
Table 12: The Philippines, Top Institutional Construction Projects by Value
Table 13: The Philippines, Residential Construction Output by Project Type (Real % Change), 2016-2025
Table 14: The Philippines, Top Residential Construction Projects by Value
Table 15: The Philippines, Key Contractors
Table 16: The Philippines, Key Consultants
Table 17: The Philippines, Construction Output Value (Real, US$ Million)
Table 18: The Philippines, Construction Output Value (Nominal, PHP Billion)
Table 19: GlobalData Construction Market Definitions

List Of Figures


Figure 1: South and South-East Asia, Construction Output (Real % Change), 2020 and 2021
Figure 2: The Philippines, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: The Philippines, COVID-19 Confirmed Cases
Figure 4: The Philippines, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 5: The Philippines, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 6: The Philippines, Construction Value-Add (PHP Billion, 2018 Constant Prices)
Figure 7: The Philippines, Gross Fixed Capital Formation, % Change YoY, 2018 Constant Prices
Figure 8: The Philippines, Total Approved Foreign Investments (PHP Billion), % Change YoY
Figure 9: The Philippines, Construction Projects Momentum Index
Figure 10: The Philippines, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 11: The Philippines, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 12: The Philippines, Services Value-Add (PHP Billion, 2018 Constant Prices)
Figure 13: The Philippines, Accommodation and Food Service Value-add (PHP Billion, 2018 Constant Prices)
Figure 14: The Philippines, Wholesale and Retail Trade Value-Add, at 2018 Constant Prices, % Change YoY
Figure 15: The Philippines, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 16: The Philippines, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 17: The Philippines, Manufacturing Value-Add (PHP Billion, 2018 Constant Prices)
Figure 18: The Philippines, Manufacturing Production Value and Volume Index (2000=100), % Change YoY
Figure 19: The Philippines, Total Exports (in US$ Billion), % Change YoY
Figure 20: The Philippines, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 21: The Philippines, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 22: The Philippines, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 23: The Philippines, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: The Philippines, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 25: The Philippines, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 26: The Philippines, Value-Add of Education, 2018 Constant Prices, % Change YoY
Figure 27: The Philippines, Human Health and Social Work Activities Value-Add, 2018 Constant Prices, % Change YoY
Figure 28: The Philippines, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 29: The Philippines, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 30: The Philippines, Value-Add of Real-Estate and Ownership of Dwellings, 2018 Constant Prices, % Change YoY
Figure 31: The Philippines, Residential Real Estate Price Index, 2014=100, % Change YoY
Figure 32: The Philippines, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 33: The Philippines, Headquarters of Key Consultants (% of Total Project Pipeline)

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