The Philippine construction industry is looking at better opportunities with the ascendance of a new US leader and the emerging popularity of a political party considered to be business-friendly.
“Historically, the Republicans are business-minded people. We can hope that President (Donald) Trump’s somewhat protectionist position on a lot of things… will allow business opportunities to flow to markets other than the US. After all they have a lot of markets to serve,” said Jorge Consunji, a board member of the Construction Industry Authority of the Philippines.
“Now everybody is saying ‘where are we heading to where are going.’ We are all speculating at this time and the US wants collaboration, so we better be optimistic about these developments,” Consunji said said in a press briefing Thursday during the 27th Philippine International Construction and Exhibition at the SMX Convention Center in Pasay City.
He added the time differential with the US would bring better collaboration, especially designs and creatives.
“While the US is asleep, we on the contracting side can generate the designs and creatives they need, pass them overnight, thereby maximizing opportunities and wasting no time at all,” he said.
Consunji said the Philippine construction industry was vibrant with public and private infrastructure growing at an average of 5.5 percent to 6 percent.
The government plans to increase the contribution of the construction sector to 7 percent to 8 percent of the gross domestic product.
A recent study showed the Philippine construction industry would grow to $47 billion in 2020.