Philippine Country Report March 2019 Philippine GDP grows











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Philippine Country Report March 2019

Philippine GDP grows 6. 1 % in 4 Q 2018; 6. 2 % in 2018 6. 8% 7. 0% 6. 6% 6. 4% Average Growth Rate for 10 Years at 6. 6 % 6. 7% 7. 0% 6. 5% 6. 6% 6. 2% 6. 0% 6. 1% Q 1 Q 2 Q 3 Q 4 2016 2017 2018 Among the major economic sectors during 4 Q, Industry had the fastest growth, with 6. 9 % , followed by Services, which grew by 6. 3% and Agriculture, by 1. 7 % Source: PSA, REID Foundation PHILIPPINE COUNTRY REPORT I March 2019

Industry’s fast growth attributed to Construction’s 21. 3% in 4 Q 14. 1% 18. 2% 15. 9% 21. 3% 11. 6% 12. 1% 8. 8% Average Growth Rate In 2018 at 15. 9% Q 1 2018 Q 2 2018 Q 3 2018 Q 4 2018 5. 3% We have the Momentum 2015 2016 2017 2018 Construction attained the highest average growth of 15. 9% in 2018, the only industry sector that achieved a double digit growth from 5. 3% in 2017 Source: PSA, Department of Trade and Investment COUNTRY REPORT I March 2019 PHILIPPINE

Public construction as percentage of the Philippine GDP Source: PSA, National Income Accounts released January 2019 REPORT I March 2019 PHILIPPINE COUNTRY

Annual rate of CMWPI in the NCR slowly picks up in January 2019 1. 20 0. 20 5. 70 3. 40 Jan 2018 Year-on-Year Dec 2018 -0. 10 4. 40 Month-on-Month Jan 2019 Year-to-date Year on Year, the annual increase of the Construction Materials Wholesale Price Index (CMWPI) in NCR eased to 4. 4% in January 2019. Its annual rate in December 2018 was at 5. 7% and in January 2018, 3. 4% Source: PSA, Construction Materials Wholesale Price Index (CMEPI) REPORT I March 2019 PHILIPPINE COUNTRY

Building/Construction Material Cost and Indices in the NCR Slower Annual Increases Concrete products and cement Hardware GI Sheet Reinforcing and structural steel Tileworks Doors, jambs and steel casement Painting works Fuel and lubricants Higher Annual Mark-ups 6. 0 % Sand gravel 8. 8 % 2. 5 % 0. 7 % Plywood Lumber 2. 9 % 9. 7 % 3. 4 % Plumbing fixture and accessories 3. 6 % 2. 0 % 2. 9% 0. 3 % 2. 9 % The average annual rate of CMWPI for 2018 rose by 4. 7 % from 1. 7 % in 2017 as 12 out of 17 commodity groups posted higher average annual increases during the year Source: PSA, Construction Materials Wholesale Price Index (CMEPI) REPORT I March 2019 PHILIPPINE COUNTRY

Construction employs 9. 5% of the 41 million employed Filipinos in million 3. 4 3. 6 2017 3. 9 2. 6 8 million in Industry or 19% 4 million in Construction or 9. 5 % 2015 2018 We are training 2, 000 supervisors, who will train 150 skilled workers, to translate to 300, 000 per year, including on new and digital technologies to increase productivity Source: PSA, REID Foundation PHILIPPINE COUNTRY REPORT I March 2019

Metro Manila subway project to commence construction The Department of Transportation has signed the design and build contract for the Metro Manila Subway’s first three stations, or its partial operability section, with the joint venture of Shimizu, Fujita, Takenaka Civil Engineering and EEI Corporation The US$ 6. 8 billion subway will not only be the Philippines’ first underground railway, but will also be one of its most expansive, spanning 36 kilometers with 15 stations, crossing 7 local governments, and passing 3 of Metro Manila’s business districts Source: Philippine Star, 25 Feb 2019 PHILIPPINE COUNTRY REPORT I March 2019

Construction Roadmap 20202030 to be launched on 28 March Institution Productivity Source: PHILIPPINE COUNTRY REPORT I March 2019 Sustainability Globalization

We have the momentum and we have to continue beyond 2022 TOTAL (2019 -2030) Min = PHP 40. 0 trillion (US$ 769. 0 billion) Max = PHP 130. 0 trillion (US$ 2. 5 trillion) Forecast of Construction Value to 2030 Source: Forecast by REID Foundation for PCA COUNTRY REPORT I March 2019 PHILIPPINE

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