LONDON, Jan. 9, 2017 /PRNewswire/ -- We are maintaining our positive outlook for the Philippines' construction industry as it receives substantial support in the form of President Rodrigo Duterte's multi-billion dollar infrastructure investment plans as well as his aim to accelerate PPP projects and develop rural regions of the country.
Forecast & Industry Developments
- We continue to forecast robust expansion in the Philippines' construction industry, which we expect to record real growth of 9.0% in 2017 and 8.5% in 2018.
- President Rodrigo Duterte's plan to spend more than PHP7trn (USD144bn) in infrastructure between 2016 and 2022 will provide strong support to the construction industry, although we note bureaucratic obstacles which have previously weighed on project progression, particularly in the transport sector, will remain a hurdle.
- Duterte's tilt toward China will drive greater investment and involvement from Chinese firms in infrastructure, with USD24bn worth of financing and investment deals signed after his state visit to Beijing in October.
- Duterte's promise to honour existing public-private partnership contracts bodes well for policy continuity, while his pledge to review the framework will help to speed up future projects.
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