The Philippine construction sector has the potential to grow to P130 trillion by 2030 given a well-plotted construction roadmap, according to industry players.
DCCD Engineering Corp. Chairman and CEO Engr. Michael Reyes cited the promising growth forecast for the construction sector at the recent Philippine Business Forum.
According to Reyes, the construction sector could generate as much as P130-trillion worth of project value from 2020 to 2030. This can be achieved through expansion of investments, participation in the global market and a well-plotted construction roadmap for the stakeholders’ discussion, Reyes said.
Reyes added that collaborating with foreign industry partners through an efficient outsourcing of Philippine talents and workforce can also improve its alliance with other countries especially in dealing with various construction projects abroad.
As of 2018, Reyes said, construction sector was valued at P2.3 trillion only. But he said this can be boosted with the construction roadmap. “Without the road map, we will just be attaining up to 4.3T construction value by 2030,” said Reyes.
“The Philippine construction industry is embarking on improving the work force of the construction industry. If I’m not mistaken, in 2016, we were at 3.9 percent of the work force and we are 7.1 percent by 2020,” he said citing the substantial increase in highly skilled workforce.
He noted that the professionals or the highly skilled construction workers increased, but the unskilled decreased. “For us to achieve this construction industry road map, we need to really do a lot of capacity building and improve the talents and the technical know-how of our workforce,” he said.