The Department of Trade and Industry (DTI) reaffirmed its support in the development of the construction industry to further enhance its significant contribution to economic growth through various innovation programs.
During the Philippine Overseas Construction Board (POCB) forum in Makati last Nov. 28, DTI Assistant Secretary Agaton Teodoro O. Uvero emphasized the role of the Construction Industry Authority of the Philippines (CIAP) in strengthening the industry’s potential as a key player in the global digital transformation and sustainable development.
“The construction industry remains a key client to over 60 industry sectors such as non metallic, mineral products and the manufacturing of iron, steel, rubber, and plastics with strong forward linkages to key industry sectors including real estate, education, mining, public utilities, transport, manufacturing, and communications,” Uvero said.
Uvero, who is the CIAP's alternate chairperson, also shared that the agency is working with the government to drive initiatives for the construction sector through the Philippine Construction Industry Roadmap 2020 – 2030, which posts a projected construction value of P130 trillion by 2030.
The roadmap, which focuses on its four pillars including institutions, productivity, sustainability, and globalization, aims to bridge the gap between the Philippines and global economic opportunities for the industry, aligning with the UN Sustainable Development Goals.
Uvero cited that the Globalization Pillar aims to bridge the gap and adopt emerging technologies, such as Building Information Modeling (BIM), Virtual Design Construction (VDC), and modern equipment and construction methods.
Meanwhile, DTI Secretary Alfredo E. Pascual urged construction industry leaders to continue its work in supporting the construction industry, underlining the importance of shared goals among CIAP members.
“We can contribute further to Philippine economic development through a whole-of-government approach as we work towards a resilient and inclusive construction industry,” he said during the CIAP’s 43rd Anniversary last Nov. 24.
The DTI chief also emphasized the substantial role of the construction industry as a consistent driver of the country's gross domestic product (GDP) growth rate, noting its “commendable” performance this year as the economy recovers from the economic impact of pandemic.
The Philippines experienced a 9.6 percent decline in 2020 due to the Covid-19 pandemic, disrupting activities and posing challenges for the country's construction industry, according to Uvero.
During the third quarter of this year, Uvero noted that the construction industry has achieved a 14 percent growth rate, contributing to the overall 5.9 percent GDP growth.
Pascual added that the construction sector is poised for even higher growth in the coming years, following the strategic initiatives of CIAP members.
The DTI chief also commended CIAP for its pivotal role in propelling the Philippine construction industry forward since its establishment in 1980, urging its members to continue their programs and initiatives aimed at strengthening the construction industry's potential to innovate and adapt to the evolving global landscape.
He emphasized their collective responsibility in steering the industry towards a technology-driven economic landscape and facilitating their integration in the global value chain.