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Manila Bulletin devider Business devider Trade & Industry devider Construction industry needs more investments -- Pascual

Construction industry needs more investments -- Pascual

Published Mar 21, 2024 07:48 am

Trade and Industry (DTI) Secretary Alfredo E. Pascual said the government is "intensifying trade negotiations with partner nations" to help enhance investments in the construction industry.  

Pascual delivered his remarks during the induction ceremony of the Council of Engineering Consultants of the Philippines (CECOPHIL) Board of Directors on March 20.

In his speech, the DTI chief emphasized the construction industry's essential role in the current administration's "Bagong Pilipinas," through the "Build Better More" program.

Business-friendly policies such as the Public-Private Partnerships Code and the revised Foreign Investments Act will enable a fostering environment for the construction sector to boost its competitiveness. 

The DTI cited data from the Philippine Statistics Authority (PSA), stating that the construction sector has contributed 8.8 percent to the country's total gross domestic product (GDP) last year. It also registered a 5.6 percent growth rate.

He also noted the agency's continued commitment to strengthen the ease of doing business (EODB) in the construction sector, which includes digitalizing licensing process via the Philippine Contractors Accreditation Board (PCAB) and streamlining public consultations.

The DTI chief further lauded the contributions of Filipino engineers, carpenters, welders, plumbers, and glass installers as he stressed that a firm workforce is needed to actualize investments.

“The Filipino engineering community, encompassing engineers and skilled carpenters, welders, plumbers, and glaziers, has constructed marvels not just here but across the globe. This has earned significant foreign exchange for our country and created countless job opportunities for Filipinos," said Pascual.

Aside from CECOPHIL, DTI is also engaged with stakeholder through the Construction Industry Authority of the Philippines (CIAP) to fulfill the Philippine Construction Industry Roadmap 2020-2030.

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