The Philippine Statistics Authority (PSA) reported that construction activities in the country posted a decline in March compared to the same month last year.
According to the PSA, the number of constructions from approved building permits dropped 15 percent to 13,320 in the third month of the 2024 from the previous year's total of 15,764 constructions.
The decline in March followed a similar trend from the previous month, where the number of constructions decreased by 2.2 percent year-on-year.
Residential buildings accounted for the highest number of constructions, with 8,964 projects reported. However, this is a 18 percent decrease from the previous year.
Non-residential constructions also registered a drop of six percent, with 3,105 constructions recorded.
In terms of value, the total value of constructions amounted to P34.07 billion, 24.3 percent lower compared to the previous year.
Non-residential building constructions contributed 48.1 percent of the total value, while residential buildings made up 44.2 percent.
The PSA data revealed that non-residential buildings accounted for more than half (54 percent) of the total floor area of constructions, with residential buildings making up 44.9 percent.
The average cost of construction in March was recorded at P11,142.74 per square meter, an 11.4 percent decrease from the previous year.
The drop in construction activity is due to challenges in the sector, like high inflation and interest rates, which have discouraged construction projects in the country.