Construction & Real Estate

The construction and real estate sectors make up around 20% of the Philippine economy, slightly ahead of manufacturing. Over the past few years, construction in the Philippines has been flourishing amid a climate of political stability and upbeat business sentiment, spurred by growth in overseas foreign worker remittances, inbound investments into business process outsourcing, rising numbers of tourist arrivals, and government spending on large- and small-scale infrastructure. Although growth rates for the sector are unlikely to maintain the exceptional levels of the past 24 months, the long-term prospects remain solid and balanced. Positive trading conditions for the residential, office, retail and hospitality segments point to robust demand for private-sector-led building. This chapter contains interviews with Chito Cruz, Chairman, Housing and Urban Development Coordinating Council; and J J Atencio, President and CEO, 8990 Holdings.