The Philippines’ construction industry will continue to recover in the coming quarters as pandemic-related restrictions are eased, but rising fuel prices, which result in higher construction costs, will remain the main challenge, analysts said. READ:
“We can expect the performance of construction companies to further recover in the next few quarters, as more economic activities are allowed. Nevertheless, the main challenge is the period of hyperinflation due to the rising fuel prices and driving construction costs higher,” Claro dG. Cordero, Jr.
“The construction segment has maintained its momentum in delivering projects on time despite quarantine measures at the start of the year,” the company said in its first-quarter report. “Barring any major resurgence of the coronavirus that will restrict mobility anew, we expect the segment to sustain the momentum,” a company representative said.
In a separate e-mail, Joey Roi H. Bondoc, associate director for research at Colliers Philippines, said: “[We are] projecting recovery in the construction sector. The pandemic resulted in disruptions in the construction sector and we saw delays in the delivery of office and residential towers. A number of developers also delayed launching new projects as they took a wait-and-see position months before the May 9 national elections.
In key markets outside Metro Manila, Colliers projects the completion of about 201,200 square meters of office space in Cebu from 2022 to 2024, with much of the upcoming supply coming from the Cebu Business and IT Parks.
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