Construction industry posts 14% growth rate for Q3

Citing the construction industry as one of the drivers of the country’s gross domestic product, Trade and Industry Secretary Alfredo Pascual lauds the industry as a significant contributor to the country’s economic growth.

Pascual, in a statement, cited the 14-percent growth rate of the construction industry during the third quarter of the year.

“Notably, achieving a 14-percent growth rate in the industry during the third quarter is a commendable feat, particularly in light of ongoing recovery from economic repercussions of the Covid-19 pandemic,” he said during the 43^rd Anniversary of the Department of Trade and Industry-Construction Industry Authority of the Philippines (DTI-CIAP) last November 24.

Pascual also committed to support the industry’s policy reforms, aimed at addressing challenges and facilitating the industry’s sustainable adaptation of global innovations necessary for the country’s construction industry growth.

Pascual also commends the DTI-CIAP for its initiatives to strengthen and improve the industry, and urged their programs and initiatives, especially in steering the industry toward a technology-driven economic landscape and to facilitate the integration of it to the global value chain.

“We can contribute further to Philippine economic development through a whole-of-government approach as we work toward a resilient an inclusive construction industry,” he said.

The DTI-CIAP, earlier, vowed to adopt modern technologies to improve competitiveness and effectively establish strategic measures in constructing better and sustainable infrastructure in the Philippines and keep up with the rest of the world.

“This is necessary to improve competitiveness and effectively establish strategic measures in constructing better and sustainable infrastructures in the Philippines,” he added.