PH Economy Stays Strong with the Current Construction Boom
Private companies and developers have remained confident in the country’s real property sector and claim that the construction boom in the Philippines will continue in the next few years. The construction boom is driven by a strong demand for housing, condominiums and commercial buildings. The need to build more structures in the Philippines has also bolstered the demand for construction equipment and all kinds of building materials. More builders, engineers, and architects are also being deployed to constructions sites all over the country.
Promoting Convenience and Work-Life Balance
Investors are currently exploring other booming areas in the country, but most local and foreign businesspeople still choose to invest at the Makati Central Business District and Bonifacio Global City for their main offices. As the areas continue to develop and be in high demand, construction projects for office buildings, condos, and commercial complexes are on the rise.
Moreover, construction firms in the country are adapting to the needs of the young professionals and millennials by developing properties that incorporate the idea of living, work and play. This is made possible by building condominiums with offices and lifestyle complexes all in one place. Some examples of these are the Rockwell Tower in Makati and the Venetian Grand Canal in BCG.
People residing in condominiums have easy access to the floors where offices are located. This does away with the long and tiring commute or the stress of driving. After work, they can spend time relaxing and dining in the restaurants which are located in the same area. For weekend activities, there are gyms and spas, shopping centers, brand outlets, marketplace, and other fun and exciting activities close-by. Multi-national firms intending to open up BPO companies and businesses in the Philippines prefer this type of set up because of its proximity to everything that the employees and their families may need. Resort type living is also evident in the number of developments which highlight relaxation and pampering versus being simply functional.
The Construction Boom and the Economy
With prospects looking better than they have in years, the country can expect continued growth in the building and construction sector. This boom is a result of good economic conditions and is a prime opportunity for investors – both local and foreign. There is a strong demand for new buildings, commercial complexes, housing units, and condominiums. This is something the local construction industry, as well as suppliers of equipment, materials, and tools, should take full advantage of. Now is the best time to invest in the latest machines and equipment to stay abreast with what is being used abroad.
Property developers in the country have also reported strong earnings with the current construction upswing. Additionally, the government is working to adopt policies that will help stabilize the financial market despite setbacks that happened in the second quarter of 2018. More Filipinos are looking forward to the expansion of this construction boom in the other regions and provinces of the country such as Clark, Legazpi City, and Cagayan De Oro City. Currently, highly urbanized cities in the three island groups are also benefitting from this boom and are experiencing strong economic and financial growth.