MANILA, Philippines — Construction works for the P500 million Cagayan Economic Zone Authority (CEZA) Corporate Center and Commercial Center are set to begin simultaneously this month to host financial technology firms and other business locators.
CEZA Administrator Raul Lambino said the two buildings would be ready for occupancy by early next year to fill the demand for offices of the Cagayan Special Economic Zone and Freeport’s first 26 fintech principal licensees.
He said local commercial banks and other business locators in the tourism and manufacturing sectors are also setting up offices in the Corporate Center and Commercial Center.
Read more: The Philippine Star
MANILA, Philippines — The construction industry is aiming to grow its contribution to the economy to P130 trillion by 2030 under its newly launched roadmap.
Trade Secretary Ramon Lopez said under the Construction Industry Roadmap 2020 to 2030 crafted by the Department of Trade and Industry through the Construction Industry Authority of the Philippines and the Philippine Contractors Association, the industry is aiming to boost its contribution to the economy to P130 trillion from just P2.3 trillion last year.
He said the value is 325 percent larger than the P43 trillion projected growth of the industry without a roadmap.
Implementation of the roadmap, he added, would increase job opportunities for construction to seven million by 2030 from four million last year.
The roadmap launched last week seeks to ensure the sustainability of the construction industry’s growth and its competitiveness.
Read More: Philippine Star
It’s a bet on infrastructure and property stocks that has helped propel a Philippine fund to the top. And signs that President Rodrigo Duterte’s public-works program is taking off are poised to help it further.
That’s the view of Julian Tarrobago, head of equity at ATR Asset Management Inc., which has 125 billion pesos ($2.4 billion) under management. His Alpha Opportunity Fund has returned 11 percent this year, the most among Philippine equity funds, data compiled by Bloomberg show.
That’s double the advance in the Philippine Stock Exchange Index and compares with gains of about 6 percent for other securities tracking the nation’s shares such as the BDO Equity Fund or UCPB Equity Fund.
“We are finally on the cusp of an infrastructure boom,” said Tarrobago, 45, who says his market experience goes back to 1995. “Unlike in the past, when it was just a story and theoretical, projects are now materializing. This could be one of our strongest periods given the strong GDP, strengthening corporate earnings and falling inflation.”
Read more: Bloomberg
The Board of Investments (BOI) saw investment pledges it had approved in the first quarter jump by 60 percent to P243 billion from year-ago level, recovering the drop seen last February.
This is higher than the P152.1 billion reported in the same quarter a year ago, the BOI said in a statement.
The latest figure marked a quick and solid recovery from the 23-percent decline in pledges in the first two months of the year. In February alone, pledges fell by 95 percent to only P3.8 billion.
The BOI did not say how much was approved for March alone. However, it had a relatively lower base in March last year when investment registration dropped by 50.91 percent to P20.507 billion.
Domestic investments accounted for the bulk of the projects at P212.2 billion, up 40 percent from last year’s P151.3 billion. Foreign investments amounted to P30.8 billion.
“After generating a record-breaking P915 billion in approved investments last year, we are still sustaining the momentum this year due to steady, strong and positive investor sentiment here and abroad,” said Trade Secretary and BOI Chair Ramon Lopez.
“We expect the growth to continue for the rest of the year as we aim to approve at least P1 trillion in total investments,” he added.
Read more: Philippine Daily Inquirer
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