Market Scenario

• India Philippines Bilateral trade presently stands at US $ 1738.99 million (Exports fromIndia-USD 1287.07 million, Indian imports from Philippines stand at USD 451.92 million).
• The Philippines construction market size was $59.4 billion in 2022. The market is projectedto achieve an AAGR of more than 6% during 2024-2027. The growth of the market isattributed to the government’s focus on the development of transport and energyinfrastructure, and affordable housing.
• Construction industry in the Philippines to expand by 8.5% in 2023, supported by thegovernment's focus on the development of the infrastructure and energy sectors. As partof the 2023 State Budget, around PHP5 trillion ($89.4 billion) was allocated across alleconomic sectors by August 2023, equivalent to 95% of the total allocation.
• Philippine construction industry's value grew by 14% year on year (YoY) in the third quarterof 2023, preceded by Y-o-Y growth of 3.6% in quarter 2 and 11.1% in quarter 1 in 2023.
• The total gross fixed capital formation (GFCF) in the construction industry rose by 12.4%YoY in the third quarter 2023, preceded by Y-o-Y growth of 2.4% in quarter 2 and 14.4% inquarter 1 of 2023.
• The key sectors in the Philippines construction market are commercial construction,industrial construction, infrastructure construction, energy and utilities construction,institutional construction, and residential construction.