Trends and Concepts CEO and President Joe Bantiling has been on top of construction trends in the Philippines since he founded Trends and Concepts in the early 1990s. As the man behind Trends and Concepts, Joe has had the unique opportunity to see how the construction industry grew positively in the past 30 years, “We have seen tremendous growth not just in our company but in the industry as well.”
The steady growth of the industry was seen in the early 1990s when more and more foreign companies began investing in the country therefore increasing the need for infrastructure not just for business offices but also residences.
The construction industry has long contributed positively to the country’s GDP but has done exponentially so in the past decade. In fact, the growth of the country’s economy has had a positive effect on the industry because it demanded more infrastructures. The boom of previously underutilized areas such as Bonifacio Global City has helped the industry greatly. The industry has grown by 12.5% in 2017 and by 11.8% in 2018 mainly due to the government’s ambitious build, build, build developmental plans. Due to this, it is expected that the nominal value of the construction industry will be doubled by 2022.
The industry’s value of $34 billion in 2016 is expected to rise to $54.3 in 2021. We first saw this trend in the industry in 2011 where the Philippine construction industry was seen as one of the country’s largest economic powerhouses, a trend that continues on today.
Joe explains, “The country is looking on building not just more residential properties and offices but also roads, bridges, roads, and power plants. This has all contributed to the growth of this industry.”
The current administration is also set to spend nearly $158 billion over the next five years which will translate to infrastructure spending that will reach 7.3% by the end of President Duterte’s presidential term.
The growth benefits everyone in the industry and promises of greater things to come. More and more talented Filipinos are also joining the industry bringing forth more experience and knowledge thus creating an industry that is forward thinking and one that can compete with the world.