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June 27, 2016

Centro Continues Support for Booming Construction Industry

According to the Oxford Business Group, the construction and real estate development sectors make up around 20% of the Philippine economy, slightly ahead of manufacturing. Over the past few years, construction in the Philippines has been flourishing amid a climate of political stability and upbeat business sentiment, spurred by growth in overseas foreign worker remittances, inbound investments into business process outsourcing, rising numbers of tourist arrivals, and government spending on large- and small-scale infrastructure.

The report also says that although growth rates for the sectors are unlikely to maintain the exceptional levels of the past 24 months, the long-term prospects remain solid and balanced. Positive trading conditions for the residential, office, retail, tourism and hospitality segments point to robust demand for private-sector-led building.

Centro Manufacturing Corporation, a leading ISO/TS 16949 certified truck body builder recognizes this growth and sees it as a perfect opportunity to introduce new products to support the construction industry, according to CentroSenior Sales Manager Vic Belisario.

‪He explains that Centro has been waiting for the right time and now it sees the opportunity to introduce its new truck-mounted construction cranes, tailgate lifts, cement mixers, dump trucks, dropside trucks, and even water tankers.

Belisario explains that there are more than enough reasons to be optimistic about prospects in the construction industry. Philippine construction industry is expected to continue to grow over the forecast period of 2016-2020. Industry growth will be supported by the country's development plan, Vision 2021, as well as population growth, urbanization and favorable government policies with regards to public-private partnerships (PPP).

The Philippine government is seeking help from foreign investors to modernize its dilapidated infrastructure. In 2014, the government revitalized its PPP model and issued more infrastructure contracts. In 2015, the Asian Development Bank (ADB) sanctioned a loan of US$600.0 billion for this purpose.

According to Shane Watson, Jr., SEO Analyst at Radiant Insights: In real terms, the construction industry will post a compound annual growth rate (CAGR) of 9.22 percent over the forecast period.

Belisario concludes that the business climate is now optimal. “We at Centro vow to support the country’s growth with our new and existing lines of construction and development equipment. We aim to be your one-stop shop for all your requirements for truck-mounted equipment”, he concludes.

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