With the revisions to the Joint Memorandum Circular (JMC) No. 1 Series of 2018 or…
The Philippines is sending a business mission to the Middle East to boost the construction and IT-BPM industries.
During its business forum and business-to-business (B2B) matching series this December 15-16, the Philippines will promote investment prospects in construction and related export products and services, as well as information technology-business process management (IT-BPM) to the Middle East.
As part of the Philippines’ participation in Expo Dubai, the forum and B2B sessions aim to open opportunities for Philippine companies in the construction, architectural landscape, interior design, engineering services outsourcing, and IT-BPM sectors in the United Arab Emirates (UAE) and the Middle East.
“We’re thrilled to promote the Philippines’ construction services and related businesses, which have recently emerged as one of the country’s fastest-growing industries. Our pool of world-class talents and skilled professionals, such as our engineers and architects, are fueling this growth by helping to establish the Philippines as a go-to partner for building homes, roads, and bridges, as well as other construction and architectural projects for firms all over the world “Assistant Secretary Rosvi Gaetos, alternate Commissioner-General for the Philippines’ participation in EXPO DUBAI, said.
To date, 60 companies have registered for the event, including those representing construction and related export products and services, IT-BPM, and investment promotion.
This forum and B2B series are organized by a group of agencies under the Department of Trade and Industry (DTI).
Export Marketing Bureau (EMB), Board of Investments (BOI), Construction Industry Authority of the Philippines–Philippine Overseas Construction Board (CIAP-POCB), Center for International Trade and Expositions and Missions (CITEM), and Philippine Trade and Investment Centers in Dubai and Jeddah are among them (PTIC-Dubai & Jeddah).
As part of the Philippines @ Expo Dubai business events, the DTI is hosting a forum and a B2B series.
The Department of Commerce and Industry (DTI) sees Expo 2020 Dubai as a perfect venue for promoting the Philippines’ trade, tourism, and investments, as well as strengthening the country’s ties with the Middle East and the rest of the globe.
Expo 2020 Dubai will take place from October 1, 2021, to March 31, 2022.
The fastest pace of growth
The Philippines’ gross domestic product (GDP) grew by 11.8 percent in the second quarter of 2021, according to the Philippine Statistics Authority (PSA).
The construction industry, along with manufacturing, wholesale and retail commerce, and motor vehicle and motorcycle repair, is one of the key drivers of this expansion.
Construction grew at the fastest pace of 25.7 percent in the quarter, followed by manufacturing at 22.3 percent.
In addition, the construction industry provided 69.6% of total capital investments, or gross capital creation (GCF). Construction accounts for 16.6% of GDP in terms of expenditure.
The construction industry came in second with 1.7 percentage points as one of the leading drivers to GDP growth in the second quarter of 2021, notwithstanding the pandemic.
Manufacturing received 3.9 points, while wholesale and retail trade received 1.0 point.
The construction industry continues to provide job possibilities, with 4.337 million people employed on average. As of June 2021, construction employed 9.6 percent of the total workforce of 45.075 million people. As a result, it has been recognized as one of the industries where foreign investment should be prioritized.