MANILA, Philippines - Approved building permits went up 13.5 percent in the fourth quarter from a year ago as developers carried out more new projects, the National Statistics Office (NSO) said.
Preliminary results of the NSO’s construction statistics for the October to December period showed the total number of new construction projects from approved building permits reached 27,931 for the quarter, up from the 24,610 approved permits in the same period in 2011.
The new construction projects for the period were valued at P67 billion, 53.1 percent higher than the previous year.
Philippine Constructors Association (PCA) executive director Manolito Madrasto said in a text message the group sees a continued increase in the private construction sector this year.
“The PCA expects the continued increase in the private construction sector as we have noticed that developers still have a huge land bank untouched,†he said.
Given the government’s tourism push, Madrasto said more tourism-related projects are expected to come up in the next three years.
He also said debt watcher Fitch Ratings’ move to bring the Philippines’ credit rating to investment grade, as well as the success of the peace process in Mindanao, are seen to spark more upward movements in the sector.
The NSO said residential-type buildings climbed 15.9 percent to 20,218 from 17,451 during the same period of 2011.
The residential building constructions were valued at P38.3 billion, a 57.6 percent increase year-on-year.
Approved building permits for non-residential constructions meanwhile, declined slightly to 3,379 from 3,407 in 2011.
In terms of value, non-residential constructions which amounted to P23.2 billion for the period, jumped 48.1 percent from the previous year.
Additions, alterations and repairs of existing structures aggregating to 4,334, rose by 15.5 percent from the same period in 2011.
The combined value of additions, alterations and repairs of existing structures which was estimated at P5.5 billion grew by 44.8 percent year-on-year.
“Among the regions, CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon) recorded the highest number of new construction projects with 7,361 or 26.4 percent of the total,†the NSO noted.
The National Capital Region came in second with 3,423 construction projects or 12.3 percent of the total, followed by Central Luzon with 2,675 accounting for a 9.6 percent share.