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Invest in Constructions Development in the Philippines?

To facilitate the construction of high-quality homes, the government has introduced the AmBisyon Natin 2040 programme. The impact of Typhoon Yolanda, the lack of skilled labor, and the AmBisyon Natin 2040 program, are also discussed. Key players in the industry are also identified, as well as the shortfall of skilled workers. This article examines these issues in detail. It will help you decide if it is the right time to invest in construction in the Philippines.

AmBisyon Natin 2040 programme

The AmBisyon Natin 2040 program for construction development in the Philippines was launched in 2013. The overall framework and vision of the government are based on a national survey and a focus group discussion with more than 300 citizens representing the proportionate distribution of the country’s population. It will serve as an anchor for development planning until 2040. In this way, it will guide future policies and initiatives to ensure that the country achieves its development goals.

AmBisyon Natin 2040 envisions a middle-class society, free of corruption, serving the needs of its citizens equally. It also calls for the establishment of competitive businesses to promote healthy competition and provide consumers with affordable, high-quality goods. To achieve this goal, successive governments must allocate investment in improving market associations, ensuring that regulations are understandable and credit is available to all.

Impact of Typhoon Yolanda on constructions development in the Philippines

The typhoon struck the central Philippines on 8 November 2013. It destroyed infrastructure such as water, power, and transportation systems. The economic structure has collapsed, and a number of people have been displaced. In addition to rebuilding infrastructure, people need to create livable housing. The Philippines must become a sustainable city or village. These are vitally important tasks.

While the typhoon itself caused widespread damage and a number of deaths, its effects extend far beyond the immediate relief efforts. The recovery process will be slower if enterprises are unable to resuscitate jobs and investments. The impact of climate change may also sluggish the recovery process. However, larger firms will be better equipped to cope with such disasters with robust disaster risk management plans.

Key players in the industry

The global construction industry is changing at a rapid pace. In addition to rising prices, skilled labor shortages and environmental issues, regulators are becoming stricter. Consequently, owners should pay more attention to the construction industry and its changing dynamics. By becoming more involved, they can reduce risk and improve profitability. There are many factors to consider when choosing a construction company. Below, we outline some key factors that should affect your business.

The construction industry has been trying to attract millennials, the generation born between 1995 and 2010. However, the negative perceptions about trade schools have prevented the recruitment of new talent. However, the COVID-19 pandemic has swayed public opinion and made people more positive about trade schools. Using their technology skills, construction firms can demonstrate their prospects for career advancement. The use of mobile applications and other innovative methods can provide real-time accountability. Using the camera of a mobile phone can provide accurate measurements.

Shortage of skilled workers

There’s an acute shortage of skilled construction workers in the Philippines. Major construction firms are asking the DOLE for help in recruiting workers. While the shortage is widespread, it’s difficult to calculate its costs. If workers are available in a particular area, they can be allocated to other activities. Thus, if only some of the critical activities are available, the project won’t suffer too much.

The Philippine Constructors Association (PCA) has long known that a shortage of skilled labor in the industry is a significant challenge. This problem started long before the recent outbreak of the coronavirus. The quarantine conditions only worsened the shortage. Nevertheless, the Philippines is no different. A survey released by the Department of Labor and Employment indicated that from March to December 2020, 7,797 construction projects closed. This translates to 346,237 displaced workers. Moreover, the Department of Labor and Employment (DOLE) estimated that construction firms will shut down 1,121 projects in the first three months of 2022.

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