Philippines contractors now do more business 'at home' than abroad

With the infrastructure spending initiative espoused by the Duterte administration, Philippine contractors find more opportunities to locally than offering their expertise overseas, an industry leader said on Wednesday.

"I think the interest of the Philippine contractors is to stay at home first, because the market is much bigger today than it ever was," Philippine Overseas Construction Board chairman Isidro Consunji said during the ASEAN+6 Construction Forum in Parañaque City.

"Because there is so much happening in the Philippines, especially the 'Build, Build, Build' is going to have a dramatic effect," Consunji noted, saying Philippine contractors were previously exporting their expertise and labor abroad due to scant opportunities in the construction sector.

Consunji is also the president of construction and engineering giant DMCI Holdings Inc.

The administration is earmarking P8 trillion to P9 trillion for big-ticket infrastructure projects during the six-year term of President Rodrigo Duterte to spur the country's "Golden Age of Infrastructure" under the Build, Build, Build program.

"Filipino construction companies are experienced in participating in big projects. That's why my challenge to them is to have much stronger participation in our 'Build, Build, Build'," Trade Secretary Ramon Lopez said during a separate press conference.

"It's an exciting area that will propel economic growth," Lopez noted.

Trade Undersecretary Ruth Castelo, for her part, clarified that the Department of Trade and Industry will continue to promote and develop the local construction sector overseas despite the preference of companies to "stay at home."

"So, when the 'Golden Age of Infrastructure' is done and properly in place, Filipino contractors can continue to make projects abroad," Castelo added. — VDS, GMA News