Construction firms plan overseas expansion
MANILA, Philippines–Philippine construction companies are setting their sights on Vietnam, Laos and Papua New Guinea for business and investment opportunities in construction, engineering and other related services.
About 15 local companies are expected to join planned road shows in the said countries this year as they target to expand their presence in the region, said Manolito P. Madrasto, executive director at the Philippine Constructors Association Inc. (Philconstruct).
According to Madrasto, these roadshows, the first of which may be held in May, will help local companies to “nurture new markets” even on a temporary basis.
Such a move will not only allow construction firms to further strengthen their businesses and ensure the continuity of their respective operations through their presence in these new markets, but will also help them forge strategic alliances with their counterparts in the region.
Madrasto, however, declined to identify the companies joining the road shows.
The group had held roadshows in Timor Leste, Myanmar and Cambodia.
For the mission to Timor Leste held early last year, the 17-member delegation of Filipino construction industry executives was led by DMCI Holdings president and chief executive Isidro A. Consunji.
The Philippine construction sector is seen to sustain strong growth as turnover for both public and private sector construction activities is seen to reach some P1.7 trillion.
This estimate assumed that the government will be able to fully roll out the over P500 billion infrastructure spending that has been programmed for this year. The estimated spending should also be on top the expected outlay from the implementation of the public-private partnership (PPP) projects that have already been awarded.
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