Boston, MA -- (ReleaseWire) -- 05/03/2013 -- The major ramp-up in public construction investment seen in the Philippines in 2012 has validated our long-held view that conducive monetary conditions and robust government spending would bring real growth in the country's construction sector back to positive territory. We expect these conditions to continue to flourish in 2013, as the country's economy remains in a sweet spot of strong economic growth and well-behaved inflation. Furthermore, the government's private-public partnership programme continues to progress, providing a solid base for infrastructure activity. We remain bullish towards the Philippine construction sector, with real growth forecast to reach 8.0% in 2013 and 7.3% in 2014.
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Major developments in the Philippines' infrastructure industry:
- In December 2012, Global Business Power Corporation said that it is to begin work on constructing the Toledo coal-fired power plant in the Philippines. The 82-megawatt (MW) plant will entail a PHP10.2bn (US$249.55mn) cost in the form of equity and loans. It will make the first power supply to Carmen Copper on December 26 2014 as agreed in the deal reached by the parties. The project will give job opportunities to 500 people during its construction phase, while 120 direct and indirect jobs will be created after it will become operational, according to Global Power's Chairman, Francisco Sebastian.
- In January 2013, Formosa Heavy Industries and True North Manufacturing Services Corporation (TNMSC) had signed a contract for two new power plants in Bataan and Davao respectively, located offshore the Philippines. The engineering, procurement and construction (EPC) contract was awarded by San Miguel Corporation (SMC). The construction of the two plants is scheduled to begin in 2013, with the plants boasting a combined power generation capacity of 600MW. The two plants are part of the 3,000MW capacity expansion unveiled by SMC in its energy investment blueprint. The contract was signed by Formosa Assistant Vice President Gu-Chuan Tsiou, TNMSC President Domicinio B Son and Aurora T Calderon and Ferdinand K. Constantino - the board directors of SMC Global Power Holdings Corporation.
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