Trade and Industry Secretary Alfredo Pascual underscored the construction industry's significant contribution to the country's economic growth.
In a statement on Thursday, Pascual said that the construction industry is still one of the drivers of the country's gross domestic product, with a 14-percent growth rate during the third quarter of the year.
"Notably, achieving a 14-percent growth rate in the industry during the third quarter is a commendable feat, particularly in light of our ongoing recovery from the economic repercussions of the Covid-19 pandemic," he said in a speech during the 43rd Anniversary of the Department of Trade and Industry-Construction Industry Authority of the Philippines (DTI-CIAP) on November 24.
Pascual also committed to support the industry's policy reforms, aimed at addressing challenges and facilitating the industry's sustainable adaptation of global innovations necessary for the country's construction industry growth.
He also took this moment to also commend the DTI-CIAP for its initiatives to strengthen and improve the industry, and urged its members to continue their programs and initiatives, especially in steering the industry toward a technology-driven economic landscape and to facilitate the integration of it to the global value chain.
"We can contribute further to Philippine economic development through a whole-of-government approach as we work toward a resilient and inclusive construction industry," he said.
Earlier this month, DTI-CIAP vowed to adopt modern technologies to improve competitiveness and effectively establish strategic measures in constructing better and sustainable infrastructure in the Philippines and keep up with the rest of the world.
"This is necessary to improve competitiveness and effectively establish strategic measures in constructing better and sustainable infrastructure in the Philippines," it said.
Source: Maniloa Times