Market Report, "Philippines Infrastructure Report Q2 2010", published

April 28, 2010 - PRLog -- The Philippines has released 2009 annual data for the construction industry, illustrating that the country's construction industry weathered the economic storm quite well. Construction industry real growth for the year came in at 5.8% year-on-year (y-o-y), to reach a value of PHP378.67bn (US$8.21bn). Although this does represent a slow down from 2008 growth levels, of 7.8%, it is strong growth considering the economic climate.

In 2010, we are expecting growth to return to 2008 levels. One key area driving growth will be renewable energy. With the government's Renewable Energy Act (passed in December 2008) the Philippines renewable energy sector has become very attractive to investors. The area has been identified as a growth opportunity by a number of domestic banks as well. Banco de Oro (BDO) is the latest Philippine bank to team up with the International Finance Corporation (IFC), which will provide the bank with advise on financing renewable energy projects. The agreement follows a similar one between IFC and Bank of the Philippine Islands (BPI), and before that with Metropolitan Bank & Trust (Metrobank).

Also in the energy sector this quarter, was news that the Philippines might finally get nuclear electricity generated within its borders. Korea South East Power Company (Kepco) and an unnamed French company expressed interest in building a nuclear power plant in the country in February 2010. The plans include construction of a 600 megawatt (MW) - 800MW power plant which could be completed by 2025.

The Philippines already has a nuclear power plant which was completed in 1984; however, it was mothballed before even being commissioned due to a number of safety concerns. Both types of investment will help to ease the crippling power shortages that have been plaguing the Philippines for some time.

In the transport sector, a joint venture of Metro Pacific Investment Corporation and Harbour Centre Port Terminal Inc signed a contract for a concession to operate the Manila North Harbour. The company will invest US$311mn to modernise and expand the port and will operate it for 25 years.

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