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In 2018, the gross value generated from construction in the private sector in the Philippines amounted to approximately billion Philippine pesos. The strong presence of property developers of the private sector in the Philippines pushed its year on year growth. Residential construction contributed largely to its growth. Among all the types of residential units constructed in 2018, condominium units were valued highest at billion Philippine pesos.

Contractors

Along with the growth of the construction business comes the increase of new contractors’ licenses issued in the Philippines in 2018. The number of new licenses issued for contractors of general engineering was ***, while renewal was approximately *** thousand in that year.

Small-sized or D-sized contractors in the Philippines accounted for about ** percent of the total issued contracts as of February 2019, while the largest-sized or contractors that fell under AAAA made up ** percent of the total.

Residential unit consumption

While development plans are in place within all parts of the Philippines, the National Capital Region attracts more of the demand from consumers. The supply of residential units was higher in urbanized areas within Metro Manila, such as the Fort Bonifacio, Makati CBD, and Manila Bay area in 2018. In terms of floor area, almost ** million square meters of floor area, were approved for residential building construction in 2018.