The construction sector suffered a decline of 44 percent to 276 billion pesos last year as plans to put up new buildings and expand existing structures were held off by the lockdown.
Based on the Philippine Statistics Authority, construction spending sank from 492 billion pesos in 2019 due to double-digit drops in every category.
Some 123,000 building permits were issued covering 25 million square meters, shrinking from the prior year’s 173,000 permits spanning 42 million square meters.
Residential construction, accounting for nearly half of expenditures, fell by 30 percent to 131 billion pesos. Some 87,000 building permits were secured to put up 12 million square meters of household units.
On the other hand, non-residential projects crashed by 46 percent to 125 billion pesos. For the segment, construction firms obtained some 19,000 building permits and contracted 12 million square meters of floor area.