Recently published research from Business Monitor International, "Philippines Infrastructure Report Q1 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/01/2014 -- Although the Philippine construction sector appears to have reached the peak of its growth cycle, we believe this should not be inferred as a negative reflection of the sector's growth potential. The country's construction sector is still expected to be the fastest growing in Asia over the medium-term (after Myanmar) as conditions that are ideal for construction activity persist. Having said that, the lack of significant progress with the government's Private-Public Partnership Programme suggests that project execution risks in the country remain considerable and this is a major threat to our long-term outlook for the sector.
Major developments in the Philippines' infrastructure industry:
- In August 2013, Philippines' Bases Conversion and Development Authority (BCDA) announced that the development of the Poro Point San Fernando Airport in La Union will be bid out through the Public-Private Partnership (PPP) route. The proposed project includes the upgrade of the airport facilities to meet the requirements for safety determined by the International Civil Aviation Organization as well as to serve larger aircraft, and the construction of an airport terminal with commercial complex. Philippines' PPP Center has pledged to provide funding worth PHP69mn (US$1.57mn) for the project's feasibility study, bidding and financial closing. The bidding is expected to start in late-2014, while the construction phase is scheduled to begin by mid-2015.
- In September 2013, South Korean state-owned utility Korea Water Resources (K-Water) announced that it has formed a special purpose vehicle (SPV) with Philippine conglomerate San Miguel to operate and maintain the 218MW Angat hydropower plant in the Bulacan province, Luzon. K-Water will own a 40% stake in the SPV, while San Miguel and other potential Philippine investors will own the remaining 60%, according to Byung Hoon Yune, K-Water's vice-president for overseas business division (cited from the Philstar). Byung added that K-Water will provide the technical expertise to operate and maintain the dam - it currently provides more than 90% of the water to Metro Manila - while San Miguel will be in charge of project management. The agreements for the partnership are expected to be signed by the end of 2013, allowing K-Water to take over the Angat dam following a three-year delay.
- In October 2013, a total of four companies or consortia had successfully met the prequalification requirements for a Philippine expressway construction project, reports Inter Aksyon. They are Alloy MTD Philippines, MPCALA Holdings, Optimal Infrastructure Development and Team Orion. As of November 5 2013, MPCALA Holdings, Optimal Infrastructure Development, and Team Orion had pre-qualified for the tender. The US$860mn project will involve the construction of a new 47km-long, four-lane expressway between the Cavite Expressway and the Southern Luzon Expressway in Manila.
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