$180-Billion Building Boom in the Philippines May Be Ticket Home for OFWs

Pres. Rody Dutere, once promise that he will do everything to help the OFWs to return home to the Phililppines and many suggested that the administration's $180-Billion Building Boom could be the ticket for OFWs to returned home to their country.

The Duterte administration's plan to supercharge growth the infrastructure program is running into a roadblock because a lot of the people he needs to build all the roads, bridges, airports and railways are working abroad.

According to Jan Paul Custodio, senior director at property consultant Santos Knight Frank in Manila, "the labor shortage is an issue that's hounding the construction industry." He also added that "there's definitely a need for further skills training, now more than evern. There needs to be a boost to any repatriation program."

The Philippine economy expanded 6.7 percent last year and the World Bank has said higher investment is critical to sustaining that pace of expansion. Under a policy named “Build, Build, Build,” Duterte plans to boost infrastructure spending to 7.3 percent of gross domestic product by 2022 from 6.3 percent this year.

Some of the major projects that needs the expertise of OFWs who are now working in different parts of the world is the new terminal at Clark International Airport, the Metro Manila Subway, and the Mindanao Railway.

The Duterte administration already made some significant changes in taxation, the government already passed the new tax law which is designed to add more 180 billion pesos ($3.4 billion) to government coffers by 2020. Aside from the taxes, the Philippine government got the large chunks of funds from internatioanl sources, particularly China and Japan, two countries vying to win orders for their companies and build stronger ties with their Southeast Asian neighbor. China and Japan have pledged a total of $9 billion of loans and grants each.

According to the Duterte admin the bigger challenge will be finding engineers and qualified staff to operate the cranes, earth movers and and heavy equipment. More than a million Filipinos leave each year. The lack of skilled laborers in the Philippines poses an increasing large constraint on the sector's growth, resulting in project delays and cost overruns, according to Raphael Mok, senior analyst for Asia at BMI Research in Singapore.

Source: PNA

$180-Billion Building Boom in the Philippines May Be Ticket Home for OFWs $180-Billion Building Boom in the Philippines May Be Ticket Home for OFWs Reviewed by Phil Newsome on January 26, 2018 Rating: 5
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