IMPROVED BILATERAL relations between the Philippines and China will boost the construction industry, according to the Fitch Group’s research arm, as it raised its forecast for that sector.
Fitch Solutions said in a Dec. 14 note that the Philippines construction industry could grow by an average of nine percent in 2019-2027, faster than its initial estimate of 8.8%.
Growth of the construction industry in the Philippines will be boosted by improving bilateral ties with China. In light of the positive developments between the two nations, we have made an upward revision on our forecast to the long-term growth rate for the Philippine construction industry from an average growth of 8.8% to 9.0% between 2019 and 2027, Fitch Solutions said in its note.
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