Pascual champions resilient construction industry to bolster economic growth

Department of Trade and Industry (DTI) Secretary Fred Pascual underscored the construction industry's significant contribution to bolster the Philippines’ economic growth during the 43^rd Anniversary of the DTI-Construction Industry Authority of the Philippines (CIAP) on November 24, 2023 at the Executive Building Center. 

Pascual emphasized the substantial role of the construction industry as a consistent driver of the country's GDP growth rate, saying, “Notably, achieving a 14% growth rate in the industry during the third quarter is a commendable feat, particularly in light of our ongoing recovery from the economic repercussions of the COVID-19 pandemic.” 

The DTI chief cited that the construction sector is poised for even higher growth in the coming years, following the strategic initiatives of CIAP members. He also commended CIAP for its pivotal role in propelling the Philippine construction industry forward since its establishment in 1980. 

Likewise, the Trade and Industry Secretary assured that together with CIAP, the government, through the Department, will continue its commitment to supporting the construction industry's growth through policy reforms, aimed at addressing challenges and facilitating the industry's sustainable adaptation of global innovations.  

Further, Secretary Pascual urged CIAP members to continue their programs and initiatives aimed at strengthening the construction industry's potential to innovate and adapt to evolving global landscape. He emphasized their collective responsibility in steering the industry towards a technology-driven economic landscape and facilitating their integration in the global value chain. 

Underlining the importance of shared goals among CIAP members, the DTI chief stressed, “We can contribute further to Philippine economic development through a whole-of-government approach as we work towards a resilient and inclusive construction industry. Let's work together as we collectively envision the rise of Bagong Pilipinas.” 

The CIAP celebrates its 43rd founding anniversary by Presidential Decree No. 1746. In honor of this occasion, the anniversary program is themed "CIAP: 43 Years of Commitment, Integrity, Advancement, & Professionalism."