The Philippine Statistics Office (PSA) announced earlier this week that building permit approvals rose by 114% year-on-year to 38,389 in the second quarter.
According to PSA, the value of private construction reached Php84.36 billion in the second quarter of 2021 as compared to the Php28.66 billion in the same period in 2020.
Of the total value of private constructions, residential building construction accounted for 51.9% valued at Php43.79 billion, which is a 209.5% increase from last year’s Php14.15 billion in the same quarter.
On the other hand, non-residential projects amounted to Php32.83 billion which accounted for 38.9% of the total value of constructions this quarter. Non-residential buildings include commercial and industrial buildings.
Source: Business Mirror
