Construction Contracts Yield $25 M, Up 13%
Byline: BERNIE CAHILESa"MAGKILAT
Foreign exchange earnings from overseas construction went up by 13.3 percent last year as the Philippines won 10 additional construction service contracts last year, the Construction Industry Authority of the Philippines (CIAP) reported.
The CIAP, the export construction industry arm of the Department of Trade and Industry, said that foreign exchange earnings from overseas construction reached $22.09 million in 2004 to US$25.02 million in 2005 due to 10 service contracts awarded to CIAP last year.
The 10 service contracts were able to employ 1,530 Filipino construction workers.
Trade Secretary Peter B. Favila cited the accomplishment as proof that the countryas export construction industry is driven by Filipino ingenuity that is widely competitive.
"Through this we are able to capture the demands of the international market. Its gains are instrumental in driving our country towards globalization and economic growth," he said.
Favila cited domestic contractors for their specialty in a wide array of fields such as …
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Publication information: Article title: Construction Contracts Yield $25 M, Up 13%. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: March 8, 2006. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2006 Gale Group.