Investments in total construction across the country amounted to Php 517.2 billion in 2012, 15.1 percent higher than its 2011 level of Php 449.4 billion.
Among the regions, Eastern Visayas posted the fastest growth in construction investments as the region turned around from a decline of
15.2 percent in 2011 to a staggering growth of 30.6 percent in 2012. Trailing behind were Zamboanga Peninsula, Western Visayas and Bicol Region which rebounded to 28.0 percent, 24.7 percent and 24.5 percent from 10.0 percent, 11.0 percent and 10.8 percent contraction, respectively. Meanwhile, Central Luzon and Northern Mindanao exhibited accelerated growths of 14.9 percent and 10.1 percent from 4.3 percent and 8.7 percent, respectively. The rest of the regions recorded turn-around growths in 2012 except ARMM, which declined by 10.2 percent from 73.9 percent in the previous year.
Investments in Construction is one of the components of Gross Fixed Capital Formation (GFCF) along with Durable Equipment (DE), Breeding Stocks, Orchard Development (BSOD) and Intellectual Property Products (IPP).
Relatedly, GDCF, composed of GFCF and Changes in Inventories, together with Household Final Consumption Expenditure (HFCE), Government Final Consumption Expenditure (GFCE) and Net Exports are expenditure items under the Philippines’ Gross Regional Domestic Expenditure (GRDE).
GRDE in 2012 was valued at Php 6,311.7 billion at constant 2000 prices,
6.8 percent higher than its 2011 level of Php 5,909.0 billion. GRDE is the sum of all final uses of goods and services in the regional economies during the year.
JOSE RAMON G. ALBERT