The country’s free trade agreements (FTAs) unlocked more windows of opportunities abroad for the Philippine construction industry.
Through the FTAs, the government has secured liberal arrangements in foreign markets for local construction services, according to the Department of Trade and Industry (DTI).
Trade Secretary Ramon Lopez said these liberal arrangements in the construction sector include 100-percent foreign equity participation in construction activities, such as general construction work for buildings and civil engineering.
“The Philippines participation in free trade agreements is providing an avenue to allow greater economic activity and job creation, especially with the construction industry,” Lopez said.
FTAs offer a more stable, predictable, and fair environment for Filipino businesses and investments, including those in the construction and related engineering sector,” Lopez said.