| The Philippines has released 2009 annual data for the | | | | with Metropolitan Bank & Trust (Metrobank). |
| construction industry, illustrating that the country's | | | | Also in the energy sector this quarter, was news |
| construction industry weathered the economic storm | | | | that the Philippines might finally get nuclear electricity |
| quite well. Construction industry real growth for the | | | | generated within its borders. Korea South East Power |
| year came in at 5.8% year-on-year (y-o-y), to reach | | | | Company (Kepco) and an unnamed French company |
| a value of PHP378.67bn (US$8.21bn). Although this | | | | expressed interest in building a nuclear power plant in |
| does represent a slow down from 2008 growth | | | | the country in February 2010. The plans include |
| levels, of 7.8%, it is strong growth considering the | | | | construction of a 600 megawatt (MW) - 800MW |
| economic climate. | | | | power plant which could be completed by 2025. The |
| In 2010, we are expecting growth to return to 2008 | | | | Philippines already has a nuclear power plant which |
| levels. One key area driving growth will be renewable | | | | was completed in 1984; however, it was mothballed |
| energy. With the government's Renewable Energy | | | | before even being commissioned due to a number of |
| Act (passed in December 2008) the Philippines | | | | safety concerns. Both types of investment will help |
| renewable energy sector has become very attractive | | | | to ease the crippling power shortages that have |
| to investors. The area has been identified as a | | | | been plaguing the Philippines for some time. |
| growth opportunity by a number of domestic banks | | | | In the transport sector, a joint venture of Metro |
| as well. Banco de Oro (BDO) is the latest Philippine | | | | Pacific Investment Corporation and Harbour Centre |
| bank to team up with the International Finance | | | | Port Terminal Inc signed a contract for a concession |
| Corporation (IFC), which will provide the bank with | | | | to operate the Manila North Harbour. The company |
| advise on financing renewable energy projects. The | | | | will invest US$311mn to modernise and expand the |
| agreement follows a similar one between IFC and | | | | port and will operate it for 25 years. |
| Bank of the Philippine Islands (BPI), and before that | | | | |