MANILA - The building and construction boom has led to a lot of challenges for construction firms, two construction industry stakeholders admitted on Monday.
Prices of construction materials have gone up while skilled manpower has become harder to come by as both the government and the private sector embark on massive projects, they said.
Gerry Pancho, president of CM Pancho Construction Inc., said firms are coping with manpower issues by training their own personnel.
"Hopefully by next year, we will be able to make some adjustments regarding the manpower supply," Pancho said in an interview with ANC's Market Edge.
Barry Paulino, executive director of the Philippine Construction Association, said that they welcome the government's efforts to loosen restrictions on the equity of foreign firms in the building sector.
However, Paulino also noted there are still a lot of local contractors who can take part in the government's massive infrastructure projects but are hesitant to do so because of the low prices of these contracts.
"We really need to modify the pricing structure of the projects so that we can also participate in the major projects of the government," Paulino said.
Philconstruct, one of the country's biggest construction trade events, will hold its 29th edition at both the SMX Convention and World Trade Centers in Manila from November 8-11.