DAVAO CITY, Philippines – A favorable investment climate in Mindanao is seen to bolster growth for the Philippine construction industry as the island region sees five to 6.3 percent of growth this year, the socio-economic planning agency of the region said.

According to the Mindanao Development Authority (MinDA), the growth would largely come from construction, agro-industries, and manufacturing.

MinDA Secretary Luwalhati R. Antonino said the total amount for the new private building construction in Mindanao reached P18.65 billion in 2010, up from P16.6 billion in 2009.

Region 11 took the highest share at 46 percent with P8.59 billion.

“As we anticipate improvement in foreign direct investments and with the recent move of the government to accelerate spending to enhance services delivery and pump prime the economy, there is much to expect in terms of construction development, especially here in Mindanao,” Antonino said.

A bullish growth for the Philippine construction industry is expected this year with the projected influx of foreign direct investments and expansion of local industries across the country particularly in Mindanao.