PHILIPPINEREPORT

CONSTRUCTION MARKETQUARTERLY UPDATE

THIRD QUARTER 2015

PHILIPPINE REPORT

Third Quarter2015

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PROJECT FEATURE BHS SOUTH TOWER 1Bonifacio High Street (BHS) South Tower 1 or One Maridien is the first tower of High Street South Block, a 47, 418-sqm prime residential condominium district consisting of three blocks, stretching from 5th Avenue all the way to 11th Street. It is being developed by Alveo Land, a subsidiary of Ayala Land, Inc.

One Maridien is located at the central thoroughfare of High Street South Block. It features breathtaking views of the fronting central park, The Retail Promenade, and provides residents with the everyday sight of the gleaming skyline, making them feel connected to the bustling city beyond their doors. One Maridien will have 35 floors and a two level retail area below. It will also feature a main lobby, ground floor retail arcade, board room, gym, lounge, swimming pool with deck, play area, roof deck, and a bridge that connects to the Two Mariedien.

Rider Levett Bucknall Philippines, Inc. provided Quantity Surveying services to this condominium project.

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Third Quarter2015

MARKET SUMMARY THE PHILIPPINE ECONOMYPhilippine Economy Picks Up Speed in Q2 2015

After slowing down to 5 percent* in the first quarter of 2015, the economy of the Philippines is picking up its speed, posting a 5.6 percent Gross Domestic Product (GDP) growth in the second quarter of the year. However, the figure is lower than the 6.7 percent growth recorded in the same period in 2014.

The main driver of the second quarter GDP growth was the Services sector, which contributed 3.5 percentage points or 57.7 percent of the total GDP. Major contributors to the sector’s growth include Trade and Repair of Motor Vehicles, Real Estate, Renting, and Business Activities, and Other Services. The Industry sector also pushed the Q2 GDP upwards, with positive growths exhibited by Construction and Manufacturing. The Gross National Income (GNI) of the Philippines, on the other hand, grew by 5.0 percent versus the 6.9 percent

growth recorded in same period last year. Moreover, the decline in OFW deployment pulled down the country’s Net Primary Income (NPI) from the rest of the world to 2.2 percent. This is significantly lower than the 7.9 percent recorded last year.

For the first half of 2015, the Philippines’ GDP grew by 5.3 percent from 6.2 percent, while the GNI grew by 4.6 percent from 6.7 percent in the first semester of 2014.

With the Philippines’ projected population reaching about 101.4 million in the second quarter of the year, per capita GDP increased by 3.8 percent from 4.9 percent in the same period last year. Meanwhile, Per capita GNI grew by 3.3 percent versus 2014’s 5.1 percent and per capita Household Final Consumption Expenditure grew by 4.4 percent from 3.9 percent.

Data source: PSA

0.00.20.40.60.81.0

Gross Domestic ProductYear-on-Year Growth Rates, 2014 - 2015

PHILIPPINES IN FIGURESPopulation(accdg. to Q2 GDP Report) 101.4M

Inflation Rate (as of August 2015) 0.6%

Total Exports(as of July 2015) $ 5.33B

Total Imports(as of June 2015) $ 5.92B

Balance of Trade(as of June 2015) $ -554.79M

Employment Rate(as of July 2015) 93.5%

Unemployment Rate (as of July 2015)

6.5%

Underemployment Rate (as of July 2015)

21.0%

Labor Force Participation Rate(as of July 2015) 62.9%

* The first quarter GDP of the Philippines was revised to 5% from the previously reported 5.2% due to lower growth figures for public administration and defense; mining and quarrying; and agriculture, hunting, forestry, and fishing, according to the Philippine Statistics Authority.

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MARKET SUMMARY FOREIGN DIRECT INVESTMENTSTotal Approved FI in Q2 Slightly Increases

The construction industry continue to maintain its growth momentum, registering a 13.1 percent growth in the second quarter of the year versus its 10.5 percent growth in the same period in 2014.

Public construction, in particular, grew faster to 20.4 percent compared to

only 5.7 percent last year. This is due to increased government spending, specifically in public infrastructure.

On the other hand, public construction grew slower, recording a 10.2 percent growth in Q2 2015 versus its 12.5 percent growth in the same period last year.

Quarter Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15

Public 42,371 24,573 36,830 59,274 44,731 21,153 28,121 74,556 38,949 19,835 29,549 22,865 58,269

Private 87,726 111,484 111,024 246,889 106,840 116,574 126,858 238,835 120,412 134,882 159,440 123,849 132,514

GVA 88,642 89,576 96,014 88,850 103,908 89,479 99,419 89,625 105,342 100,162 119,849 94,432 128,588

0

50000

100000

150000

200000

250000

Gross Value Added in ConstructionQ2 2012 - Q2 2015At Constant 2000 Prices, In Million Pesos

Gross Value Added (GVA) refers to the total payment to factors of production, namely: wages, interest, profits and rents. It also includes capital consumption allowance and indirect taxes. It is also estimated by deducting from gross value of output the sum of non-factor cost such as raw materials and supplies, containers and packing materials, fuel, advertising and other non-industrial overhead cost.

Total foreign investments (FI) approved in the second quarter of 2015 amounted to PhP 36.2 billion, inching up by 0.5 percent from the PhP 36.0 billion recorded in the same period last year.

The Netherlands topped the list of the prospective

investment countries for Q2 2015 as it

intended to pour about PhP17.0 billion of investments in the country or 46.8 percent of the total FI commitments. Joining it in

the top three were Singapore

and Japan, which pledged PhP 8.4

billion or 23.2 percent and PhP 4.0 billion or 11.1 percent of the total approved FI, respectively.

Similar in the first quarter of 2015, the largest share of FI pledges during Q2 2015 remained to finance projects in the manufacturing sector after it received 21.8 billion or 60.2 percent of the total commitments. The figure is 17.6 percent higher versus the PhP 18.5 billion committed in the same period in 2014. Agriculture, forestry, and fishing came in second with FI pledges valued at PhP 5.1 billion or 14.2 percent share, followed by construction with PhP 2.6 billion or 7.2 percent share.

Meanwhile, real estate activities received investments pledges worth PhP 2 billion or 5.7 percent of the total FI commitments in the second quarter of 2015.

Total Approved FI by Country of InvestorSecond Quarter 2015

Netherlands 46.8%

Taiwan 1.2%

Singapore23.2%

Japan11.1%

BVI 3.2%

USA5.2%

South Korea4.2%

Switzerland 1.0% Others 4.2%

PHILIPPINE CONSTRUCTIONConstruction Industry Grows Faster in Q2 2015

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Third Quarter2015

MARKET SUMMARY PHILIPPINE CONSTRUCTIONNumber of Construction Projects Merely Grows

RLB|Rider Levett Bucknall

0

5000

10000

15000

20000

25000

Alterations and RepairsAdditionsNon-ResidentialResidential

23,817 24,543

3,567 3,9561,653 1,298

3,692 3,177

1st Qtr. 2014 = 32,729

1st Qtr. 2015 = 32,974

0 2000 4000 6000 8000 10000

Region X

Region VII

NCR

Region III

Region IV-A 9,150

3,530

2,720

2,669

2,359

Region IV-A (CALABARZON) led the regions in terms of the number of construction projects during the second quarter of 2015 with 9,150 or 27.7 percent of the total. Region III (Central Luzon) and National Capital Region (NCR) occupied the second and third spots with 3,530 or 10.7 percent and 2,720 or 8.2 percent, respectively.

Region VII (Central Visayas), which recorded the most number in the Visayas region, ranked fourth with 2,699 construction projects or 8.1 percent, while Region X (Northern Mindanao) ranked fifth with 2,359 or 7.2 percent of the total.

Number of Construction Projects by TypeSecond Quarter, Year 2014 and 2015

Top Five Regions With The Highest Number of Construction ProjectsSecond Quarter 2015

According to the preliminary data released by the Philippine Statistics Authority, the total number of constructions from approved building permits in the second quarter of 2015 totalled to 32,974, growing by 0.7 percent from the 32,729 constructions reported in the same period last year.

Residential-type buildings increased by 3.0 percent to 24,543 from 23,817 recorded during Q2 2014. The drivers of the growth in residential-type constructions include residential condominiums with 40.9 percent, apartment/accessoria with 13.4 percent, and single-type houses with 2.5 percent.

Number of non-residential constructions accelerated by 10.9 percent to 3,956 versus the 3,567 recorded last year. This increase was brought about by the two-digit growth in the construction of institutional-type buildings, which posted a 25.8 percent increase.

Additions to existing building structures, on the other hand, fell by 21.5 percent from 1,653 in Q2 2014 to 1,298 in the second quarter of the year. Similarly, alteration and repair of existing building structures plummeted by 13.9 percent from 3,692 last year to 3,177.

Data Source: PSA

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TENDER PRICE INDEX QUARTERLY INCREASE

CONSTRUCTION MARKET ACTIVITY

TENDERPRICE TRENDS

CITY HOUSES APARTMENTS OFFICES INDUSTRIAL RETAIL HOTEL CIVIL

Metro Manila/NCR

Cebu

Davao

Cagayan deOro

Trough Growth Zone

Mid Growth Zone

Peak Growth Zone Peak Decline Zone

Mid Decline Zone

Trough Decline Zone

QUARTER Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15

Increase 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.01% 0.01% 0.01%

0.00

0.01

0.02

DEC 2015SEP 2015JUN 2015MAR 2015DEC 2014SEP 2014JUN 2014MAR 2014DEC 2013SEP 2013JUN 2013MAR 2013

The RLB Construction Market Activity Cycle Wave Graph represents the theoretical “boom / bust” business cycle of the construction economy.

The chart below shows the levels of activity in each of the seven sectors of the construction industry within each RLB office in the country, in terms of the relative levels of activity within the coverage period.

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Third Quarter2015

METAL PRICES

COMMODITYPRICE TRENDS

US$

/Ton

neU

S$/T

onne

Data Source: World Bank Description: Crude Oil (petroleum), simple average of three spot prices; Dated Brent, West Texas Intermediate, and the Dubai Fateh, US Dollars per Barrel

Data Source: MEPS Description: Rebar (concrete reinforcing bars) (Japan) producers’ export contracts (3 to 12 months terms) fob mainly to Asia

METAL Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Copper 7,113 7,002 6,872 6,738 6,713 6,447 5,831 5,729 5,940 6,042 6,295 5,833

Aluminum 1,948 2,031 1,990 1,946 2,056 1,910 1,815 1,818 1,774 1,819 1,804 1,688

Steel 711 704 696 672 659 644 620 592 568 548 554 544

METAL Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Rebar 629 622 623 600 585 580 562 538 516 508 508 498

TYPE Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 April 15 May 15 Jun 15

Crude Oil 105.2 100.1 95.9 86.1 77.0 60.7 47.1 54.8 52.8 57.5 62.5 61.3

Data Source: World Bank and MEPS

US$

/Bar

rel

0

1000

2000

3000

4000

5000

6000

7000

8000

STEEL REINFORCEMENTS

400

500

600

700

800

CRUDE OIL PRICES

40

60

80

100

120

PHILIPPINE REPORT

Third Quarter2015

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MATERIALPRICE TRENDS

Retail Price Index of Selected Construction Materials in the National Capital Region

CURRENCYEXCHANGE RATES

MATERIALS Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Carpentry 152.2 152.9 153.1 153.3 153.2 154.0 154.2 154.2 155.1 154.6 154.6 155.1

Electrical 208.8 209.0 208.6 208.3 208.0 206.4 206.5 204.3 202.1 202.6 203.9 205.4

Masonry 185.5 181.1 181.1 195.5 189.7 192.6 193.2 190.1 188.0 188.7 188.8 188.4

Painting 184.1 184.6 184.1 184.6 184.4 184.6 184.0 184.2 184.3 184.4 185.3 185.6

Plumbing 163.8 164.5 164.4 164.7 164.6 165.3 165.8 166.4 163.6 164.3 164.2 164.7

Tinsmithry 145.2 145.9 146.1 144.9 145.2 144.8 145.6 145.9 145.8 145.5 143.7 145.0

Miscellaneous 290.6 294.5 289.7 292.1 287.6 289.6 286.3 283.9 275.2 273.8 273.7 270.9

CURRENCYUNITS PER USD

UNIT Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Philippine Peso ₱ 1 43.42 43.77 44.10 44.80 44.96 44.69 44.60 44.22 44.45 44.42 44.61 44.98

Singapore Dollar $ 1 1.24 1.25 1.26 1.27 1.30 1.32 1.34 1.35 1.38 1.35 1.33 1.35

U.K. Pound Sterling £ 1 1.70 1.67 1.63 1.61 1.58 1.56 1.51 1.53 1.50 1.49 1.55 1.56

Australian Dollar $ 1 0.94 0.93 0.91 0.88 0.87 0.83 0.81 0.78 0.77 0.77 0.79 0.77

Chinese Yuan ¥ 1 6.16 6.16 6.15 6.14 6.14 6.13 6.13 6.13 6.15 6.13 6.11 6.12

Japanese Yen ¥ 1 101.70 102.96 107.24 107.48 116.02 119.31 118.31 118.56 120.39 119.55 120.69 123.75

Malaysian Ringgit RM 1 3.18 3.18 3.22 3.27 3.34 3.48 3.59 3.59 3.68 3.64 3.60 3.74

Indonesian Rupiah IDR 1 11,677.41 11,712.45 11,899.38 12,126.19 12,155.06 12,438.29 12,582.89 12,749.88 13,066.82 12,948.05 13,138.00 13,313.24

Data Source: PSA

Data Source: IMF

100

150

200

250

300

Currency Exchange Rates of Selected Countries

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Third Quarter2015

CONSTRUCTIONPRICES

DEVELOPMENT TYPE Low High

OFFICE TOWERS

Prestige CBD PHP/m²

10 - 25 Storeys 33,100 37,400

25 - 40 Storeys 36,400 41,100

40 - 55 Storeys 41,000 46,000

Investment CBD PHP/m²

Up to 10 Storeys 26,700 31,000

10 - 25 Storeys 29,500 33,100

25 - 40 Storeys 32,500 36,500

HOTEL

Multi-Storey PHP/bedroom

Three Star 2.772 M 3.152 M

Four Star 3.062 M 3.553 M

Five Star 3.429 M 3.962 M

FF&E PHP/bedroom

Three Star 1.031 M 1.181 M

Four Star 1.551 M 1.801 M

Five Star 2.052 M 2.672 M

RETAIL / COMMERCIAL

General PHP/m²

Small Shops & Showrooms 21,300 24,000

Shopping Centres PHP/m²

Department Store 25,000 28,700

Malls 28,100 32,300

Speciality Shops 23,600 26,400

Supermarket 20,000 22,600

DEVELOPMENT TYPE Low High

RESIDENTIAL

General PHP/m²

Single and Double Storey 28,700 33,000

1 to 3 Storey Units 32,700 37,700

Townhouses 24,700 29,000

CONDOMINIUM PHP/m²

Up to 10 Storeys with lift 27,800 32,000

Over 10 and up to 20 Storey 33,100 36,500

Over 20 and up to 40 Storey 34,400 38,800

Over 40 and up to 80 Storey 35,600 41,000

HOSPITALS PHP/m²

45 - 60 m² floor area 26,500 30,600

55 - 80 m² floor area 38,600 44,500

Aged Care Single Storey 19,300 22,300

Aged Care Multi- Storey 29,000 33,400

INDUSTRIAL (6.00m to Underside of Truss 4,500m² floor area)

Metal Cladding 17,800 20,500

Pre Cast Concrete Cladding 18,200 21,000

CAR PARK PHP/m²

Open Deck; Multi- Storey 15,000 17,300

Basement; CBD 16,400 18,900

WORKSTATIONS PHP/Ea

Call Centre 37,200 42,700

Secretarial 53,000 61,100

Technical Staff 72,900 83,800

Executive 115,000 132,300

Notes

All Philippine Construction Prices stated herein are as at 2nd Quarter of 2015, which includes a general allowance for foundation and external works. The price ranges are indicative and due consideration should be given to the different specification, size, location and nature of each project when utilising this information. The prices here may not fully reflect the extent of current market forces and tendering conditions.

Exclusions

• Land cost • Legal and professional fees • Development charges • Authority fees • Finance costs • Loose furnitures, fittings, and works of art • Tenancy work • Site infrastructure work • Diversion of existing services • Green mark cost premiums • Resident site staff cost • Models and prototypes • Future cost escalation • Goods and Services Tax

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PROFESSIONAL SERVICESThe extensive range of professional consultancy provided by Rider Levett Bucknall covers the following core services:

A Quarterly Publication from Research and Development of:

Rider Levett Bucknall Philippines, Inc.

Main Office:Building 3, Corazon Clemeña Compound, #54 Danny Floro St.Bagong Ilog, Pasig City, 1600 PhilippinesT: +63 2 687 1075 / 470 0642F: +63 2 570 4025 E:rlb@ph.rlb.com; bizdev@ph.rlb.com

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QUANTITY SURVEYING

• Full Quantity Surveying from start of project to finish• Budgetary Estimates and Cost Estimate Preparation• Preparation of Priced Bills of Quantities• Bid Documentation, Bidding and Award of Contracts• Contract Documentation and Administration• Project Cost Control• Financial, Physical and Quality Audit of Construction• Contractual Advice• Contractual Claims Preparation and Adjudication• Dispute Management• Builders Quantities Preparation• Replacement Cost Estimates• Assistance in Arbitration, and/or Litigation• Secondment of Staff

PROJECT MANAGEMENT / CONSTRUCTION MANAGEMENT

• Project / Construction Management and Supervision• Value Engineering Services• Project Close-out Services• Quality Assurance and Quality Control (QA/QC) Services

Disclaimer: While Rider Levett Bucknall Philippines, Inc. has endeavoured to ensure the accuracy of the information and materials (the “Materials”) herein, it does not warrant its accuracy, adequacy, completeness or reasonableness and expressly disclaims liability for any errors in, or omissions therefrom. Rider Levett Bucknall Philippines, Inc. shall not be liable for any damages, loss or expense whatsoever arising out of or in connection with the use or reliance on the Materials. The Materials are provided for general information only. Professional advice should be obtained for your particular factual situation before making any decision. The Materials may not, in any medium, be reproduced, published, adapted, altered or otherwise used in whole or in part in any manner without the prior written consent of Rider Levett Bucknall Philippines, Inc.

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