Construction firm expands in Vismin
A Cebu-based construction firm has committed to help in the recovery efforts of both public and private sectors by expanding its services and presence in Visayas and Mindanao.
AVC Development and Construction Corporation, operated by a group of young engineers, is riding on the robust growth of real estate sector by investing on expanding reach and skills specialties providing developers and project owners the convenience.
Engineers Vincent Paul Barrica Gello-ani, Albert Albior Pazon and Leysur Edward Martinez Chu, started their company as a sub-contractor for big construction firms in 2012. Before long, the college buddies established their own firm capitalizing on the promising construction industry in Cebu and the rest of Southern Philippines.
AVC Development and Construction Corporation made its breakthrough after contracting a P300 million project, which served as the firm’s engine to partake in the dynamic industry even during the pandemic, said Gello-ani, the company’s president.
In fact, in the span of the two-year COVID-19 regime, the company built 10 projects benefiting over 500 direct and indirect workers from only 20 construction workers when they started in 2012.
With the economy rushing up for recovery, the three builders committed to invest more and now expanding their expertise to build high-rise buildings as well as other auxiliary services in construction.
Since they started, the company built over a hundred projects spanning from Cebu, Cagayan de Oro, Tacloban City. Part of their expansion moving forward, is intensifying presence in Iloilo City, Bacolod City and Bohol.
Today, the company is handling 14 projects spread in Visayas and Mindanao.
They said their company’s aggressive move is not to compete with giant construction firms, but to augment the fast growing demand for similar services. Besides, “we still have to prove ourselves” by building a strong and quality portfolio.
Based on Research and Markets outlook, the Philippine construction industry is projected to register growth of 14.9 percent in 2022 and then expand by an annual average rate of 7.8 percent over the remainder of the forecast period (2023-2025).
Government programs promoting the development of affordable housing, transport and renewable energy infrastructure are expected to continue to support the expansion of the industry in the coming years.
In October 2020, the House of Representatives approved the PHP4.5 trillion (US$86.4 billion) national budget for 2021, equivalent to 21.8 percent of GDP - a budget 9.9 percent higher than last year’s budget of PHP4.1 trillion (US$79.2 billion).
Support will also be provided by the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which took effect in January, 2021; the scheme will run until 30th June, 2023. CREATE will reduce a corporate income tax from 30 percent to 25 percent and is hoped to bolster increased foreign investment.