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February 20,
2009
Pacific Summit to focus on Government Contracts
Faced with the threat of the biggest recession since the Great Depression , the current housing problem and real estate bust, as well as the deepening financial crisis throughout the globe, Pacific Summit is changing its focus to Government Contracts and Construction.
For the next few years, the housing and private sector is not expected to do well, however government agencies are forced to build infrastructures in order to pump prime the economy. And with the upcoming 2010 elections in the Philippines, the government is expected to release a stimulus package that will offset the negative growth of the residential construction and still have a surplus 10% growth for the whole construction industry. Paolo Antonio M. Cristobal, the CEO of the company said “we have profited very much from the housing boom for the past few years, however it is time for us to move to greater heights. We need to change our focus because of the changing environment.
Although the construction industry is currently on a scandal, the company is not disheartened. “We are tapping on our wide network and diverse experience in construction in order to acquire government contracts,” Paolo Antonio M. Cristobal also said. He also said that they are tapping consultants, law firms, and specialists to prevent scandals and anomalies faced by many construction companies nowadays.
Because of these changes the company is expected to grow 200 to 300% this year.
