Preliminary data released by the PSA showed that there were 14,343 construction projects from approved building permits in July this year, 2.4 percent lower than the 14,689 recorded in the same month last year.
The value of construction projects also dropped by 14 percent to P41.21 billion in July this year from the previous year's P47.95 billion.
Residential projects accounted for 67.3 percent of the total construction projects in July.
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