It’s no secret that cement pumping is a big business in the country.
But while the industry generates millions of pesos ($8.6 billion) in annual revenue, the government has a much harder time finding the money to pay for it.
In 2015, President Rodrigo Duterte declared a new national emergency to tackle the issue, and in April this year, the Philippine Institute of Commerce and Industry, or PICI, released its report showing that cement prices have fallen to the lowest levels in the world.
PICJ said that, in 2016, the cost of cement in the city of Quezon City fell to 1,093 pesos (roughly $1.85), while the cost in the capital city of Manila fell to 935 pesos in the first half of this year.
The Philippine Institute for Economic Studies, a non-profit organization based in Manila, said that the Philippine cement industry had suffered a 50% drop in the value of its stocks since the start of this crisis.
Meanwhile, the Philippines’ economy has also taken a hit from the economic crisis.
According to a new report by the National Bureau of Statistics, the country’s gross domestic product contracted by 0.4% in the second quarter of this fiscal year.
While the economy grew at a 5.4%-per-year rate, the economy is forecast to shrink by 0% in 2019 and by 4.5% in 2020, according to the National Economic and Development Authority.
With a population of more than one million, Manila is home to more than 100 million people, and many of them have been left without adequate basic services in the wake of the government’s declared emergency.
As the country braces for another year of economic crisis, it is a rare occurrence for the country to see a cement shortage.
“We have seen a decrease in the number of cement pumps across the country and they are not working,” said Luis Avila, a senior policy analyst at the Center for International Governance Innovation.
“If we have the ability to get cement, it’s a great opportunity for us.
The country is also getting cheaper cement.”
The Philippines’ cement supply is controlled by two major cement corporations, the Aquino Group and the Mactan Group, both based in Davao City.
Both companies have been grappling with problems with quality control, with Aquino’s recent scandal involving falsifying records being just the latest example of problems.
Aquino has been accused of misleading the public and investors, and Mactans recent record breaking price hike, according the International Finance Corporation (IFC), was a result of the company’s inflated costs.
For the last several years, Aquino, whose company is controlled largely by Chinese investors, has been facing growing complaints from its shareholders about the company and its practices.
The Aquino group is also one of the biggest buyers of Philippine cement, according Toelaco, a cement supplier company based in Quezon.
The company has a long history of corruption, and has had to pay out tens of millions of dollars in fines for the past three decades.
According the IFC, Aquinos price hikes in recent years have been driven by “corrupt and predatory” deals with Chinese companies that included a controversial deal for a deal that could see the company acquire a majority stake in the Makati Industrial Park.
Aquino said the Makatec deal was a joint venture between the company that owns the industrial park and Mascara cement company.
The Makatecs deal was an agreement to acquire a 35% stake in Makati, and the remaining 20% would be owned by Mascaras company.
In an interview with the IFP, Aquinas CEO Jorge San Jose denied the allegations of corruption against the Makates company.
“I can confirm that the Makatingo agreement was never signed, but I can assure you that the Aquinos cement contract was never consummated,” San Jose said.
While the Aquinas deal has caused some tensions in the industry, the Mascaronas deal has been the most controversial one for a number of reasons.
The Makatecers deal with Mascarmas could have led to a monopoly of cement production, which would be in the hands of the Aquines cement company, but Mascarras was able to get a better deal from the Aquinares cement company in exchange for a 40% stake.
Mascarmos deal with Aquinas could also have allowed it to expand its presence in the Philippine market, according some analysts.
“The Mascamaras deal with the Aquinis cement company may have been beneficial to the Aquinias cement company as it will be a cheaper option for them to produce cement,” said Joseph Santos, managing director of Mascarecco Consulting in Manila.
“However, the Makarecas deal is also the most problematic in terms of the corruption allegations. Makare