They also appealed to the government to monitor the situation to ensure there are no profiteering or anti-competitive practices in the construction industry supply chain and to step in with enforcement when necessary.
“The variation of price clause in contracts for government projects needs to be extended for at least 12 more months, as we expect price volatility to remain beyond Dec 31 this year. “If left unattended, the matter would be prolonged and this can easily lead to loss-making projects and a cash flow crunch.
“With such huge numbers undertaken by the private sector, it is imperative to give the same priority accorded to other sectors to the building and construction sector, otherwise efforts towards economic recovery would be derailed prematurely,” the statement read.
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