Philippines: Prices of construction materials ease in July

MANILA, Philippines — Increases in wholesale prices of construction materials in the National Capital Region (NCR) eased in July, as six commodity groups registered slower upticks.

The Philippine Statistics Authority (PSA) said the annual increase of the Construction Materials Wholesale Price Index (CMWPI) in NCR eased to 8.7 percent in July from 8.9 percent in June.

PSA said the 8.9 percent annual uptick in June was the highest seen since October 2008.

The annual growth in CMWPI in July, however, was higher compared to the 2.3 percent annual increase in the same month last year.

“The lower annual growth in CMWPI was primarily brought about by the downtrend in reinforcing and structural steel at 14.9 percent in July 2022,” PSA said.

In addition, slower annual increases were seen in the following commodity groups in July: plywood; G.I. sheet; electrical works; PVC pipes; and fuels and lubricants.

On the other hand, the following posted higher annual increments: sand and gravel; concrete products and cement; hardware; lumber; tileworks; doors, jambs, and steel casement; plumbing fixtures and accessories/waterworks; and painting works.

PSA said glass and glass products maintained its previous month’s annual growth rate of 1.6 percent in July.

As for the indexes of asphalt, and machinery and equipment rental, PSA said these retained their zero percent annual growth during the month.

The CMWPI, which is one of the economic indicators designed to measure changes in the average wholesale prices of selected building materials, uses 2012 as its base year.

Covering 101 items, the CMWPI market basket includes construction materials identified from the construction projects, with accompanying bills of materials provided by the Department of Public Works and Highways, National Housing Authority, and Subdivision and Housing Developers Association.