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Louise Maureen Simeon – The Filipino Star

February 6, 2022 | 00:00

MANILA, Philippines — Wholesale building material prices in Metro Manila surged in 2021 after the country’s economy reopened amid the pandemic, the Philippine Statistics Authority (PSA) said.

The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a benchmark in costing government projects, rose to 3.2% in 2021 from 1.2% in 2020.

The faster increase in the index for the whole of 2021 is due to the continued return of demand in construction as the government has introduced looser mobility restrictions in the capital.

For CMWPI, the fuels and lubricants index recorded the largest increase at 18.1% after nine consecutive months of double-digit increases.

Faster increases were also seen in the indices for the following product groups: reinforcing and structural steel, concrete and cement products, steel doors, jambs and frames, electrical work, sand and gravel, plywood, galvanized iron, glass products and painting works .

On the other hand, declines were recorded in tiles, hardware, lumber, plumbing fixtures and fittings and PVC pipes.

Stable growth commodity groups include asphalt and equipment rental.

The CMWPI based on 2012 covers 101 items. The consumer basket includes a selection of building materials identified from schedules provided by the Department of Public Works and Highways, the National Housing Authority and the Subdivision and Housing Developers Association.