MANILA, Philippines – Wholesale building material prices in Metro Manila continued to climb and hit their highest rate in more than a decade as the economy reopened further, the Philippine Authority said. statistics (PSA).
The latest Wholesale Building Materials Price Index (CMWPI), which is used as a benchmark in costing government projects, accelerated to 8.3% in May from 6.9% in April.
This is the highest rate since the 8.6% recorded in November 2011, ie in 10 and a half years. The index has also recovered since March this year.
The rise in the index is still due to the return of demand in construction activities, especially since Metro Manila has been under Alert Level 1 for more than a quarter now.
After Omicron’s push in February, the capital was placed under the most lenient quarantine classification and has been since.
However, a recovery in demand could be tempered if the slight increase in COVID cases over the past few weeks continues.
Among the components of the CMWPI, the fuels and lubricants index recorded the largest increase at 46.1%. The index has seen double-digit increases for 15 consecutive months now.
Faster increases were also seen in the indices for the following product groups: reinforcing and structural steel, sand and gravel, hardware, lumber, steel doors, jambs and frames, paintwork, plywood, galvanized sheet iron, tiles, glass products, and PVC pipes.
On the other hand, declines were recorded in concrete and cement products, electrical works and plumbing fixtures and fittings.
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.