November 24, 2021 | 00h00
MANILA, Philippines – Wholesale prices of building materials in Metro Manila continued to rise amid increased business activity as the alert level system in the capital was lowered, said the Philippine Statistics Authority (PSA).
The latest Building Materials Wholesale Price Index (CMWPI), which serves as a benchmark for costing government projects, edged up at a faster rate of 4.7% in October from 4.6% in September.
The faster increase in the index is still due to the return of demand in construction, as the government implements the more flexible alert level system in Metro Manila.
Last month, NCR was at Alert Level 3, allowing more business activities to start and resume.
For the CMWPI, the fuels and lubricants index recorded the largest increase at 33.3%, the highest of the year.
More rapid increases were also observed in the indices of the following product groups: reinforcing and structural steel, PVC pipes, concrete and cement products, hardware, lumber, steel doors, jambs and leaves, electrical work, plumbing fixtures and fittings and painting work.
Declines, on the other hand, were recorded in sand and gravel, plywood, galvanized sheet metal and tile works.
Stable growth product groups include glass products, asphalt and equipment rental.
The 2012-based CMWPI covers 101 items. The Market Basket includes selected building materials identified from nomenclatures provided by the Department of Public Works and Highways, the National Housing Authority, and the Subdivision and Housing Developers Association.