Construction materials

The cost of building materials in MM continues to rise

Retail prices for building materials in Metro Manila hit a new 12-month high in May 2022, according to the Philippine Statistics Authority (PSA).

According to the Building Materials Retail Price Index (CMRPI), construction prices in the National Capital Region (NCR) rose 6.2% during the month in question.

This is, so far, the highest of the year, followed by April at 6.1% and the 4.8% recorded in March. In May of last year, the CMRPI was at 1.2%.

“The CMRPI is a variant of the General Retail Price Index (GRPI), which measures changes in the prices used by retailers to sell their goods to consumers and end-users relative to a reference year,” said PSA.

Four products drove the CMRPI higher: joinery materials, which rose 2.1% in May; masonry articles 3.9%; paint materials and related compounds, 4.1%; and tinsmiths, 8.3 per cent.

Joinery materials, according to PSA data, posted an increase of 0.6 percentage points from the 1.5% posted in April 2022, the same rate in May 2021.

Retail prices for masonry materials posted an increase of 0.6 percentage points from the 3.3% posted in April 2022, and 2.4 percentage points from the 1.5% posted in May 2021 .

Retail prices for paint materials rose 0.4 percentage points from 3.7% in April 2022 and 3.2 percentage points from 0.9% in May 2021.

For tinsmith retail prices, PSA data showed they rose 0.2 percentage points from the 8.1% posted in April and 6.5 percentage points from May last year. ‘last year.

“A slight annual increase in the miscellaneous building materials index slowed to 10.2% in May 2022, from 10.6% in April 2022,” PSA said. “The electrical materials and plumbing materials indices maintained their previous month’s rates of 4% and 7.9%, respectively.”

Earlier, the Subdivision and Housing Developers Association said it was meeting with major suppliers and producers of building materials and other inputs to help cushion the impact of soaring prices.

Efforts to encourage developers to build more budget housing units, despite the surge in building materials, include the recent increase in the ceiling price for the latter to 2.5 million pesos, which was signed by the Department of Human Settlements and Urban Development and the National Economic and Development Authority, or Neda.

The CMRPI consumer basket is made up of 102 products, and classified into seven major groups: carpentry, electricity, masonry, paint and related compounds, plumbing, tinsmithing and miscellaneous materials.

While the GRPI is calculated monthly and is released 36 days after the reference month, the CMRPI is available 15 days after the reference month.

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