WHOLESALE PRICE growth of construction materials in Metro Manila accelerated in March to the highest level in five months, the Philippine Statistics Authority (PSA) said in a report.
Citing preliminary data, the PSA said the March construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) rose 0.2%, against the 0% rate logged in February. The year-earlier rise had been 0.8%.
This was the strongest reading since the 0.3% growth logged in October.
In the first quarter, the CMWPI averaged 0.1%, flowing from the year-earlier 1.1%.
Rischelle Alysha T. Legaspi, economist at Oikonomia Advisory and Research, Inc., expects slower annual growth due to the decline in construction permit approvals in January.
“Contractors are playing a ‘waiting game’ on these infrastructure projects; the demand for wholesale construction materials has not caused a significant price uptick yet,” she said in an e-mail.
The PSA reported that approved building permits fell 14.6% year on year to 12,526 in January. This was the largest annual drop since the PSA began tracking the indicator on a monthly basis in
The PSA said the acceleration in CMWPI growth during the period was led by the index of concrete products, which rose 0.6% in March from 0% in February. — Matthew Miguel L. Castillo
