Price growth of building materials in the wholesale level in Metro Manila rose in February, the highest in over two years, driven by slower yearly decrease in the structural steel index, the Philippine Statistics Authority (PSA) reported on Thursday.
Preliminary data from the PSA showed the construction materials wholesale price index (CMWPI) in National Capital Region (NCR) increased to 1% in February from 0.0% in the same month in 2025. This was also higher than the 0.9% growth posted in January.
The February figure marked the fastest pace in over two years or since the 1.5% uptick in January 2024.
Year to date, CMWPI averaged 0.9% from the 0.0% during the same period in 2025.
The CMWPI is based on constant 2018 prices.
“The rise in construction material prices reflects normalizing costs, driven by higher energy and logistics expenses and steadier construction demand,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.
“Steel prices are declining more slowly as global prices and power costs firm up,” he added.
The PSA said that the uptrend in the annual growth rate of the CMWPI was mainly caused by the slower annual decrease in the index of structural steel at 1.1% in February from the 1.7% drop in January, and the 1.5% decrease last year.
Slower annual decreases were also seen in the indices of metal products (-0.5% in February from -0.6% in January) and electrical works (-0.1% from -0.2%).
On the other hand, year-on-year growth in the wholesale price of painting works index inched up to 0.8% from 0.6% in the previous month.
Meanwhile, yearly growths slowed in tileworks (2.8%in February from 3% in January) and fuels and lubricants (0.2% from 0.4%).
The indices of sand and gravel and hardware saw flat annual rates in February, from their respective 0.1% growths a month ago.
Steeper declines were recorded in the indices of cement (-2.3% in February from -1.7% in January), plywood (-0.2% from -0.1%), lumber (-0.3% from -0.2%), and reinforcing steel (-0.9% from -0.7%).
The indices of other commodity groups steadied in February from their respective annual rates in the previous month.
Mr. Ravelas expects mild and manageable rise in the wholesale price growth of construction materials moving forward “so builders should budget prudently but stay flexible. — Isa Jane D. Acabal
