Price growth of bulk construction materials within the National Capital Region (NCR) steadied in December, the Philippine Statistics Authority (PSA) reported on Thursday.
Data from the PSA showed the development materials wholesale price index (CMWPI) in NCR went up by 0.8% 12 months on 12 months in December, matching the pace in November. Nonetheless, it was higher than the 0.2% annual growth posted in December 2024.
In 2025, the CMWPI growth average slowed to 0.1% from 0.6% in 2024.
The CMWPI is predicated on constant 2018 prices.
The PSA noted faster annual growths in sand and gravel at 0.2% in December from 0.1% in November, painting works (0.6% from 0.4%), and plywood (0.3% from -0.1%).
Slower year-on-year declines were seen in structural steel (-3% from -3.2%) and metal products (-0.7% from -0.8%).
Meanwhile, annual growths slowed in concrete products (2.4% from 2.5%), lumber (0.2% from 0.4%), G.I. sheet (0.1% from 0.2%), and tileworks (3.4% from 3.5%).
The indices of cement and glass and glass products saw steeper year-on-year declines at -1.5% from -1.4% and -0.2% from -0.1%, respectively.
In line with the PSA, the easing in the typical growth rate of the CMWPI in 2025 was driven by the downtrend within the year-on-year average growths of 12 out of the 20 commodity groups.
This was led by the structural steel subindex which declined 2% from the 0.9% growth a 12 months earlier.
Michael L. Ricafort, chief economist of Rizal Business Banking Corp., partly attributed the faster wholesale price growth of constructing materials in December 2025, in comparison with a 12 months ago, to the “higher US dollar/peso exchange rate in recent months that increased importation costs for some construction materials with imported components.”
He also noted that weather-related disruptions reduced working days and construction activities in 2025, but was offset by the reconstruction of damaged homes, businesses, and infrastructure.
“The relatively slower [annual average] growth in construction materials wholesale prices could also reflect some slowdown in government spending especially on infrastructure, in view of the anti-corruption narrative/measures because the SONA on July 28, 2025 amid political noises related to the anomalous flood control projects,” he added.
Moving forward, Mr. Ricafort expects demand for construction materials to extend amid the series of rate cuts by the Fed and the central bank which reduced financing costs, increasing demand for loans to finance latest investments and expansion projects. — Isa Jane D. Acabal