Price growth of bulk construction materials in the National Capital Region (NCR) steadied in December, the Philippine Statistics Authority (PSA) reported on Thursday.
Data from the PSA showed the construction materials wholesale price index (CMWPI) in NCR went up by 0.8% year on year in December, matching the pace in November. However, 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 based 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.
According to the PSA, the easing in the average growth rate of the CMWPI in 2025 was driven by the downtrend in 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 year earlier.
Michael L. Ricafort, chief economist of Rizal Commercial Banking Corp., partly attributed the faster wholesale price growth of building materials in December 2025, compared to a year 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 since 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 increase amid the series of rate cuts by the Fed and the central bank which reduced financing costs, increasing demand for loans to finance new investments and expansion projects. — Isa Jane D. Acabal