Construction input costs in Metro Manila are climbing faster, and mason contractors are feeling it in real time.
The Philippine Statistics Authority (PSA) reported that the Construction Material Retail Price Index (CMRPI) in the National Capital Region rose 2.1% in July, up from 1.8% in June. PSA data showed July’s increase was the biggest since a 2.6% rise in May 2023, and it was also higher than the 1% uptick recorded in July last year.
From January through July, the average CMRPI growth rate stood at 1.6%, according to PSA.
PSA said the higher July reading was driven mainly by painting materials and related compounds, which increased 2.7% in July from 2.3% the month before. Several other categories also accelerated, including electrical materials (1.9% from 1.7%), plumbing materials (0.9% from 0.7%), tinsmithry materials (3.1% from 3%), and miscellaneous construction materials (1.8% from 1.5%).
For masonry-focused scopes, the key line item was masonry materials, which rose 2.4% in July from 2.3% in June.
Rizal Commercial Banking Corp. chief economist Michael Ricafort linked the faster price increases to the Middle East conflict that began in February, pointing to higher crude oil prices and knock-on effects on exchange rates and import prices. He also said government catch-up infrastructure spending is expected to influence demand and pricing in the months ahead.
For mason contractors bidding work in this environment, it’s a reminder to tighten up material takeoffs, confirm quote validity periods with suppliers, and align buyout timing with project schedules so price changes do not land on the wrong side of a fixed bid.
Read the full, original article from Philstar.com here.