Vol. XXII, No. 122 [ BusinessWorld Online ]
Thursday, January 22, 2009 | MANILA, PHILIPPINES
THE CONSTRUCTION industry continued to bear the high cost of materials, particularly steel products, as well as fuels and lubricants last December, data released yesterday by the National Statistics Office show.
Specifically, prices of construction materials in Metro Manila grew 20% last December, significantly faster than the 3.5% annual growth posted in the same month in 2007.
Steel products recorded the fastest year-on-year rise in prices last December, with cost of reinforcing steel and structural steel rising by 39% and 40%, respectively. Prices of fuels and lubricants grew 27%, compared to 19.5% in December 2007. Asphalt prices rose 20.7% from 20.6% in the same comparative months.
Other construction materials whose prices rose by double digit rates included hardware (17%), UPVC water pipes (12.2%), metal pipes (11.5%), as well as aluminum and other metal products (11.4%).
Compared to prices in November last year, prices of some construction materials were a bit cheaper, with fuels and lubricants declining by almost 15%, as well as electrical rough-in materials and interior electrical fixtures and devices by 0.5% and 0.1%, respectively.