CMWPI in NCR continued its upward trend in May 2022

The CMWPI in NCR rose further at an annual rate of 8.3 percent in May 2022. Its annual growth in April 2022 was posted at 6.9 percent and in May 2021 at 2.0 percent.

Higher double-digit annual growths were still recorded during the month in the indices of G.I. sheet, which rose further to 13.8 percent; reinforcing and structural steel, 15.7 percent; and fuels and lubricants at 46.1 percent.

Annual increments were also higher in the indices of the following commodity groups during the month:

a. Sand and gravel, 3.8 percent; b. Hardware, 5.2 percent; c. Plywood, 4.7 percent; d. Lumber, 4.2 percent; e. Glass and glass products, 1.6 percent f. Doors, jambs, and steel casement, 2.0 percent; g. Painting works, 5.0 percent; and h. PVC pipes, 10.3 percent.

In addition, the index of tileworks registered an annual increase of 0.1 percent during the month after exhibiting an annual decline of -0.4 percent in the previous month.

On the other hand, annual hikes slowed down in the indices of concrete products and cement at 4.6 percent; electrical works, 8.6 percent; and plumbing fixtures and accessories/waterworks, 7.1 percent.

The indices of asphalt, and machinery and equipment rental retained their zero percent annual growth during the month.

Source: PSA

Property prices sustain quarterly growth in Q1

Property prices sustained their growth momentum for three straight quarters, rising by 5.6 percent in the first three months this year amid the further reopening of the economy from strict COVID-19 quarantine and lockdown protocols.

The Bangko Sentral ng Pilipinas (BSP) said the Residential Real Estate Price Index (RREPI) increased to 139.6 in the first quarter from 132.2 in the same period last year.

In Q1 2022, the 5.6 percent YoY growth in the nationwide RREPI was mainly driven by the rise in the prices of townhouses, duplex housing units, and condominium units, increasing by 25.6 percent, 20.9 percent, and 14.7 percent, respectively. Conversely, prices of single-detached/attached houses contracted by 2.5 percent

“The year-on-year increase in the RREPI is consistent with the outcome of the Q1 2022 Consumer Expectations Survey, which showed a higher percentage of consumers preferring to buy real estate property in the first quarter of 2022,” the central bank said in a statement. The RREPI, launched in the first quarter of 2016, is used as an indicator for assessing the real estate and credit market conditions in the country.

But economists believe the growth will taper off in the coming months as the central bank’s Monetary Board steps up its tightening cycle to fight mounting inflationary pressures. The BSP started to tweak interest rates after it delivered a 25-basis-point rate hike last May 19, the first in more than three years or since November 2018.

According to the BSP, the increase in the nationwide RREPI in the first quarter was mainly driven by the rise in the prices of townhouses, duplex housing units and condominium units.

The index showed the prices of townhouses jumped by 25.6 percent to 197.4 from 157.2, followed by duplex housing units with 20.9 percent to 160.3 from 132.6, and condominium units with 14.7 percent to 187.2 from 163.2.

On the other hand, prices of single-detached/attached houses contracted by 2.5 percent to 112.7 in the first quarter of the year from 115.6 in the same quarter last year.

The BSP attributed the year-on-year pickup in nationwide housing prices to the 9.5 percent rise in residential property prices in the National Capital Region (NCR) to 156.4 in the first quarter of the year from 142.8 in the same quarter last year, driven by the increase in the prices of condominium units and townhouses that offset the decline in the prices of duplex as well as single detached or attached houses.

Likewise, the residential real estate prices in areas outside NCR grew by five percent to 133.8 from 127.4.

Source: Philstar

PH ranks 2nd happiest country in Southeast Asia in 2022

The Philippines is the second happiest country in Southeast Asia, according to the 2022 World Happiness Report.

The country ranked 60th out of 146 countries, a small improvement from 61st spot last year. The Philippines garnered a score of 5.904 this year.

The report published by the United Nations Sustainable Development Solutions Network showed Singapore topped Southeast Asian countries at 27th spot with a score of 6.480.

Other Southeast Asian countries in the list are: Thailand (61st), Malaysia (70th), Vietnam (77th), Indonesia (87th), Laos (95th) Cambodia (114th), and Myanmar (126th). Brunei, also part of the 10-member Association of Southeast Asian Nations, was not included

“The most remarkable change seen during COVID-19 has been the global upsurge in benevolence in 2021. This benevolence has provided notable support for the life evaluations of givers, receivers, and observers, who have been gratified to see their community’s readiness to reach out to help each other in times of need,” the report read.

“In every global region, there have been large increases in the proportion of people who give money to charity, help strangers, and do voluntary work in every global region," it said. The future of happiness will depend on the pandemic situation and the scale of military conflict, it added.

For the fifth straight year, Finland remains as the happiest country in the world with a score of 7.821. Meanwhile, Afghanistan is at the bottom of rankings with a score of 2.404.

The World Happiness Reports measures happiness “based on life evaluations as the more stable measure of the quality of people's lives.”

The happiness of each country can also be explained through different factors such as gross domestic product per capita, social support, healthy life expectancy, personal freedom, and perceptions of corruption.

WHR+22_Ch2

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Source: CNN Philippines and Worldhappiness.report