Approved building permits fall 8.5% in July

Approved building permits declined 8.5% year on year in July as residential construction projects slumped, the Philippine Statistics Authority (PSA) reported.

Preliminary data showed building projects covered by the permits numbered 15, 395 in July from 16,821 a year earlier.

This was a turnaround from the 12.3% growth in July 2024 and the revised 14.9% expansion in June.

For that month, constructions projects covered 3.47 million square meters (sq.m) of floor area, slipping 2.1% year on year from 3.54 million sq.m.

These building projects that received approval were valued at P44.54 billion, 7.5% lower than a year earlier when it reached P48.16 billion.

Permits for residential projects, which accounted for 66% of the total, declined 8.5% to 10,157 in July.

These projects were valued at P19.77 billion, against the P19.74 billion a year earlier.

Single homes made up 79.1% of the residential category with approved permits declining 10.9% to 8,034.

Applications for apartment buildings rose by 2.5% to 1,957 while applications for duplex or quadruplex homes contracted by 3.1% at 155.

On the other hand, nonresidential projects tallied 3,205 approvals in July, decreasing 8.8% from a year earlier.

Nonresidential permits were valued at P19.84 billion, down 16.6% from P23.78 billion a year earlier.

Approved commercial construction permits numbered 2,150, down 11.3%.

Permits for additions — construction that increases the height or area of an existing building — dropped 16% to 429 in July, while alteration and repair permits totaled 1,133, down 15%.

Industrial permits rose 27.4% to 302, while institutional projects fell 12.1% to 582 approvals.

Agricultural projects totaled 89 approvals, down 19.1%, while other nonresidential works reached 82 building permit approvals, down 2.4%.

Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) had the most approved construction projects for that month accounting for 21.8% of the total with 3,350 permits.

This was followed by Central Luzon (17.5% share with 2,697 permits), and Central Visayas (7.9% share with 1,210 permits).

By value, Calabarzon cornered P8.96 billion worth of construction projects, followed by the National Capital Region (P7.82 billion), and Central Luzon (P6.61 billion).

The PSA said construction statistics are compiled from the copies of original application forms of approved building permits as well as from demolition and fencing permits collected monthly by the agency’s field personnel from the offices of local building officials nationwide.

Source: Business World

PH unemployment at 3-year high

The country's labor market worsened in July following the series of typhoons that struck the country, the Philippine Statistics Authority (PSA) reported on Wednesday.

The country’s unemployment rate was recorded at 5.3 percent, up from 4.1 percent and 3.7 percent a month and year earlier. This is the highest recorded jobless rate since June 2022 at 6.0 percent.

source: PSA

This translates to 2.59 million unemployed Filipinos, higher than the 1.95 million and 2.38 million recorded in June and July 2024.

Meanwhile, underemployment — which counts those looking for more work or an extra job — rose to 14.8 percent, up from 11.4 percent in June. It is also higher than the 12.1 percent recorded a year ago.

The number of underemployed individuals stood at 6.80 million. These are workers who expressed a desire for additional hours in their current job, an additional job, or a new job with longer hours.

Employment rate, meanwhile, dropped to 94.7 percent, lower than the 96.3 percent and 95.3 percent recorded a month and year earlier. The number of individuals with jobs reached 46.05 million.

The country’s Labor Force Participation Rate (LFPR) in April was registered at 60.7, markedly lower than the 65.7 percent in June and 63.5 percent in July 2024.

Source: Manila Times

Philippine inflation quickens to 1.5% in August

Headline inflation picked up to 1.5% in August, driven by higher food, electricity and fuel prices, the Philippine Statistics Authority (PSA) reported on Friday.

Last month’s consumer price index (CPI) was faster than the 0.9% in July but slower than the 3.3% logged a year ago.

The August print fell within the central bank’s 1%-1.8% forecast for the month.

August also marked the sixth month in a row that inflation settled below the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.

For the first eight months, headline inflation averaged 1.7%, on par with the BSP’s 1.7% target for 2025.

Meanwhile, core inflation, which excludes volatile prices of food and fuel, quickened to 2.7% from 2.3% in July and 2.6% last year. It averaged 2.4% in the January-August period.

The heavily weighted food and nonalcoholic beverages were the primary driver of faster inflation during the month, National Statistician Claire Dennis S. Mapa said

Source: Business World