Top Factors Influencing the Price of Construction Materials in the Philippines
The price of construction materials in the Philippines has been on the rise, and many factors are at play. Whether you're a homeowner building your dream house or a contractor managing projects, understanding these factors can help you plan better. In this article, we’ll explore key reasons behind the fluctuating costs of materials like cement, steel, and lumber. 1. Inflation One of the biggest factors influencing the price of construction materials in the Philippines is inflation. When the value of money decreases, the cost of goods and services tends to increase. Construction materials are no exception. As inflation rises, the price of raw materials, transportation, and labor also goes up. This directly impacts the overall cost of building projects. How It Affects Your Project When inflation hits, expect higher quotes from hardware stores and suppliers across the country. This could mean spending more than originally planned, so it’s always a good idea to monitor inflation trend