The local manufacturing sector improved for five consecutive months last August on strong production in sugary beverage and refined petroleum products, the Philippine Statistics Authority (PSA) reported.
In its Monthly Integrated Survey of Selected Industries (MISSI), the PSA said on Thursday, Oct. 7, the country's volume of production index (VoPI) went up by 534.6 percent in August. The index slid 82.2 percent in the same period last year.
On a month-on-month basis, VoPI however posted a slowdown from a 539.7 growth last July.
Sixteen industry divisions contributed to the positive growth of VoPI in August, of which the fastest growth was reported in the manufacture of coke and refined petroleum products at 3,801 percent.
Six industries recorded decrements with manufacture of tobacco products registering the fastest annual decline of -53.8 percent.
The PSA said more than one-fifth of the 481 manufacturing firms surveyed operated at 90 percent to full capacity in August. Meanwhile, 36.6 percent operated at 70 percent to 89 percent capacity, while 41.2 percent operated below 70 percent capacity.
The value of production index (VaPI) during the period also increased 523.3 percent in August but at a much slower pace from 528.7 percent in the previous month. In August 2020, the index contracted 83.1 percent.
The significant expansion in VaPI for manufacturing sector in August was due to the increases in 14 out of 22 industry divisions.
The fastest growth rate was reported in manufacture of coke and refined petroleum products at 4,388.7 percent. The remaining eight industry divisions recorded decreases, with manufacture of tobacco products registering the fastest annual decline of -53.8 percent.