Factory output growth slows in Sept.

Factory output sustained its positive annual growth, but at a much slower pace in September this year, the Philippine Statistics Authority (PSA) reported on Tuesday, Nov. 8.

In its Monthly Integrated Survey of Selected Industries (MISSI), the PSA said the country's volume of production index (VoPI) grew 2.4 percent in September, down from 4.4 percent in the previous month.

The index growth also weakened compared with 124.3 percent posted in the same period last year.

The expansion in VoPI was brought about by the positive growth rates of 13 out of 22 industry divisions.

Of these, manufacture of machinery and equipment except electrical was the major contributing factor with 90 percent annual growth rate.

On the contrary, nine industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of -54.7 percent.

According to the PSA, only one-fifth percent of the manufacturing firms surveyed operated at full capacity in September.

About 22 percent of the establishments operated at 90 percent to 100 percent capacity and 38.9 percent of the respondents operated below 70 percent.

Meanwhile, the value of production index (VaPI) during the month also increased at a much slower rate as it posted a 10 percent jump last September from 11.8 percent in the previous month.

Fifteen major sectors reported positive growth rates in September, led by manufacture of machinery and equipment except electrical at an annual growth rate of 86.3 percent

On the other hand, remaining seven industry divisions posted decrements in their production with manufacture of electrical equipment registering the fastest annual decline of -53.5 percent.

Volume of net sales year-on-year rose to 14.6 percent, while the rise in value improved to 23 percent.