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Manila Bulletin devider Business devider PH factory output growth rise in July

PH factory output growth rise in July

Published Sep 7, 2023 02:55 am

At A Glance

  • Preliminary results of the PSA's Monthly Integrated Survey of Selected Industries (MISSI) showed a 5.7 percent growth in the Volume of Production Index (VoPI) in July, surpassing the previous month's increase of 3.4 percent.<br>The VoPI growth in July was higher compared to the 3.6 percent contraction recorded a year earlier.<br>The manufacture of beverages, coke and refined petroleum products, and food products were the top three divisions that contributed significantly to the annual increase in manufacturing output.<br>The Value of Production Index (VaPI) registered a growth rate of 5.7 percent in July, higher than the previous month's 4.2 percent but lower than July 2022's 12.1 percent.<br>Twelve industry divisions posted decreases in their production, with the manufacture of furniture showing the largest annual decline of -25.7 percent.<br>The year-on-year volume of net sales declined by -2.1 percent, while the value increase improved.

The Philippine Statistics Authority (PSA) reported a substantial rise in the production rate of goods in the country's factories in July propelled by a significant increase in beverage output.

Preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries (MISSI) showed the Volume of Production Index (VoPI) posted a 5.7 percent growth in July, up from 3.4 percent in the previous month.

This reading was also higher compared to the 3.6 percent contraction posted a year earlier.

The MISSI is a regular survey conducted by the PSA to gather information on how different industries in the country are performing in terms of production, sales, inventories, and jobs on a monthly basis.

PSA data showed that the top three divisions that significantly contributed to the annual increase in manufacturing output were the manufacture of beverages, which recorded a substantial growth rate of 12.6 percent.

This was followed by coke and refined petroleum products, which saw a growth rate of 36.2 percent, and food products with a growth rate of 1.2 percent.

In contrast, 13 industry divisions posted annual decreases with the manufacture of furniture exhibiting the fastest annual drop of -27.7 percent.

According to the PSA, 27.8 percent of the manufacturing firms surveyed operated at full capacity while 8.3 percent of the respondents operated below 50 percent.

Meanwhile, the Value of Production Index (VaPI) also registered a faster growth rate of 5.7 percent in July this year from 4.2 percent in the previous month, but lower than 12.1 percent in July 2022.

This was mainly due to the manufacture of beverages industry division, which registered a 22.6 percent increase in July from -2.7 percent in June.

Also cited as main contributors to the higher VaPI growth in July were the increase in coke and refined petroleum products at 26.6 percent, and food products at 3.1 percent.

On the other hand, 12 industry divisions posted decrements in their production with manufacture of furniture registering the fastest annual decline of -25.7 percent.

Volume of net sales year-on-year declined to -2.1 percent, while the rise in value improved topercent. (Xander Dave G. Ceballos)

Related Tags

Philippine Statistics Authority (PSA) factory output Monthly Integrated Survey of Selected Industries
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