The volume of production index (VoPI) increased by 1.9% in November, surpassing the previous month's 1.5% growth, the Philippine Statistics Authority (PSA) said.
The improvement was attributed to a slower contraction in the manufacture of beverages and chemical products.
The manufacture of transport equipment surged by 17.1% in November, outpacing the 5.8% growth seen in October.
VoPI tracks changes in production levels and provides insights into the economy.
The value of production index (VaPI) grew by 2.2%, faster than the previous month's 1.1% but weaker than the 13.2% recorded a year ago.
The increased VaPI was primarily due to a reduced annual decrease in beverage manufacturing.
PH factory output picks up speed in November
Jan 9, 2024 08:38 AM
At a glance
The growth of the country's manufacturing output picked up speed in November last year, driven by improved production of beverages, transport equipment, and chemical products, the Philippine Statistics Authority (PSA) said.
The volume of production index (VoPI) increased by 1.9 percent in November, surpassing the 1.5 percent growth seen in the previous month, data released by the PSA showed on Tuesday, January 9.
The PSA attributed the improvement to a slower contraction in the manufacture of beverages, which dropped by 11.6 percent from 34.4 percent the previous month, and in chemical and chemical products that fell by 2.4 percent from 10.9 percent.
Additionally, the manufacture of transport equipment surged by 17.1 percent, outpacing the 5.8 percent growth seen in October.
Furthermore, faster annual growth was reported in the manufacture of coke and refined petroleum products, electrical equipment, basic metals, printing and reproduction of recorded media, and the manufacture of paper and paper products.
On the other hand, declines were registered in 15 out of the 22 industry divisions, with the most significant decreases recorded in the manufacture of machinery and equipment (-27 percent), leather and related products (-26.6 percent), and fabricated metal products (-25.4 percent).
VoPI for food product manufacturing decreased by 5.0 percent, slower compared to the 5.7 percent drop in October.
The slower decrease was mainly due to a reduced drop in the manufacture of other food products within the industry group.
VoPI tracks whether industries in the country are increasing or decreasing their production levels. It also provides insights into the performance of the economy as it monitors the amount of goods and services being produced.
Meanwhile, the value of production index (VaPI) grew by 2.2 percent, a faster expansion compared to the 1.1 percent growth in the previous month, but weaker than the 13.2 percent recorded a year ago.
The PSA said the increased was primarily due to a reduced annual decrease in the manufacturing of beverages, which dropped by 1.4 percent, a slower rate compared to the 26.9 percent drop in the previous month.
The manufacture of beverages contributed significantly to the annual uptrend of VaPI in November, with seven industry divisions posting positive annual growth rates.
The manufacture of coke and refined petroleum products, in particular, saw an increase of 28.8 percent.
The PSA's survey also revealed that the establishments had an average capacity utilization rate of 74.8 percent in November, slightly higher than the 74.3 percent in October.
Notably, 24.2 percent of the establishments operated at full capacity (90 percent to 100 percent), while 41.5 percent operated at 70 percent to 89 percent capacity, and 34.4 percent operated at below 70 percent capacity.