Philippine manufacturers saw selling prices rise in November last year, driven by higher increases in computers, electronics, and optical products.
The Philippine Statistics Authority (PSA) reported that the Producer Price Index (PPI) for the manufacturing sector increased by 0.3 percent year-on-year in November 2024, rebounding from a 0.4 percent decrease in October.
According to the PSA, the positive growth was primarily fueled by a surge in the manufacture of computer, electronic, and optical products.
"The uptrend in the annual rate of PPI for the manufacturing section in November 2024 from its annual drop in October 2024 was primarily due to the acceleration in the annual rate of the PPI for manufacture of computer, electronic and optical products industry division at 3.1 percent in November 2024 from 2.1 percent annual increase in October 2024," the statement said.
This industry division, the second largest contributor to the overall PPI, played a role in the November growth, contributing 26.8 percent to the overall increase.
Other key contributors included the manufacture of transport equipment, which grew by 2.1 percent, and the manufacture of food products, which rose by 2.4 percent.
Within the food manufacturing sector, the processing and preserving of fruits and vegetables led the growth, showing a 7.4 percent year-on-year increase in November. However, the manufacture of grain mill products, starches, and starch products posted a decline of 4.4 percent.
Despite the overall annual growth, the PPI for manufacturing resgistered a month-on-month deceleration, increasing by 0.5 percent in November, compared to a 0.9 percent rise in October.
The PSA said this slowdown was mainly attributed to a slower monthly increase in the manufacture of computer, electronic, and optical products, coke and refined petroleum products, and transport equipment.
Conversely, the food manufacturing sector recorded a month-on-month acceleration, growing by 0.6 percent in November, compared to 0.3 percent in October 2024.
The PSA said a significant increase in the processing and preserving of fish, crustaceans, and mollusks drove this growth.