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Philippines: Manufacturing output continued to rise in June
MANILA, Philippines — The country’s manufacturing output rose in June from the previous month,with 13 industry groups posting increases, the Philippine Statistics Authority (PSA) said.
Data released by the PSA yesterday showed the country’s factory output as measured by the Volume of Production Index (VoPI) expanded at an annual rate of 2.4 percent in June, up from 0.9 percent in May.
The latest VoPI however, is much lower than the 448.2 percent growth in the same month last year.
According to the PSA, 13 industry divisions contributed to the positive growth of VoPI in June, with the manufacture of machinery and equipment except electrical, which posted the fastest growth at 45.3 percent.
Other industry groups with double-digit increases in June are fabricated metal products, except machinery and equipment; wood, bamboo, cane, rattan articles and related products; textiles; chemical and chemical products; paper and paper products; and computer, electronic and optical products.
The following industry groups also posted gains: transport equipment; food products; other manufacturing and repair and installation of machinery and equipment; non-metallic mineral products; furniture; and rubber and plastic products.
On the other hand, nine industry divisions recorded decreases with printing and reproduction of recorded media registering the biggest annual decline of 25.1 percent.
Other industry groups where contractions were seen are in coke and refined petroleum products; basic metals; beverages; electrical equipment; wearing apparel; basic pharmaceutical products and pharmaceutical preparations; tobacco products; and leather and related products.
The Value of Production Index (VaPI) rose at a faster pace of 9.8 percent from the eight percent in May.
Compared with the 440.5 percent in June last year, the latest VaPI is significantly lower.
PSA attributed the growth in VaPI in June to 16 industry divisions that posted increases, with machinery and equipment except electrical having the highest uptick at 51.8 percent.
Meanwhile, six industry divisions recorded decrements in their production with printing and reproduction of recorded media registering the fastest annual decline of 25.1 percent.
PSA said the average capacity utilization rate for manufacturing went up to 71.1 percent in June from 70.9 percent in the previous month.
Of the 22 industry divisions, 20 had an average capacity utilization rate of more than 60 percent led by fabricated metal products, except machinery and equipment (81.4 percent), furniture (80 percent), and wearing apparel (78.9 percent).
Of the total responding establishments, 25.7 percent operated at full capacity or at 90 to 100 percent.
Source: https://www.philstar.com/business/2022/08/10/2201483/manufacturing-output-continued-rise-june