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Philippines: Factory output drops faster in January
MANILA, Philippines — Manufacturing output declined at a faster pace in January as most industry groups suffered a contraction, the Philippine Statistics Authority said.
Factory output, as measured by the Volume of Production Index (VoPI), dropped by 16.7 percent, significantly faster than the 12 percent decline in December 2020 and 1.9 percent growth in January 2020.
The PSA attributed the faster downturn in VoPI to the declines of 18 industry divisions led by manufacture of wood, bamboo, cane, rattan articles and related products which fell 53.4 percent.
The manufacture of machinery and equipment, except electrical, also contracted by 48.9 percent, while the manufacture of tobacco decreased by 42.6 percent.
Other huge decrements were also noted in the manufacture of coke and refined petroleum products, textiles, beverages, pharmaceutical products and furniture.
Slower annual contractions, however, were seen in some industry groups such as tobacco products, fabricated metal products, wearing apparel, leather products, and rubber and plastic products.
Only four out of the 20 industry groups covered by the index registered growth during the month.
These were paper and paper products (14.5 percent), electrical equipment (13.8 percent), transport equipment (5.5 percent) and printing and reproduction of recorded media (1.3 percent).
The Value of Production Index (VaPI) likewise declined at a faster pace of 21.1 percent in January from 15.4 percent in December and 1.7 percent in December 2020.
Capacity utilization fell to 46.1 percent in January from 46.1 percent the month before.
Seven of the 22 industry groups had at least 50 percent average capacity utilization rate, led by basic pharmaceutical products, wood, bamboo, cane, rattan articles, and related products, and printing and reproduction of recorded media.
About 21 percent of the establishments operated at full capacity.
Source: https://www.philstar.com/business/2021/03/10/2083158/factory-output-drops-faster-january