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  • By The Financial District

Factory Output Up In October

Factory output rose for the fifth straight month in October, the Philippine Statistics Authority (PSA) reported.

Photo Insert: 14 out of 22 industry divisions contributed to the growth.

Preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries (MISSI) showed the volume of production index (VoPI) went up by 5.1% year on year in October from the revised 4.1% in September. However, this was slower compared with the 27% growth posted in October 2021.

It was the sector’s fifth straight month of growth after the 0.5% decline in May. Year to date, factory output rose by 17.4%.

According to the statistics agency, 14 out of 22 industry divisions contributed to the growth, led by the manufacture of machinery and equipment except electrical with 81.8% in October, slower compared to 88.9% in September, but faster than the 25.7% recorded in October last year.

This is followed by the manufacture of beverages (61.7% in October from -6.4% in September); the manufacture of chemical and chemical products (39.5% from 74.6%); and the manufacture of fabricated metal products, except machinery and equipment (35.7% from 23.7%).

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Manufacturing of electrical equipment continued to decline by 56.9% in October from -55% in September. This was slower than the 42.3% growth recorded in October 2021.

Other industries that posted a decline in October were the manufacture of basic metals (-23.4%), the manufacture of furniture (-21.6%), and printing and reproduction of recorded media (-17.3%).

In comparison, IHS Markit’s Philippines Manufacturing Purchasing Managers’ Index (PMI) eased to 52.6 in October from 52.9 in September. A reading above 50 marks improvement for the manufacturing sector while anything below indicates deterioration.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The capacity utilization rate averaged 72.4% in October, up from 71.5% in September and 67.4% in the same month a year ago. All 22 sectors had an average capacity utilization rate of at least 50%.

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