PH Manufacturing Up

The factory output, both in volume and value, continued to grow but at a slower pace than the recorded expansion in September, according to data from the Philippine Statistics Authority (PSA).

The value of the production index (VaPI) went up by 1.3 percent, slower than the 9.6 percent and 14.5 percent expansion in September this year. I Photo: KTM Philippines

Based on the results of the latest Monthly Integrated Survey of Industries (MISSI) released on Thursday, the value of the production index (VaPI) went up by 1.3 percent, slower than the 9.6 percent and 14.5 percent expansion in September this year.

It was also lower than the 14.5-percent growth in the same period last year.

"The slower increment in the annual growth of VaPI during the month was primarily brought about by the double-digit annual drop in the manufacture of beverages industry division at 26.3 percent in September 2023 from a 23.1 percent annual increase in the previous month," said the PSA.

Other primary contributors to the slower growth of VaPI were the slowdown in the annual increase of the manufacture of coke and refined petroleum products at 36.2 percent from 66.9 percent in the previous month, and the manufacture of computer, electronic, and optical products with an annual drop of 1.3 percent from a 4.5 percent annual increment in September.

The volume of the production index (VoPI), on the other hand, also grew by 1.7 percent. However, it was lower than the 6.7 percent and 9.9 percent growth in October 2022 and September this year.

"The slower annual decrease of VoPI for the manufacture of food products in October 2023 was primarily driven by the annual increase in the manufacture of the dairy products industry group at 22.1 percent during the month from a 34.9 percent annual decrease in the previous month," said the PSA.

The average capacity utilization rate for the manufacturing sector went down to 74.3 percent from 74.4 percent in September this year. The PSA said all industry divisions reported capacity utilization rates of more than 50 percent.

"The top three industry divisions in terms of reported capacity utilization rate were the manufacture of machinery and equipment except electrical (83.3 percent), manufacture of rubber and plastic products (81.2 percent), and manufacture of tobacco products (80.5 percent)," it said.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem