Philippine factory production continues to expand in September

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REUTERS

THE COUNTRY’s factory output expanded for a sixth month in a row in September amid the ongoing economic recovery, according to the Philippine Statistics Authority (PSA).

Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries showed the volume of production index (VoPI) increased 124% year on year in September. However, this was slower than the revised annual growth rate of 533.6% in August and a reversal of the 56.7% contraction in September last year.

The value of production index (VaPI), a similar composite indicator in the survey, also improved 122.7% year on year. While lower than the 527.3% growth rate recorded in August, it is a turnaround from the 59% contraction posted in September 2020.

The September figures released by PSA signified the sixth consecutive month of growth in manufacturing output.

The PSA said the increase in VoPI was driven by strong growth in 13 industry divisions, led by coke and refined petroleum products (739.7%); fabricated metal products except machinery and equipment (182.5%), and wood, bamboo, cane, rattan articles and related products (48.7%).

The average capacity utilization rate for the sector reached 66.5% in September, inching up from the 66.2% in August.
“There were 20 out of 22 industry divisions with more than 50% average capacity utilization rate, led by manufacture of furniture (85.0%), manufacture of other non-metallic mineral products (81.0%), and manufacture of tobacco products (79.0%),” PSA said. — Revin Mikhael D. Ochave