THE country’s manufacturing output continued to post triple-digit growth in August, according to the latest data released by the Philippine Statistics Authority (PSA).
Based on the Production Index and Net Sales Index or the Monthly Integrated Survey of Selected Industries, the Volume of Production (VoPI) surged 534.6 percent in August.
This is the fifth consecutive month that the VoPI posted triple-digit growth this year. However, the growth in August was slightly lower than the 539.7-percent growth recorded in July.
“Sixteen industry divisions contributed to the positive growth of VoPI in August 2021, of which the fastest growth was reported in manufacture of coke and refined petroleum products at 3,800.9 percent,” the PSA noted.
Data also showed this was followed by the manufacture of fabricated metal products, except machinery and equipment which posted growth of 194.2 percent in August and the manufacture of wood, bamboo, cane, rattan articles and related products, which grew 94 percent during the period.
However, six industry divisions recorded decreases with the manufacture of tobacco products registering the deepest contraction of 53.8 percent.
Meanwhile, the Value of Production Index (VaPI) for manufacturing also showed triple-digit growth of 523.3 percent in August 2021.
“This was the second-highest annual growth rate in the 2018-based data series of VaPI after hitting its highest annual increase in the previous month at 528.7 percent,” PSA said.
The PSA said this was largely due to the increases recorded in 14 out of 22 industry divisions. These divisions were led by the manufacture of coke and refined petroleum products, which posted growth of 4,388.7 percent.
This was followed by the manufacture of fabricated metal products, except machinery and equipment which recorded 194.6-percent growth, and the manufacture of wood, bamboo, cane, rattan articles and related products, which grew 45 percent in August 2021.
Tobacco tops declines
The PSA said the remaining eight industry divisions recorded decreases, with the manufacture of tobacco products posting the deepest contraction of 53.8 percent during the period.
Meanwhile, PSA said the average capacity utilization rate for manufacturing slightly decreased in August 2021.
“Based on responding establishments, the average capacity utilization rate for the manufacturing sector in August 2021 dropped to 66.1 percent from 66.8 percent in the previous month,” PSA said.
The data showed 19 out of 22 industry divisions with more than 50-percent average capacity utilization rate.
This was led by the manufacture of furniture at 83.1 percent; manufacture of tobacco products, 81.6 percent; and manufacture of other non-metallic mineral products, 79.3 percent.
The MISSI is now termed the Production Index and Net Sales Index. It is a report that monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.