The country’s manufacturing output posted a seven-month high in November, according to the latest Production Index and Net Sales Index data from the Philippine Statistics Authority (PSA).
The data showed the Volume of Production Index (VoPI) recorded a year-on-year increase of 5.9 percent in November 2022.
This was the highest rate since the 345.68 percent growth recorded in March 2022. The VoPI posted a growth of 5.3 percent in October 2022 and 28.6 percent in November 2021.
“Out of the 22 industry divisions, 15 reported positive annual growth rates, which was led by manufacture of machinery and equipment except electrical with 68.5 percent annual growth rate,” the PSA said.
Apart from the manufacture of machinery and equipment, except electrical, other gainers in November were the manufacture of fabricated metal products, except machinery and equipment, which grew 46.2 percent and the manufacture of chemical and chemical products at 29.4 percent.
However, data showed seven industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest contraction of 54.5 percent.
Other losers in VoPI were the manufacture of basic metals, which contracted 25.1 percent; the manufacture of furniture, 19.2 percent; and printing and reproduction of recorded media, 14.3 percent.
Meanwhile, the average capacity utilization rate for the manufacturing sector in November 2022 was reported at 72.5 percent, from 72.4 percent in the previous month.
Almost all the industry divisions reported capacity utilization rates of more than 60 percent, except for manufacture of paper and paper products at 56.8 percent.
The top three industry divisions in terms of reported capacity utilization rate were manufacture of computer, electronic, and optical products (80.6 percent), manufacture of machinery and equipment, except electrical (80 percent), and manufacture of furniture (79 percent).
“The proportion of establishments that operated at full capacity [90 percent to 100 percent] was 18.7 percent of the total number of responding establishments. Meanwhile, 44.6 percent operated at 70 to 89 percent capacity, while 36.7 percent operated below 70 percent capacity,” PSA said.
The Production Index and Net Sales Index was formerly the Monthly Integrated Survey of Selected Industries (MISSI) report of the PSA.
The report monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.