THE country’s manufacturing output outpaced its record performance last month due to faster growth in the manufacture of coke and refined petroleum products, according to the Philippine Statistics Authority (PSA).
Based on the results of the Monthly Integrated Survey of Selected Industries (MISSI), PSA said the Volume of Production Index (VoPI) surged 265 percent in May 2021.
This is faster than the 155.6-percent growth the VoPI registered in the previous month. In May 2020, the VoPI contracted 73.2 percent.
“The expansion in VoPI for the manufacturing sector in May 2021 was observed in 18 out of the 22 industry divisions. The fastest growth was registered in the manufacture of coke and refined petroleum products at 1,366.1 percent,” PSA noted.
Besides coke and refined petroleum products, the other top gainers were the manufacturing output in wood, bamboo, cane, rattan articles and related products which posted a 301-percent growth; fabricated metal products except machinery and equipment, 275.6 percent; leather and related products, including footwear, 155.9 percent; basic metals, 138.3 percent; and transport equipment, 130.2 percent.
Half of the top 6 gainers saw faster growth in May relative to their performance in April. However, PSA data showed that the other half posted slower growth.
The gainers that posted slower growth in May compared to April were fabricated metal products except machinery and equipment, with growth of 602.7 percent; basic metals, 734.2 percent; and transport equipment, 334 percent.
Meanwhile, the PSA said the average capacity utilization rate for the manufacturing sector increased in May.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector in May 2021 rose to 66.1 percent, from 64 percent in April 2021.
This was largely due to 18 of the 22 industry divisions having at least 50-percent average capacity utilization rate.
This was led by the manufacture of furniture, the average capacity utilization of which reached 83 percent; manufacture of other non-metallic mineral products, 79.6 percent; and manufacture of machinery and equipment except electrical, 74.2 percent.
The PSA noted that the proportion of establishments that operated at full capacity was 20.8 percent of the total number of responding establishments.
Meanwhile, data showed that 33.9 percent of outfits operated at 70 to 89 percent capacity, while 45.3 percent operated below 70 percent capacity.
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.