Production output, value up in September

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Production output, value up in September
By Kris Crismundo

MANILA (Philippines News Agency) — Both volume and value of production in September this year posted notable increments, the Philippine Statistics Authority (PSA) reported Tuesday.

Figures bounced back from September 2017, with the volume of production index (VoPi) increasing by 4 percent this year from a 5.7-percent decline last year.

VoPi in September was boosted by growth in output in 11 major industries, with six industries recording double-digit growths, including textiles at 44.7 percent, petroleum products at 26.7 percent, machinery except electrical at 20.1 percent, miscellaneous manufactures at 16.5 percent, transport equipment at 16.2 percent, and non-metallic mineral products at 13.3 percent.

Likewise, value of production index (VaPi) reversed its 6.2-percent drop last year as it grew by 3.7 percent in September this year.

PSA noted that eight major industries significantly contributed to the VaPi growth led by textiles, which increased by 51.3 percent. This is followed by petroleum products, up by 50.3 percent; miscellaneous manufactures, up by 21.5 percent; machinery except electrical, up by 18.2 percent; transport equipment, up by 17.7 percent; electrical machinery, up by 17.4 percent; paper and paper products, up by 16.7 percent; and beverages, up by 13.6 percent.

Meanwhile, 55 percent of major industries operated their manufacturing facilities at least 80 percent of capacity utilization rate.

These eleven industries with capacity utilization rate at 80 percent and above in September include; petroleum products, basic metals, non-metallic mineral products, machinery except electrical, chemical products, electrical machinery, food manufacturing, paper and paper products, rubber and plastic products, wood and wood products, and textiles.

Average capacity utilization rate of the manufacturing sector in September was at 84.2 percent.

In the manufacturing survey of IHS Markit for September, the Philippines’ manufacturing performance topped other Southeast Asian countries.

IHS Markit Principal Economist Bernard Aw commented that the country’s manufacturing score improved in September due to strong domestic demand.

Aw added that the sector’s growth for the coming months is likely to be resilient. (PNA)

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