Aug manufacturing growth slows to 7.5%

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Manufacturing output in the Philippines recorded a slower pace in August in terms of volume and value from a year earlier, data released by the Philippine Statistics Authority (PSA) showed on Friday.

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The latest results of the Monthly Integrated Survey of Selected Industries (MISSI) by the PSA showed that the Volume of Production index (VoPI) recorded year-on-year growth of 7.5 percent in August, slower compared with 17.5 percent during the same month last year.

In terms of value, as measured by the Value of Production Index (VaPI), manufacturing output also slowed to 5.1 percent from a rise of 9.8 percent in August 2013.

“This was mainly accounted for the reduction in value of production in the wood and wood products, chemical products, and food manufacturing sectors,” the PSA said in the statement included in the MISSI results.

Meanwhile, the data said printing contributed significantly to the increase with 218.6 percent growth, followed by major sectors that registered two-digit growth in VaPI such as leather products, beverages, fabricated metal products, machinery except electrical, and transport equipment.

By volume, the survey said nine of 13 major sectors exhibited two-digit growth in production output, with printing contributing the largest increment of 218.6 percent, the same as its value increase. The other eight major sectors that posted two-digit increases were leather products, beverages, machinery except electrical, fabricated metal products, transport equipment, basic metals, petroleum products, and furniture and fixtures.

Additionally, the MISSI showed that the average production capacity utilization in August for all forms of manufacturing remained high at 83.5 percent, a rate that was marginally higher than the 83.2 percent recorded in August 2013, and has been unchanged since May this year. More than half of the 20 major industries registered capacity utilization rates of 80 percent or more.

The Volume of Net Sales Index and Value of Net Sales Index, two additional measures compiled by the MISSI, grew at slower rates in August.

Net sales volume gained at a slower rate of 5.6 percent in August 2014 compared with 30.1 percent a year earlier. Net sales value recorded an increment of 3.3 percent during the month, but lower compared with 21.5 percent registered in August 2013.

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