The Philippine Statistics Authority (PSA) through the National Statistics Office (NSO) said that the production of chemicals and furniture boosted the country’s manufacturing in December by 26.5 percent.
Based on the December Monthly Integrated Survey of Selected Industries (Missi) released on Tuesday, the volume of production index (VoPI) or the country’s manufacturing sector increased by 26.5 percent in December, as chemicals as well as furniture and fixtures production increased significantly in the same month.
“VoPI grew as it posted an annual increment of 26.5 percent in December 2013. This may be attributed to the constant expansion in production output registered by chemical products [230.6 percent] and furniture and fixtures [186 percent],” the PSA said.
“Double-digit growths in VoPI were also recorded by seven other major industries, namely: Machinery except electrical [60.1 percent], leather products [49.4 percent], tobacco products [44.3 percent], transport equipment [40.1 percent], rubber and plastic products [25.1 percent], fabricated metal products [20.7 percent], electrical machinery [15.5 percent],” it added.
On a monthly basis, the VoPI increased slightly by 0.7 percent from November to December as petroleum products went up by 35 percent, footwear and wearing apparel up 27.9 percent, and furniture and fixtures up by 12.6 percent.
Earlier, Socioeconomic Planning Secretary Arsenio Balisacan and other economists said that the manufacturing sector will be one of the economic growth drivers for the year, alongside with increased construction of infrastructures and government spending that would eventually create employment.