• Factory output contracts

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    MANUFACTURING output contracted in October, the government reported on Thursday, both in terms of volume and value from a year earlier.

    The Monthly Integrated Survey of Selected Industries recorded a 1.8 percent decline in the volume of production index (VoPI) compared to the 8.7 percent rise in October last year.

    The value of production index (VaPI) declined by 9.2 percent, also a reversal from the 8 percent gain recorded 12 months earlier.

    The Philippine Statistics Authority said eight industries, four of which had posted double-digit declines, pulled down the VoPI.

    The four were food manufacturing (-15.7 percent), petroleum products (-20.3 percent), beverages (-19.7 percent), and wood and wood products (-14 percent).

    Eleven industries, meanwhile, were behind the VaPI drop, led by petroleum products (-35.2 percent), furniture and fixtures (-30.5 percent), wood and wood products (-29.4 percent), food manufacturing (15.6 percent) and beverages (-13.2 percent).

    The average capacity utilization of manufacturing facilities in October was 83.4 percent, of which 55 percent or 11 of the 20 major industries registered utilization rates of 80 percent and above.

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