Manufacturing in January likely accelerated to 8.1 percent from 7.5 percent recorded in December and 4.4 percent in January 2014, given buoyant global and domestic demand, a unit of Moody’s Investors Service said in its latest weekly report.
The Philippine Statistics Authority (PSA) is expected to release the official January manufacturing output data this week.
Moody’s Analytics also forecast industrial production in the Philippines may step up further during the rest of this year.
“Manufacturing is performing well in the Philippines thanks to improved global demand led by the US and buoyant domestic demand, and both markets are expected to improve further in 2015,” it said.
“The Philippines is a net energy importer so manufacturers are benefiting from lower input costs,” it added, referring to the favorably low prices of crude oil on the global markets.
As Moody’s Analytics had predicted, December 2014 manufacturing output as measured by the Volume of Production index (VoPI) slowed to 7.5 percent from a robust performance of 9.2 percent in November that year.
The latest Moody’s Analytics forecast is part of its Asia Pacific Preview report, which provides a summary of major economic data on the region due out this week. This unit of Moody’s provides expertise in economic and consumer credit analysis, credit research and risk measurement, enterprise risk management and structured analytics and valuation.