Industrial production in the Philippine fell in May in both volume and in value from the previous month, largely on the significant decline in the leather products, the latest Monthly Integrated Survey of Selected Industries (MISSI) released by the Philippine Statistics Authority (PSA) on Tuesday showed.
The volume of production index (VoPI) in May dropped 1.2 percent from than the revised 11.8 percent growth in April. The negative growth was also worst than the 1.1 percent fall recorded a year ago.
The value of production index (VaPI) slumped 4.9 percent from the revised 8.4 percent growth in April. The drop was smaller than the 8-percent fall in May 2015.
MAYVELIN U. CARABALLO