Manufacturing further expands in May

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Philippine factory output as measured by volume of production index (VoPi) continued to grow as it registered a two-digit year-on-year increase of 20.4 percent in May 2013, according to the results of the Monthly Integrated Survey of Selected Industries (Missi) released by the National Statistics Office (NSO).

The Missi survey said that the major sectors that exhibited two-digit growths in production output were: petroleum products; chemical products; basic metals; furniture and fixtures and electrical machinery.

On a monthly basis, the VoPI also went up by 7.4 percent in May from the 1-percent decline a month ago.

Meanwhile, the value of production index (VaPI) expanded by 9.7 percent in May from a negative rate of 9.3 percent, mainly because of the significant expansion in the sectors of petroleum products, chemical products and basic metals.

Also, the VaPI’s month-on-month performance grew 7.9 percent in May compared with the previous month’s 1.7-percent decline.

The survey further said that the average capacity utilization in May for total manufacturing slightly inched up 83.1 percent, as 50 percent of the 20 major sectors registered capacity utilization rates of 80 percent.

This was led by basic metals; petroleum products; nonmetallic mineral products; electrical machinery; food manufacturing; machinery except electrical; chemical products; rubber and plastic products; paper and paper products and wood and wood products.

The survey added that the proportion of establishments that operated at full capacity was recorded at 22.4 percent in May, and about 54.6 percent of the establishments operated at a 70-percent to 89-percent capacity, while 23 percent of the establishments operated at below 70-percent capacity.

In addition, the volume of net sales index (VoNSI) posted an annual growth 16.8 percent in May, while month-on-month, it slightly grew by 0.3 percent.

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