Factory output in April dropped in value terms, reversing gains from the same period last year as production in eight major sectors led by petroleum products slumped, preliminary data released by the Philippine Statistics Authority (PSA) showed on Wednesday.
As measured by the value of production index (VaPI), the output in April fell 4.2 percent year-on-year, turning around from a 10.9 percent increase a year earlier and a revised 9.7 percent rise recorded in March this year.
By volume, production during the month rose a slight 1.4 percent year-on-year as measured by the volume of production index (VoPI), decelerating drastically from a revised 16.1 percent surge in March and a 10.8 percent increase in April last year, according to the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI).
The VoPI growth rate also fell far short of the 5.8 percent rise forecast for April by Moody’s Analytics.
The mild expansion in volume came mainly from 13 major sectors, led by chemical, tobacco, furniture and fixtures, basic metals, textiles, printing, machinery except electrical, paper and leather products, as well as beverages, the data showed.
“The heavily weighted sector of petroleum products influenced the largest decrease, with 34.6 percent,” the PSA said.
Other sectors that reported two-digit declines were miscellaneous manufactures, food manufacturing, wood and wood products, it added.
MAYVELIN U. CARABALLO