The volume of the country’s manufacturing output grew at a slower pace in May, but its value posted double-digit growth from a year earlier, largely due to a surge in production in the printing industry.
Results of the Monthly Integrated Survey of Selected Industries (MISSI) released on Thursday by the Philippine Statistics Authority (PSA) showed that the growth rate of the Volume of Production index (VoPI) eased to 13.8 percent in May from 20.2 percent a year earlier.
But in terms of value, as measured by the Value of Production Index (VaPI), manufacturing output increased 12.6 percent in May from 8.8 percent in the same period last year.
“VaPI’s favorable annual performance was due mainly to the surge in production value of printing,” the MISSI said in the statement accompanying the survey results. The printing industry defined in the survey includes commercial printers of books, magazines, newspapers, and other printed materials.
By volume, printing posted a 227.7-percent increase in production, accounting for the largest contribution to the rise in the VoPI.
Other major sectors that contributed to the increase in the VoPI were fabricated metal products, beverages, tobacco products, wood and wood products, petroleum products, textiles, machinery except electrical, electrical machinery, transport equipment, and basic metals.
Meanwhile, VaPI was boosted by the double-digit expansion in fabricated metal products, tobacco products, beverages, petroleum products, wood and wood products, textiles, transport equipment, and food manufacturing.
The average production capacity utilization in May for all forms of manufacturing stood at 83.5 percent, and more than half of the 20 major sectors registered capacity utilization rates of at least 80 percent.
Both the Volume of Net Sales Index and Value of Net Sales Index, two additional measures compiled by the MISSI, also grew at slower rates in May. Net sales volume slowed to an 8.7 percent pace, much lower than the 19.8 percent growth rate recorded last year, while the Value of Net Sales Index retreated slightly to 7.5 percent, one percent slower than the 8.5 percent registered in May 2013.