PHILIPPINE manufacturing output likely grew by 11.4 percent in March, Moody’s Analytics said in an estimate ahead of official data.
The Philippine Statistics Authority (PSA) is scheduled to release the official manufacturing output figures on Wednesday, May 10.
According to the estimate of the economic research unit of Moody’s Investors Service, the Volume of Production Index (VoPI) in March accelerated from 10.7 percent in February and from 8.2 percent in March 2016, noted.
In February, food production grew 20.6 percent in terms of volume and by 19.3 percent in value.
“We look for electronics output to continue to rally in the coming months bec ause of improved external conditions,” Moody’s Analytics said.
But the main driver of output growth will be a booming domestic demand as rising incomes and infrastructure projects drive consumption and investment, it added.