Oil price spikes To hit 5 industries

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The National Statistical Coordination Board (NSCB) said that five industries would be affected if there would be a 10-percent increase in the domestic prices of petroleum products.

In a statement, NSCB Secretary General Jose Ramon Albert said that the five industries that would be affected are: petroleum and other fuel products; land transportation; food manufactures; construction; as well as radio, television and communication equipment and apparatus.

“For the consumer side, total final consumption expenditure is expected to have a 0.8-percent increase and the most affected are petroleum and other fuel products, land, air and water transport and food manufactures,” Albert said, referring to the 2006 IO accounts that the NSCB released within the month.

In terms input segment of the 2006 IO accounts, the country’s total supply of goods and services at current producer’s prices equaled to P15.7 trillion, which was 68.9 percent higher than the P9.3 trillion recorded in 2000.


“Domestic production was the primary source of supply, contributing P12.7 trillion or 80.7 percent [while]share of imports was almost the same, from 19.2 percent in 2000 to 19.3 percent in 2006,” the NSO said.

On the demand side, the NSCB said that immediate demand for goods and services also went up to 40.9 percent from the 37.1 percent in 2000, while final demand declined from 43.2 percent in 2000 to 40.6 percent in 2006.

“Share of consumption demand likewise slowed down from 43.2 percent in 2000 to 40.6 percent in 2006 while share of investment demand was the same in 2000 and 2006 at 7.2 percent. As a result, domestic demand slightly increased its contribution to total demand from 80.4 percent in 2000 to 81.4 percent in 2006,” the NSCB secretary general said.

Albert also said that the share of exports to total demand decreased to 18.6 percent from 19.6 percent in 2000. On outputs, Albert said that industrial production contributed the most with 68.8 percent amounting to P12.7 trillion, which is than the P7.5 trillion recorded in 2000.

Sectors that lifted the manufacturing output of the country include trade and repair of motor vehicles, 42 percent share of total; personal and household goods, 12.2 percent; agriculture, hunting, forestry and fishing, 8.5 percent—all of which were also the highest contributing industries to manufacturing in 2000.

Still referring to 2006 IO accounts, Albert said that in terms of input—classified as intermediate and primary production costs—the immediate production inputs such as materials and supplies costs increased to 50.6 percent from the 46 percent recorded in 2000, while primary production inputs decreased to 49.4 percent from 54 percent in 2000.

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