Manufacturing output in the Philippines rose nearly 13 percent in volume and value terms in April from a year earlier, boosted largely by the doubling of production of petroleum products due to higher demand.
Results of the Monthly Integrated Survey of Selected Industries (MISSI) released this week by the Philippine Statistics Authority (PSA) showed that the Volume of Production index (VoPi) climbed to 12.8 percent in April from 9 percent a year earlier.
In terms of value, as measured by the Value of Production Index (VaPI), manufacturing output showed a sharp turnaround to a 12.9-percent rise in April from a negative rate of 1.5 percent in the comparative period last year.
“This is due to the strong performance of petroleum products which bounced back and posted three-digit growth of 159.9 percent,” the MISSI said in the statement accompanying the survey results.
By volume, petroleum products posted a 128.7-percent increase in production, accounting for the largest contribution to the rise in the VoPI.
Other major sectors that drove up the VoPI were printing, machinery except electrical, tobacco products, fabricated metal products, beverages, and furniture and fixtures.
The average capacity utilization in April for total manufacturing stood at 83.4 percent, and more than 50 percent of the 20 major sectors registered capacity utilization rates of 80 percent.
Growth in the Volume of Net Sales Index decelerated sharply to 0.2 percent in April from a robust 24.2 percent during the same period last year, while the Value of Net Sales Index firmed only 0.3 percent in a marked slowdown from the 12.2 percent increase in April 2013.