(Updates with revised comparative September figure, adds details)
Philippine manufacturing output rebounded in October from a sluggish performance in September, but still lagged far behind the robust pace of production a year earlier, the latest data from the Philippine Statistics Authority (PSA) showed on Wednesday.
The Volume of Production index (VoPI) rose 7.5 percent year-on-year in October, gaining speed from the revised growth rate of 4.8 percent for the preceding month, according to results of the Monthly Integrated Survey of Selected Industries (MISSI).
But the October VoPI marks a sharp slowdown from the 21.1 percent overall increase posted in the year-earlier period, the survey said.
Volume growth in 12 sectors
Twelve major sectors posted “significant increases,” the PSA report said. These were printing, beverages, food manufacturing, machinery except electrical, fabricated metal products, paper and paper products, chemical products, non-metallic mineral products, transport equipment, textiles, wood and wood products and leather products.
On the other hand, eight major sectors exhibited negative growth: electrical machinery, tobacco products, basic metals, petroleum products, footwear and wearing apparel, rubber and plastic products, miscellaneous manufactures, and furniture and fixtures.
Value growth slows on-year
In terms of the Value of Production Index (VaPI), manufacturing output grew 7.2 percent in October, accelerating from the revised 5.6 percent expansion in September.
Compared with the year earlier level, however, VaPi in October rose only half as fast as the 14.1 percent increase seen in 2013.
The PSA said six of the 12 major sectors recorded double-digit growth in production value, led by printing with 266.8 percent. The other sectors with significant increases were fabricated metal products, beverages, paper and paper products, non-metallic mineral products, and food manufacturing.
Production capacity utilization
Production capacity utilization in October for all forms of manufacturing stood at an average 83.6 percent, with more than half of the 20 major industries registering capacity utilization rates of 80 percent or more. October’s capacity utilization was just 0.1 percent higher than the 83.5 percent recorded in September, and 0.2 percent higher than the year-earlier period.
Net sales expansion also slows
Similar to the slower VoPI and VaPI results, the Volume of Net Sales Index and Value of Net Sales Index, two additional indicators compiled by the MISSI, also expanded at slower year-on-year rates in October.
The net sales volume in October increased 4.3 percent, compared with the two-digit growth of 35.5 percent pace recorded last year, while net sales value posted a 3.9 percent rise, losing pace from the 27.7 percent achieved in the year-earlier period.
Both indicators, however, showed improvement from September, when the Volume of Net Sales Index grew by only 1.3 percent, and the Value of Net Sales Index by 2.0 percent. MAYVELIN U. CARABALLO