THE country’s manufacturing output, both in volume and value, fell at a faster pace in February, the Philippine Statistics Authority (PSA) reported on Thursday.
Results of the statistics agency’s latest Monthly Integrated Survey of Selected Industries (Missi) showed that the country’s Volume of Production Index (VoPI) contracted by 43.6 faster than its 16.7-percent drop in January and a reversal from the 0.4 percent seen a year earlier.
“The downturn in VoPI was brought about by the contractions in the indices of 19 industry divisions. Among these, the top contributor was manufacture of coke and refined petroleum products (-85.4 percent),” said the PSA.
These include the production of machinery and equipment except electrical at -48.5 percent; textiles, -32.6 percent; furniture, -30.3 percent; tobacco products, -28.3 percent; wearing apparel, -26.6 percent; repair and installation of machinery and equipment, -21.3 percent; leather and related products including footwear, -18.3 percent; beverages, -15.9 percent; rubber and plastic products, -15.5 percent; wood, bamboo, cane, rattan articles and related products, -14.2 percent; printing and reproduction of recorded media, -12.4 percent; chemical and chemical products, -10.2 percent; transport equipment, -8.7 percent; food products, -8.1 percent; basic metals, -7.5 percent; non-metallic mineral products, -3.0 percent; and computer, electronic, and optical products, -2.3 percent.
The Value of Production Index (VaPI), meanwhile. shrank by 46.5 percent, worse than the 16.7-percent decline a month earlier and the 2.6-percent drop in February 2020.
“The decline in VaPI for the manufacturing sector in this period was due to the negative annual growth rates in the indices of 20 out of 22 industry divisions. Of these, manufacture of coke and refined petroleum products was the major contributing factor with -89.3 percent decline,” the PSA said.
Other industry groups that posted declines were computer, electronic and optical products; food products; machinery and equipment except electrical, transport equipment; beverages; chemical and chemical products; rubber and plastic products; tobacco products; manufacturing and repair and installation of machinery and equipment; wearing apparel; basic metals, basic pharmaceutical products and pharmaceutical preparations; furniture, non-metallic mineral products, wood, bamboo, cane, rattan articles and related products; leather and related products including footwear, textiles, printing and reproduction of recorded media; and paper and paper products.
The sector’s average capacity utilization rate in February fell to 53.8 percent from 56.7 percent the month before, with 15 out of the 22 divisions having a utilization rate of at least 50 percent led by manufacture of furniture at 72.7 percent; other manufacturing and repair and installation of machinery and equipment, 65 percent; and manufacture of computer, electronic, and optical products, 63.8 percent.
Missi monitors the production, net sales, inventories and capacity utilization of selected manufacturing establishments to provide flash indicators of the industry’s performance.