Business and Economy
PH manufacturing output grows in January
FACTORY OUTPUT. The country’s factory output both in volume and value continues to grow in January this year. The Philippine Statistics Authority said the volume of production index grew by 1.9%, while the value of production index expanded by 0.
9%. (PNA file photo)
MANILA – The country’s manufacturing sector output continued to grow in January this year, data from the Philippine Statistics Authority (PSA) showed.
Results of the latest Monthly Integrated Survey of Selected Industries showed that the volume of production index (VoPI) grew by 1.9 percent in January from 1.6 percent in December last year.
The VoPI expansion, however, was slower than the 7.3-percent growth seen in January last year.
“The expansion in the annual growth of the VoPI in January 2024 was mainly brought about by the slower annual drop in the manufacture of computer, electronic and optical products at 7.1 percent in January 2024 compared with its double-digit annual decline of 16.5 percent in the previous month,” said the PSA.
The PSA said the manufacture of computer, electronic, and optical products contributed 28.9 percent to the uptrend of VoPI during the month.
The growth of the Value of Production index (VaPI) on the other hand, slowed to 0.9 percent from the 2.2 percent in December 2023.
In January last year, the VaPI growth was at 12.5 percent.
“The slower increment in the annual growth of VaPI during the month was primarily brought about by the annual drop in the manufacture of basic metals industry division at 6.6 percent in January 2024 from a double-digit annual increment of 16.8 percent in the previous month,” said the PSA.
The PSA, meanwhile, said the average capacity utilization rate for the manufacturing sector slightly went up to 74.
5 percent from 74.4 percent in December 2023.
Almost all industry divisions reported capacity utilization rates of more than 60 percent during the month, except the manufacture of basic pharmaceutical products and pharmaceutical preparations at 55 percent.
The top three industry divisions in terms of reported capacity utilization rate were the manufacture of furniture (88.7 percent), manufacture of transport equipment (86.0 percent), and manufacture of rubber and plastic products (82.4 percent).
