The country’s factory output expanded by 84.3 percent in February, data released by the Philippine Statistics Authority (PSA) showed, amid the gradual reopening of the economy.
According to the PSA’s monthly integrated survey of selected industries, the volume of production index in February was a reversal of the 43.9 percent contraction in the same period a year ago.
It also grew at a much faster pace versus the 17.1 percent growth in January.
“The surge in VoPI was brought about by the positive growth rates of 19 industry divisions.
Of these, manufacture of coke and refined petroleum products was the major contributing factor with 748.9 percent growth rate,” the PSA said.
“On the contrary, the remaining three industry divisions recorded decreases which was led by manufacture of electrical equipment with -28.8 percent annual rate,” it added.
The value of production index (VaPI) likewise increased with an annual growth rate of 92.4 percent in February 2022, from a slower growth of 21.8 percent in January 2022. In contrast, the VaPI in February 2021 contracted by 47 percent.
“Of the 22 industry divisions, 19 reported positive growths led by manufacture of coke and refined petroleum products which registered a three-digit annual growth of 874.9 percent,” the PSA said.
“Meanwhile, three industry divisions showed downturns in February 2022 with manufacture of electrical equipment registering the fastest decline of 26.2 percent,” it added.
The PSA said the average capacity utilization rate for manufacturing sector in February 2022 was reported at 69 percent, from 68.3 percent in the previous month.
The proportion of establishments that operated at full capacity was 20 percent of the total number of responding establishments. Meanwhile, 36.8 percent operated at 70 to 89 percent capacity, while 43.2 percent operated below 70 percent capacity. – Angela Celis
