The country’s factory output grew by 2.5 percent in June, the Philippine Statistics Authority (PSA) reported yesterday.
This is faster than the previous year’s increase of 2.1 percent but slower than the 3.2- percent growth recorded in the previous month.
This brings the average growth rate of Volume of Production Index (VoPI) for manufacturing from January to June 2024 to 1.3 percent.
The PSA said the downtrend in the year-on-year growth rate of VoPI for manufacturing in June 2024 was primarily driven by the manufacturing performance of basic metals, 17.7 percent annual decline from an annual decrease of 2.8 percent in May 2024; transport equipment, 8.8 percent annual decrement from an annual decrease of 1.2 percent in the previous month; and coke and refined petroleum products, 46 percent annual increment from 52.7 percent annual increase in May 2024.
Of the remaining 19 industry divisions, eight exhibited annual declines during the period.
Meanwhile, 11 industry divisions posted annual increases in June 2024.
The PSA also reported that the Value of Production Index (VaPI) for the manufacturing section registered a slower year-on-year growth of 2.2 percent in June 2024 relative to its annual increase of 2.3 percent in May 2024.
This brings the average growth rate of VaPI for manufacturing from January to June 2024 to 0.5 percent.
In June 2023, VaPI for manufacturing recorded an annual increase of 2.7 percent.
