The country’s factory output posted a 2.4 percent expansion in June, according to the Philippine Statistics Authority (PSA).
The PSA’s Monthly Integrated Survey of Selected Industries showed the Volume of Production Index (VoPI) posted a faster year-on-year growth rate of 2.4 percent in June 2022, from its previous month’s annual rate of 0.9 percent.
In June 2021, VoPI upsurged at an annual rate of 448.2 percent.
The PSA said 13 industry divisions contributed to the positive growth of VoPI in June, of which the fastest growth was reported in manufacture of machinery and equipment except electrical at 45.3 percent.
On the contrary, nine industry divisions recorded decreases with printing and reproduction of recorded media registering the fastest annual decline of 25.1 percent.
The Value of Production Index (VaPI) also maintained its upward trend with a year-on-year increase of 9.8 percent in June 2022, from an annual growth rate of 8 percent in the previous month.
In June 2021, the VaPI accelerated with an annual rate of 440.5 percent.
The growth in VaPI was attributed to the positive growth rates of 16 industry divisions.
Among these, manufacture of machinery and equipment except electrical posted the highest annual growth with 51.8 percent in June.
On the other hand, the remaining six industry divisions recorded decreases in their production with printing and reproduction of recorded media registering the fastest annual decline of 25.1 percent.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector in June 2022 was reported at 71.1 percent, from 70.9 percent in the previous month.
The proportion of establishments that operated at full capacity (90 to 100 percent) was 25.7 percent of the total number of responding establishments, while 34.8 percent operated at 70 to 89 percent capacity and 39.5 percent operated below 70 percent capacity. – Angela Celis
