The country’s factory output continued to post double-digit growth in January, although at a slower pace versus the previous month’s year-on-year expansion, data released by the Philippine Statistics Authority (PSA) showed.
According to the PSA’s Monthly Integrated Survey of Selected Industries, the volume of production index posted an annual growth rate of 16.5 percent in January, slower than the 21.3 percent increase registered in December 2021. However, it reversed the contraction of 14.5 percent in the same period a year ago.
The PSA said the expansion was brought about by the growth rates of 16 industry divisions.
Of these, manufacture of tobacco products; and manufacture of wood, bamboo, cane, rattan articles and related products were the major contributing factors with growth rates of 88.4 and 86.8 percent, respectively.
The remaining six industry divisions recorded downturns, led by manufacture of wearing apparel with a drop of 24.2 percent.
The value of production index for manufacturing also posted a two-digit increase of 21.3 percent in January 2022, albeit slightly slower than the growth rate of 22.1 percent in the previous month. It likewise reversed the 19.5 percent contraction recorded in January 2021.
The PSA said the growth was contributed by the upturns in 19 of the 22 industry divisions.
The top contributor was manufacture of tobacco with 88.1 percent annual growth rate. The remaining three industry divisions recorded decreases with manufacture of wearing apparel registering the fastest annual decline of 22.4 percent.
The PSA said the average capacity utilization rate for manufacturing sector in January 2022 was reported at 67.9 percent, from 67.4 percent in the previous month.
The proportion of establishments that operated at full capacity (90 to 100 percent) was 17.8 percent of the total number of responding establishments. Meanwhile, 34.3 percent operated at 70 to 89 percent capacity, while 47.9 percent operated below 70 percent capacity. – Angela Celis
