Wholesale prices for locally made goods in November rose from the month and year earlier, the latest Monthly Integrated Survey of Selected Industries (MISSI) showed.
The producers price index in November expanded by 2.4 percent, up from October’s 1.7 percent and from 0.3 percent in November 2023, according to data released by the Philippine Statistics Authority on Tuesday.
The value of output as measured by the value of production index (VaPI), however, contracted by 3.9 percent compared to a 0.3 percent rise in October and a 2.1 percent increase a year earlier.
The November survey results brought the VaPI average growth rate to 0.3 percent in the first 11 months of 2024, the agency said.
The downtrend in the annual VaPI rate for manufacturing in November was mainly due to the slower annual growth rate observed in the food manufacturing industry at 1.5 percent from 7.1 percent in October, according to the PSA.
Food manufacturing contributed 24.6 percent to the downtrend in the value of production for the manufacturing industry in November 2024, the PSA said.
Other primary contributors to the downtrend in the annual rate of VaPI for manufacturing were the slow down in the annual growth rate of transport equipment at 1.7 percent during the month from a double-digit increase of 10.3 percent in the previous month, it said.
The 2.6-percent drop observed in computer as well as electronic and optical manufacturing, from a 0.9-percent increase in October, also helped lower the production value index, the PSA added.
Meanwhile, the volume of output as measured by the volume of production index (VoPI) declined by 4.2 percent last November in contrast to a 0.7-percent increase in October, and a 2.1-percent rise in November 2023.
This brought the average VoPI growth rate for the first 11 months of the year to 1.1 percent, the PSA said.
The decline in production volume was mainly due to the 0.8-percent contraction in food manufacturing, the 0.4-percent decline in manufactured transport equipment, and the 5.6-percent drop in manufactured computer, electronics and optical products, the Statistics Authority said.
In October 2024 , manufactured food products expanded by 5.3 percent, while manufactured transport equipment expanded by 9.6 percent, and manufactured computer, electronic and optical products dropped 1.2 percent.
The top three industry divisions contributing to the overall year-on-year growth rate of VoPI for manufacturing in November were the following: coke and refined petroleum products; computer, electronic and optical products; and basic metals, the PSA said.
On the other hand, sales as measured by the value of net sales index (VaNSI) grew 3.5 percent last November, reversing the 1.1-percent contraction in October and 6.9 percent a year earlier.
The value of net sales grew by 0.4 percent in the first 11 months of the year.
The PSA attributed the increase in net sales value to higher sales values of manufactured computer, electronic and optical products recorded at 6.2 percent in November, reversing the 1.8-percent drop in October.
“Other main contributors to the uptrend in the annual rate of VaNSI for manufacturing in November were the faster annual increment of manufacture of food products at 7.7 percent during the month, relative to its annual growth rate of 3.1 percent in the previous month, and the year-on-year increase in the manufacture of coke and refined petroleum products at 3.2 percent in November 2024, from an annual decline of 9.1 percent in the previous month,” the PSA said.
“The top three industry divisions contributing to the overall year-on-year growth rate of VaNSI were the following: manufacture of food products; manufacture of computer, electronic and optical products; and manufacture of chemical and chemical products,” it added.
Sales volume as measured by the volume of net sales index (VoNSI) on the other hand expanded by 3.1 percent compared to a 0.8 percent decline in October, and a 6.9 contraction from a year earlier.
The 11-month average VoNSI growth rate stood at 1.1 percent.
“The uptrend in the annual rate of VoNSI in November 2024 was mainly brought about by the same top three industry divisions that contributed to the uptrend in the annual rate of VaNSI during the period,” the PSA said.
Manufactured computer, electronic and optical products expanded by 3 percent, reversing the 3.8 percent contraction the previous month.
Manufactured coke and refined petroleum products grew by 3.4 percent in contrast to an 8.3 =-percent decline in October. Food manufacturing output, meanwhile, grew by 5.2 percent from 1.4 percent in October.
The PSA noted the top three industries that contributed to the year-on-year growth in the volume of net sales last November were fabricated metal products, except machinery and equipment, as well as food products and chemical products.
Factories also reported a 75.6-percent average capacity utilization last November, slightly down from 75.8 percent in October.
“All industry divisions reported capacity utilization rates of more than 60.0 percent during the month,” the PSA said.
The top three industry divisions in terms of reported capacity utilization were “other non-metallic mineral products” at 83.7 percent, textiles at 82.0 percent, and machinery and equipment, except electrical products, at 80.4 percent.
