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Friday, September 22, 2023

Manufacturing sector posts growth in November

VOLUME and value indices of the domestic manufacturing sector continued to post growth in November 2022, the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) reported Friday.

Volume of production index (VoPi) in November last year increased on a month-on-month basis to 5.9 percent from 5.3 percent in October. This marked the fifth consecutive month of growth in VoPi.

“Out of the 22 industry divisions, 15 reported positive annual growth rates, which was led by manufacture of machinery and equipment, except electrical with 68.5 percent annual growth rate. On the contrary, seven industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of 54.5 percent,” PSA said.

On the other hand, value of production index (VaPi) rose at a slower pace last November to 12.6 percent from 13 percent in October 2022.

VaPi logged 20 straight months of growth since April 2021.

“Contributory to the annual increase of VaPI were the positive growth rates exhibited by 17 of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 67.9 percent in November 2022,” PSA said.

Five industries recorded VaPi decrements in November 2022, with largest decline led by manufacturing of electrical equipment at 53.6 percent.

Meanwhile, the average capacity utilization of Philippine factories in November 2022 slightly increased to 72.5 percent from 72.4 percent in its previous month.

The PSA said almost all industry divisions reported that their average capacity utilization rate was above 60 percent, except for manufacture of paper and paper products which only operated at an average of 56.8 percent.

Industries with highest average utilization rate in November 2022 were manufacture of computer, electronic, and optical products at 80.6 percent; manufacture of machinery and equipment except electrical at 80 percent; and manufacture of furniture at 79 percent.

MISSI is a special study conducted by PSA to provide flash indicators on the performance of growth-oriented industries. These surveys manufacturing establishments that belong to the country’s top 500 corporations. (PNA)

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