Philippine manufacturing growth quickens to 2.4%

Philippine manufacturing output continued to grow in June as the average capacity utilization increased during the month, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.

The volume of production index (VoPI) posted an annual growth of 2.4% in June, faster than the 0.9% growth in May but slower than the 448.2% surge the same month last year.

The biggest increases were recorded in the manufacturing of machinery and equipment except electrical (45.3%); fabricated metal products except machinery and equipment (31.4%); and wood, bamboo, can, rattan articles and related products (31.0%).

These were followed by textiles (26.6%); chemical and chemical products (24.0%); paper and paper products (14.9%); computer, electronic, and optical products (10.5%); transport equipment (9.0%); and food products (6.8%).

Increases were also seen in other manufacturing and repair and installation of machinery and equipment (5.7%); other non-metallic mineral products (5.5%); manufacture of furniture (4.8%); and rubber and plastic products (0.7%).

Nine industry divisions recorded decreases, led by printing and reproduction of recorded media which slipped by 25.1%.

The same trend was seen in the value of production index (VaPI), which posted an annual growth of 9.8%, faster than the 8.0% in May but slower than the 440.5% in June 2021.

Growth was seen in 16 industry divisions, with the highest recorded in the manufacture of machinery and equipment except electrical up by 51.8%.

Double-digit jumps were also seen in chemical and chemical products (36.1%); fabricated metal products except machinery and equipment (32.4%); textiles (30.1%); wood, bamboo, can, rattan articles and related products (26.5%); paper and paper products (19.2%); other non-metallic mineral products (13.1%); and transport equipment (12.5%).

The average capacity utilization for the month was recorded at 71.1%, up from 70.9% in May.

Out of the 22 industry divisions, 20 operated with over 60% average capacity utilization rate with a fourth of respondents at full capacity. —KG, GMA News