-
The Philippine manufacturing sector maintained growth in November 2023
-
The value of production index continued to increase at an annual rate of 2.2%
-
The volume of production index registered a year-on-year increment of 1.9%
-
The average capacity utilization rate for manufacturing was 74.8% in November from 74.3% in the previous month
The Philippine manufacturing sector maintained growth in November 2023, according to the Philippine Statistics Authority (PSA).
The value of production index (VaPI) continued to increase at an annual rate of 2.2% in November 2023, faster than the 1.1% recorded in October 2023 but slower than the 13.2% in November 2022, according to PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI).
The volume of production index (VoPI) registered a year-on-year increment of 1.9% in November 2023 compared to 1.5% posted in October 2023 and 6.4% in November 2022.
The slower annual decrease in the manufacture of beverages at 1.4% in November 2023 compared with the bigger annual drop of 26.9% in the previous month led to VaPI’s annual growth expansion in November 2023. The manufacture of beverages contributed 46.1% to the annual uptrend of VaPI in November 2023.
Of the industry divisions, six exhibited annual upturns while 13 posted annual reductions in November 2023. The manufacture of machinery and equipment posted the fastest annual drop of 26.9 percent during the period.
The slower decline in the manufacture of beverages was also the main contributor for the higher VoPI in November 2023. Other contributors include the manufacture of transport equipment, and of chemical and chemical products.
Of the remaining 19 industry divisions, six registered year-on-year increases in November 2023. In contrast, 13 industry divisions posted annual declines during the period, with machinery and equipment except electrical posting the highest annual drop at 27%.
Both the value of net sales index and volume of net sales index recorded a faster annual decrease in November 2023 at 7.1% and 7.3%, respectively.
Based on MISSI’s responding establishments, the average capacity utilization rate for the manufacturing section in November 2023 was reported at 74.8% from 74.3% in the previous month.
All industry divisions reported capacity utilization rates of more than 60% during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment (80.8%), transport equipment (80.8%), and rubber and plastic products (79.9%).
PSA said 24.2% of the establishments operated at full capacity (90% to 100%) while 41.5% operated at 70% to 89% capacity, and 34.4% operated below 70% capacity.
