-
Philippine manufacturers cranked up both volume and value of their production in April 2023, with food products and transport equipment makers recording the largest increases
-
The Volume of Production Index (VoPI) rose 8.2% year-on-year while the Value of Production (VaPI) grew 10.7%
-
Seasonally adjusted, VoPI increased 2.9% while VaPI gained 3.4% in April 2023
-
The manufacturing sector’s average capacity utilization rate in April declined to 72.4% from 73.2% in the previous month
The Philippine manufacturing sector continued to grow in April 2023, with the production of food products and transport equipment recording the highest upturns, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) registered a year-on-year increase of 8.2% in April, according to PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI). This rate is faster than the 3.4% y-o-y growth in March and contrasted with the 1.3% decline in the same month last year.
RELATED READ: PH manufacturing growth slows in March
The Value of Production Index (VaPI) likewise grew 10.7% in April, faster than the 6% y-o-y expansion in March this year and 5% gain in April 2022.
On a seasonally adjusted basis, VoPI increased 2.9% y-o-y while VaPI rose 3.4% y-o-y in April 2023.
The VoPI expansion was mainly due to higher year-on-year increases of 14% in the manufacture of food products; 38% for transport equipment; and 15.7% for other non-metallic mineral products.
Of the remaining 19 industry divisions, six recorded year-on-year increases while 13 industry divisions registered year-on-year declines during the period. The largest decline was seen in the manufacture of wearing apparel, at 35.6%.
In terms of VaPI, growth came mainly from the higher year-on-year increase of 19.7% in the manufacture of food products. Other main contributors were the larger year-on-year growth in the manufacture of transport equipment at 35.8%, and manufacture of other non-metallic mineral products at 19.1%.
Of the remaining 19 industry divisions, eight reported year-on-year expansion while 11 industry divisions registered year-on-year decreases during the month. Manufacture of wearing apparel recorded the biggest contraction of 33.2% y-o-y.
Based on MISSI’s responding establishments, the average capacity utilization rate for the manufacturing sector in April 2023 was at 72.4%, down from 73.2% in the previous month.
All industry divisions reported capacity utilization rates of more than 50% during the month.
The top three industry divisions in terms of reported capacity utilization rate were machinery and equipment at 82.7%, transport equipment at 82.5%, and rubber and plastic products at 76.6%.
Establishments that operated at full capacity (90% to 100%) comprised 24% of the total number of responding establishments. Meanwhile, 37.9% operated at 70% to 89% of their capacity, while 38.1% operated below 70% capacity.
