The country’s manufacturing sector bounced back in April 2021, recording triple-digit increases in both volume and value and breaking 13 months of straight decline
The Volume of Production Index went up 162.1% while the Value of Production Index grew 154.3%
Of the 22 industry divisions, 20 recorded increases in both volume and value, led by manufacture of basic metals
The average capacity utilization rate for the manufacturing sector in April 2021 rose slightly to 63.6% from 63% in the previous month
The Philippine manufacturing sector bounced back in April 2021, recording triple-digit increases in both volume and value and breaking 13 months of straight decline, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) went up 162.1% in April 2021, recovering from a 73.3% annual decline in March 2021 and 64.8% decrease in April 2020, according to PSA’s latest Monthly Integrated Survey of Selected Industries.
The improvement comes after quarantine restrictions due to COVID-19 were eased somewhat in April.
The VoPI improved on the back of positive growth in 20 industry divisions, with 15 recording three-digit annual increases.
Manufacture of basic metals registered the fastest growth rate at 687.5%. Meanwhile, manufacture of coke and refined petroleum products (-32.3%) and manufacture of basic pharmaceutical products and pharmaceutical preparations (-18.9%) were the only two divisions to show decreases during the period.
The Value of Production Index (VaPI) likewise grew 154.3% in April 2021 from a 74.2% drop in March 2021 and 66.6% decline in April 2020. The growth in April 2021 was the first positive growth since April 2019 and the highest annual increase in the 2018-based data series.
The VaPI’s growth was based on the positive growth rates of 20 industry divisions, 14 of which posted three-digit annual growth rates, with manufacture of basic metals posting the highest expansion at 729.1%.
On the other hand, two industry divisions, namely, manufacture of coke and refined petroleum products and manufacture of basic pharmaceutical products and pharmaceutical preparations recorded double-digit decrements of -24.5% and -19.4%, respectively.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector in April 2021 rose slightly to 63.6% from 63% in the previous month.
Eighteen of the 22 industry divisions had at least 50% average capacity utilization rate. They were led by manufacture of furniture (81.3%), manufacture of other non-metallic mineral products (80.9%), and manufacture of electrical equipment (75.2%).
About one-fourth of the responding establishments operated at full capacity.