The Philippine manufacturing sector continued to record growth in November
The Volume of Production Index increased 25.3% while the Value of Production Index rose 26.5%
The manufacture of coke and refined petroleum products and the manufacture of wood, bamboo, cane, rattan articles and related products led the increase in VoPI
The manufacture of coke and refined petroleum products led VaPI growth
The average capacity utilization rate for the manufacturing sector in November 2021 was at 67.4%, up slightly from the previous month
The Philippine manufacturing sector continued to record growth in November, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) continued to accelerate at an annual rate of 25.3% in November 2021 compared with the 25.2% annual increase registered in October 2021 and a reversal from the -21.8% drop in November 2020, according to PSA’s latest Monthly Integrated Survey of Selected Industries.
The Value of Production Index (VaPI) likewise grew in November 2021 with an annual growth rate of 26.5% from 25.9% in October 2021 and in contrast with the -25.4% decline in November 2020.
VoPI and VaPI started recording growth in April 2021 after 13 consecutive months of decline as an effect of COVID-19-related restrictions in the country that started in March 2020 and pulled down production and sales indices for the sector.
The increase in VoPI in November 2021 was brought about by the positive growth rates of 12 of the 22 industry divisions.
Of these, growth in manufacture of coke and refined petroleum products and in manufacture of wood, bamboo, cane, rattan articles and related products were the major contributing factors, with 84.8% and 83.9% growth rates, respectively.
On the other hand, the remaining 10 industry divisions recorded decreases, led by the manufacture of tobacco products with -20.4% annual growth rate.
The growth in VaPI was induced by increases in 15 of the 22 industry divisions. The top contributor was manufacture of coke and refined petroleum products with 123.4% annual growth rate. On the other hand, the remaining seven industry divisions recorded decreases, with manufacture of tobacco products, registering the fastest annual decline of -19.8%.
Based on the survey of responding establishments, the average capacity utilization rate for the manufacturing sector in November 2021 was reported at 67.4%, a slight rise from 67.2% in the previous month.
There were 20 out of 22 industry divisions with more than 50% average capacity utilization rate, led by manufacture of furniture (88.3%), manufacture of other non-metallic mineral products (81.8%), and manufacture of tobacco products (77.0%).
The proportion of establishments that operated at full capacity (90% to 100%) was 26% of the total number of responding establishments. Meanwhile, 37.2% operated at 70% to 89% capacity, while 36.8% operated below 70% capacity.