THE Philippine factory output growth quickened in September on the back of the higher manufacture of coke and refined petroleum products, transport equipment, and beverages, government data released yesterday showed.
Preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority (PSA) showed that the volume of production index (VoPI) expanded by 9.1% in September.
This follows the 6.8% expansion in August, and the 4.5% growth recorded in the same month of 2022.
The biggest increases were seen in the manufacture of coke and refined petroleum products up 78.6%, the manufacture of electric equipment up 26.5%, and printing of reproduction of recorded media up 17.6%.
Increases were also seen in the manufacture of basic metals up 14.0%, transport equipment up 11.0%, beverages up 8.0%, computer, electronic and optical products up 2.9%, and basic pharmaceutical products up 0.5%.
Negative annual growth rates were seen in the manufacture of wearing apparel (-35.8%), fabricated metal products (-26.5%), machinery and equipment (-24.7%), leather and related products (-15.1%), and furniture (-11.5%).
The value of production index (VaPI) grew by 8.9%, faster than the 7.5% in the previous month, but slower than the 12.6% in September 2022, on the back of the same drivers for the VoPI.
The Value of Net Sales Index (VaNSI) posted a 0.4% increase, slower than the 0.7% annual drop in August, and the 22.8% decline in September 2022, due to the double-digit annual increase in the manufacture of coke and refined petroleum products.
The average capacity utilization rate for the month was recorded at 74.3%, higher than the 74.0% in August, with all industry divisions reporting capacity utilization rates higher than 50.0% during the month.
Some 25.0% of establishments operated at full capacity or 90% to 100%, some 40.0% operated at 70% to 89% capacity, and 35.0% operated below 70% capacity. (GMA Integrated News)
