Production output, value post double-digit growth in March

MANILA — Manufacturing output and value indices last March registered a double-digit growth, the Philippine Statistics Authority (PSA) reported Wednesday.

PSA’s Manufacturing Integrated Survey of Selected Industries (MISSI) showed that the volume of production index (VoPi) in March 2017 accelerated to 11.1 percent from 8.2 percent in the same month last year.

PSA attributed the growth to the double-digit expansion of eight major sectors led by fabricated metal products, production of which surged by 74.4 percent.

This was followed by the sectors of petroleum products, ramping up output by 61.5 percent; transport equipment, increasing by 54.5 percent; leather products, up by 39.2 percent; food manufacturing, up by 23.4 percent; machinery except electrical, up by 17.9 percent; non-metallic mineral products, up by 15.7 percent; and footwear and wearing apparel, up by 10.3 percent.

Higher output has resulted in increasing value of production index (VaPi), which went up 12.2 percent last March from a flat growth of 0.8 percent in March 2016.

A total of 12 major industries recorded double-digit growth last March, among them petroleum products (94.9 percent), transport equipment (54.4 percent), leather products (22.2 percent), food manufacturing (20 percent), machinery except electrical (19.2 percent), miscellaneous manufactured products (15.9 percent), fabricated metal products (15.1percent), footwear and wearing apparel (13 percent), and non-metallic mineral products (10.3 percent).

Industries’ net sales volume and value indices for March increased 19.6 percent and 20.9 percent, respectively.

The average capacity utilization rate of manufacturing facilities in March was at 83.8 percent. Kris Crismundo/PNA-northboundasia.com