By Kris Crismundo – PNA
MANILA — The Philippine Statistics Authority (PSA) reported Wednesday that the country’s manufacturing output and value in October this year recovered from a year ago.
PSA data show that volume of production index (VoPi) for October 2018 grew 3.9 percent, a turnaround from October 2017’s output score of -6.6 percent.
The improvement in this year’s manufacturing output was attributed to the double-digit growth of eight major industries led by textiles, which rose 41.9 percent. This is followed by miscellaneous manufactures at 31.2 percent, petroleum products at 30.8 percent, machinery except electrical at 17.6 percent, wood and wood products at 17.1 percent, electrical machinery at 16.9 percent, non-metallic mineral products at 11.9 percent, and paper and paper products at 10.7 percent growth rate.
Value of production index (VaPi) also recovered from its 6-percent decline last year as it increased by 3.1 percent in October this year.
According to the PSA, nine out of 11 major industry groups supported the VaPi last October.
VaPi of petroleum products soared to 53 percent; textiles, up by 49.7 percent; miscellaneous manufacturers, up by 36.9 percent; electrical machinery, up by 24.4 percent; beverages, up by 19.8 percent; paper and paper products, up by 16.7 percent; machinery except electrical, up by 14.7 percent; wood and wood products, up by 11.8 percent; and transport equipment, up by 10.1 percent.
Meanwhile, average capacity utilization for October slightly increased to 84.3 percent from 84.2 percent in September.
Highest capacity utilization rate was recorded in petroleum products’ manufacturing plants at 89.9 percent. This is followed by basic metals, with capacity utilization rate at 88.9 percent; non-metallic mineral products at 86.5 percent; machinery except electrical at 86.1 percent; food manufacturing at 85 percent; chemical products at 85 percent; paper and paper products at 83.8 percent; rubber and plastic products at 83.5 percent; wood and wood products at 81.6 percent; and textiles at 80.4 percent.
“Over the near-to medium-term, we see that the ‘Build, Build, Build’ program and the recently signed Regular Foreign Investment Negative List (RFINL) will help in raising the productivity of the manufacturing sector,” Socioeconomic Planning Secretary Ernesto Pernia said.
