Philippine manufacturing output growth accelerated to a three-month high in April on the back of the expansion recorded in food products, transport equipment, and other non-metallic minerals, government data released on Thursday 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 8.2% in April.

This compares with the 3.4% in March and the -1.3% the same month last year, and the highest in three months since the 10.4% growth in January.

The top three divisions that contributed to the annual increase were the manufacture of food products up 14.7%, transport equipment by 38.0%, and other non-metallic mineral products up by 15.7%.

Growth was also recorded in the printing and reproduction of recorded media at 50.5%, basic metals at 29.3%, repair and installation of machinery and equipment at 27.1%, electrical equipment at 19.0%, and wood, bamboo, cane, and rattan at 16.9%, coke and refined petroleum at 15.3%.

Meanwhile, the biggest contractions were recorded in the manufacture of wearing apparel with -35.6%, chemical and chemical products with -30.4%, furniture with -21.5%, tobacco products with -19.1%, and computer, electronic, and optical products with -13.5%.

The average capacity utilization rate for the month was recorded at 72.4%, lower than the 73.2% in the previous month. Some 24.0% of the establishments operated at full capacity, while 38.1% operated at below 70% capacity.

In terms of the value of production index (VaPI), growth also accelerated to 10.7% from 6.0% in March and 5.0% in April 2022.

The latest results are contrary to those of a survey conducted by S&P Global, however, which showed that the Philippines Manufacturing PMI stood at an eight-month low of 51.4% in April, as the growth in new business and output slipped. —VAL, GMA Integrated News


This article Manufacturing output growth hits three-month high in April was originally published in GMA News Online.

2023-06-08T06:10:54Z dg43tfdfdgfd