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MANILA – The Philippine Statistics Authority (PSA) said volume and value of production of manufacturing sector both recorded increments in August 2022.
PSA's Monthly Integrated Survey of Selected Industries (MISSI) for August 2022 reported Friday that volume of production index (VoPI) continued to rise by 3.5 percent year-on-year.
VoPI rose at a faster pace in August compared to July 2022 with growth at 2.4 percent.
"Out of the 22 industry divisions, 17 reported positive annual growths which was led by manufacture of machinery and equipment except electrical with 78 percent annual growth rate," PSA said.
Industries that posted declines in output in August were basic metals, electrical equipment, coke (solid fuel) and refined petroleum products, non-metallic mineral products and tobacco products.
Value of production index (VaPI) also continued to record double-digit growth in August 2022 at 11 percent from a 10.6-percent expansion in July this year.
"Contributory to the increase of VaPI were the annual growths exhibited by 18 out of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 77.4 percent in August 2022," PSA added.
Meanwhile, capacity utilization in August slightly increased to 71.4 percent from 71.3 percent in July, as 20 out of 22 industry divisions had capacity utilization rate of above 60 percent. (PNA)
