HIGHER GROWTH. The Philippine Statistics Authority says Friday (Oct. 6, 2023) the volume and value of factory output grew at a faster pace in August. The average capacity utilization rate of manufacturing also went up to 73.9 percent from 73.6 percent in July. (PNA file photo)
MANILA -- Growth of the country's manufacturing sector accelerated in August, the Philippine Statistics Authority (PSA) reported on Friday.
Results of the Monthly Integrated Survey of Industries (MISSI) showed that the value of production index (VaPI) for manufacturing grew by 9.1 percent in August from 4.9 percent in July.
The VaPI during the month was, however, lower than the 12.3 percent expansion in August last year.
"The expansion in the annual growth of the VaPI in August 2023 was mainly attributed [to] the slower annual decrease in the index of manufacture of computer, electronic and optical products industry division with 2.9 percent annual decline in August 2023 from a double-digit annual drop of 16.0 percent in the previous month," the PSA said.
The PSA said the manufacture of computer, electronic and optical products contributed 37.4 percent to the annual uptrend of VaPI during the month.
The volume of production index (VoPI), on the other hand, expanded by 8.5 percent, higher than the 4.9 percent growth in July.
It was also up from the 4.6 percent expansion in August last year.
The PSA said the higher VoPI during the month was due to the annual increases in the manufacture of computer, electronic and optical products, food products, and coke and refined petroleum products.
The PSA, meanwhile, reported that based on responding establishments, the average capacity utilization rate for the manufacturing sector slightly went up to 73.9 percent from 73.6 percent the previous month.
"All industry divisions reported capacity utilization rates of more than 50 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment except electrical (80.3 percent), manufacture of rubber and plastic products (79.5 percent), and manufacture of transport equipment (79.3 percent)," said the PSA. (PNA)
