MANILA – The country's manufacturing sector grew at a faster pace in September, the Philippine Statistics Authority (PSA) said Thursday.
Results of the latest Monthly Integrated Survey of Industries (MISSI) showed that the Value of Production Index (VaPI) expanded by 8.9 percent, up from the 7.5 percent expansion in August.
It was, however, lower than the 12.6 percent growth in September last year.
"The expansion in the annual growth of the VaPI in September 2023 was mainly attributed by the higher annual increase in the manufacture of coke and refined petroleum products industry division at 66.9 percent in September 2023 from 39.2 percent annual increase in the previous month," the PSA said.
Other contributors to the higher VaPI include the manufacture of computer, electronic and optical products with an annual growth rate of 2.9 percent during the period from an annual decline of 2.4 percent in the previous month, and manufacture of basic metals with higher annual increase of 9.4 percent in September 2023 from 1.3 percent in the previous month.
The volume of production index (VoPI), on the other hand, grew by 9.1 percent, higher than the 6.8 percent and 4.5 percent expansion in August 2023 and September last year.
The PSA attributed the increase to the higher annual rate of manufacture of coke and refined petroleum products, computer, electronic and optical products, and basic metals.
It said the average capacity utilization for the manufacturing section in June 2023 was reported at 74.3 percent from 74 percent in 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 (81 percent), manufacture of rubber and plastic products (80.1 percent), and manufacture of computer, electronic and optical products (79.4 percent)," the PSA said. (PNA)