MANILA – The country's manufacturing output both in volume and value declined in March this year, the Philippine Statistics Authority (PSA) said on Wednesday.
Results of the latest Monthly Integrated Survey of Selected Industries showed that the value of production index (VaPI) contracted by 1.7 percent, a reversal from the 9.1 percent expansion in March last year and 5.7 percent growth seen in February 2024.
"The annual drop of VaPI in March 2024 from an annual increase in February 2024 was mainly attributed to the annual decline in the manufacture of food products at 7.2 percent in March 2024 from an annual increase of 1.6 percent in the previous month," the PSA said.
Other primary contributors to the downtrend were the slower annual increases in the manufacture of computer, electronic and optical products at 7.5 percent in March from a 16.3 percent expansion in the previous month, and manufacture of coke and refined petroleum products at 9.4 percent from 18.3 percent in February.
The volume of production index (VoPI), meanwhile, also declined by 0.8 percent from a 7.2-percent expansion in February.
In March last year, the VoPI grew by 6 percent.
The PSA said the downtrend was due to the annual decline in the manufacture of food products, computer, electronic and optical products, and coke and refined petroleum products.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector was at 75.3 percent in March from 75.1 percent in the previous month.
In March 2023, the average capacity utilization rate was recorded at 73.6 percent.
All industry divisions reported capacity utilization rates of more than 60 percent during the month.
"The top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment except electrical (83.9 percent), manufacture of other non-metallic mineral products (80.9 percent), and manufacture of rubber and plastic products (80.5 percent)," the PSA said. (PNA)
