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MANILA – The Philippine manufacturing sector logged faster growth rates in volume and value indices in October 2022, the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) reported Wednesday.
Volume of production index (VoPi) in October this year grew 5.1 percent from a year ago, faster than the 4.1 percent in the previous month.
Factory output improved as 14 out of 22 sub-industries recorded increments in October led by manufacture of machinery and equipment, except electrical, whose volume of production jumped by 81.8 percent.
Other industry divisions that logged double-digit growth in output include beverages at 61.7 percent; chemical and chemical products at 39.5 percent; fabricated metal products, except machinery and equipment at 35.7 percent; wood, bamboo, cane, rattan articles and related products at 27 percent; transport equipment at 21.3 percent; other manufacturing and repair and installation of machinery equipment at 17.2 percent; and paper and paper products at 10.2 percent.
Industries that decreased their output in October include electrical equipment, basic metals, furniture, printing and reproduction of recorded media, wearing apparel, food products, other non-metallic mineral products and tobacco products.
On the other hand, the value of production index (VaPi) had an uptick of 12.7 percent in October from 12 percent in September this year.
“Contributory to the increase of VaPI were the annual growths exhibited by 17 out of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 76.4 percent in October 2022,” the PSA said.
Meanwhile, the average capacity utilization rate of Philippine factories in October 2022 rose to 72.4 percent from 71.5 percent in September.
“There were 20 out of 22 industry divisions with more than 60 percent average capacity utilization rate,” PSA added.
Industry divisions with highest average capacity utilization for October were manufacture of computer, electronic and optical products (80.3 percent); manufacture of machinery and equipment except electrical (80.1 percent); and manufacture of wearing apparel (79.3 percent). (PNA)
