RP factory output slides 9.2% in Dec

The Philippines’ factory output fell for the 12th straight month in December, sliding 9.2 percent owing to weak production in electrical machinery, textiles, furniture and fixture, petroleum products, the National Statistics Office said Tuesday. In November, the country’s volume of production index contracted 15.9 percent. In its latest Monthly Integrated Survey of Selected Industries, the NSO said the manufacturing output decline was also due to less production of petroleum products, fabricated metal products, tobacco and footwear and wearing apparel productions. Month-on month, factory output grew 0.5 percent in December. The NSO said only 10.2 percent of the 100 manufacturing firms surveyed operated at full capacity in October. Average capacity utilization of these factories stood at 80.3 percent. More than half, or 58.4 percent, operated at 70-percent to 89-percent capacity, and 31.4 percent operated below 70-percent capacity. Likewise, the country’s value of production index fell 3.9 percent in December compared with the 12.9 percent growth registered in the same period last year. "This was brought about by the two-digit decreases observed in fabricated metal products, furniture and fixtures, textiles, machinery excluding electrical, petroleum products and tobacco," NSO said. Month-on-month, value of production grew 1 percent in December.-GMANews.TV