Factory output shrinks for sixth straight month in August -PSA

The Philippine manufacturing output contracted for the sixth straight month in August, albeit on a slower basis, the Philippine Statistics Authority (PSA) reported Tuesday.

Preliminary results of the Monthly Integrated Survey of Selected Industry (MISSI) showed that factory output or the Volume of Production Index (VoPI) fell by 9.9% in August.

This is slower than the -14.6% decrease in July, but faster than the -12.5% decline in August 2019, and the sixth month of contraction since March.

"The slower downtrend in the VoPI for the sector was influenced by the increases in the indices of two heavily weighted industry groups," the PSA said, noting chemical products (17.1%) and basic metals (3.9%).

Meanwhile, top losers for the month were petroleum products (-96.2%); leather products (-60.3%); printing (-42.3%); tobacco products (-38.7%); and furniture and fixtures (-37.8%).

The value of production index (VaPI) likewise dropped in August at an annual rate of -13.8%. This is slower than the -17.2% decrease in July.

"Contributory to the slower decline of VaPI in August 2020 were seen in chemical products and basic metals with annual increases of 11.4 percent and 0.1 percent, respectively," the PSA said.

Top losers were similar for VaPI -- petroleum products (-96.6%); leather products (-62.1%); printing (-43.1%); tobacco products (-36.6%); and furniture and fixtures (-27.5%).—AOL, GMA News