PSA: Philippine factory output climbed 537.9% in July

The Philippine manufacturing sector posted a triple-digit growth in July, due to a low base effect as output declined the same month last year amid the quarantine restrictions, the Philippine Statistics Authority (PSA) reported.

Preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) showed that the factory output or the volume of production Index (VoPI) surged 537.9% in July.

This compares with the 459% increase recorded in June, and the -72.8% in July 2020, when the National Capital Region (NCR) was placed under general community quarantine (GCQ).

Expansion was seen in 14 out of the 22 industry divisions, with the fastest growth recorded in the manufacture of coke and refined petroleum products which surged 3,525.6%.

Declines were seen in eight divisions, with the fastest slump seen in the manufacture of tobacco products at -55.8%, followed by chemicals and chemical products at -13.4%, and the repair and installation of machinery and equipment at -11.4%.

In terms of capacity utilization, PSA data showed that only 26.9% of firms were operating at 90% to 100% of capacity. Some 34.2% operated at 70% to 89$ capacity, and 38.9% operated below 70%.

In terms of the value of production index (VaPI), manufacturing rose by 528.1% in July, marking its highest annual rate in the 2018-based series so far. This compares with the -74.1% recorded in July 2020.

The upward trend was attributed to the increase in 15 out of the 22 divisions, led by the manufacture of coke and refined petroleum products. Declines were seen in seven divisions, led by the manufacture of tobacco products. — RSJ, GMA News