Manufacturing growth up in October

Philippine manufacturing growth improved in October as 14 out of the 22 industry divisions recorded annual expansions, the Philippine Statistics Authority (PSA) reported Wednesday.

Data released by the PSA showed that the volume of production index (VoPI) increased by 5.1%, faster than the upward revised 4.1% in September, but slower than the 27% in October 2021.

Growth was led by the manufacture of machinery and equipment except electrical, which increased by 81.8%; beverages by 61.7%; chemical and chemical products by 39.5%; and fabricated metal products by 35.7%.

Double-digit increases were also seen in wood, bamboo, cane, rattan wth 27.0%, and paper and paper products with 10.2%.

Eight industry divisions posted annual decreases, led by the manufacture of electrical equipment by 56.9%, basic metals down 23.4%, furniture by 21.6%, and reproduction of recorded media by 17.3%.

The average capacity utilization rate for the month was recorded at 72.4%, higher than 71.% recorded in September.

Some 19.9% of establishment respondents operated at full capacity or 90% to 100%, 40.4% operated at 70% to 89% capacity, and 11.1% operated at below 50% capacity during the month.

In terms of the value of production (VaPI), the PSA reported a 12.7% annual increase in October, faster than 12.0% the previous month but slower than 27.8% in October 2021.

Data showed that 17 out of the 22 industry divisions posted growth during the month, led by the manufacture of machinery and equipment except electrical which rose by 76.4%.

Five industry divisions recorded declines, with the fastest drop seen in the manufacture of electrical equipment, which fell by 55.8%. —KBK, GMA Integrated News