MANILA, Philippines – Philippine manufacturing growth slowed in November from the same month in 2013, according to the Philippine Statistics Authority (PSA).
The PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output in terms of the Volume of Production Index (VoPI) climbed at a slower pace of 8.1 percent in November 2014 compared with the 18.8 percent growth registered in the same month in 2013.
Of the 20 major sectors, seven posted year-on-year declines in November such as electrical machinery; footwear and wearing apparel; tobacco products; machinery except electrical; rubber and plastic products; furniture and fixtures; and miscellaneous manufactures.
The PSA said the Value of Production Index (VaPI) also recorded slower growth of 7.5 percent in November 2014 from 13.1 percent a year earlier.
Sectors which registered decreases in production value were petroleum products; footwear and wearing apparel; machinery except electrical; electrical machinery; tobacco products; rubber and plastic products; miscellaneous manufactures; and furniture and fixtures.
The Value of Net Sales Index (VaNSI) meanwhile contracted 0.3 percent in November 2014 compared with the 32 percent growth registered in November 2013.
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This was attributed to the shortfall in sales value observed in eight major sectors, with two-digit decreases observed in the following: footwear and wearing apparel (-23.1 percent), miscellaneous manufactures (-14.9 percent), and the heavy weighted petroleum products (-10.4 percent).
The Volume of Net Sales Index (VoNSI) also accelerated at a slower rate of 0.3 percent in November 2014 compared with 38.7 percent in November 2013.
Sectors that slipped in terms of volume of sales were chemical products; footwear and wearing apparel; electrical machinery; miscellaneous manufactures; beverages; machinery except electrical; food manufacturing; and furniture and fixtures.
Average capacity utilization in November 2014 for total manufacturing stood at 83.6 percent.
More than 50 percent or 11 of the 20 major industries operated at 80 percent and above capacity utilization rates such as basic metals; petroleum products; non-metallic mineral products; electrical machinery; machinery except electrical; food manufacturing; chemical products; paper and paper products; rubber and plastic products; printing; and wood and wood products.