THE COUNTRY’S factory output expanded for the seventh straight month, albeit at a slower pace in October, the Philippine Statistics Authority (PSA) reported earlier this morning.
Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI) showed factory output, as measured by the Volume of Production Index (VoPI) grew by 24.7% year on year in October.
This was slower than the revised 123.1% growth in September. However, this was still a turnaround from the 25.4% decline in October 2020.
The value of production index (VaPI), a similar composite indicator in the survey, also increased by 24.8%. While slower than the 122.5% growth rate posted in September, it was still a reversal from the 28.9% contraction in October 2020.
For the year, factory output expansion averaged 59.5% and 54.4% in terms of VoPI and VaPI, respectively.
The PSA noted growth in the VoPI in 14 out of 22 industry divisions in October led by fabricated metal products, except machinery and equipment (176.6%); coke and refined petroleum products (123.7%); and other non-metallic mineral products (52.5%).
Average capacity utilization – the extent to which industry resources are used in the production of goods – averaged 67% in October from 66.6% the previous month. Of the 22 sectors, 20 averaged a capacity utilization rate of at least 50%.
Leading the sectors with the highest utilization rates were other non-metallic mineral products (81.1%), electrical equipment (77.3%), and furniture (76.5%). — Mariedel Irish U. Catilogo