MANILA – The country's manufacturing output, both in volume and value, grew in April this year, a turnaround from the recorded contraction in March, data from the Philippine Statistics Authority (PSA) showed.
Results of the latest Monthly Integrated Survey of Selected Industries released on Friday showed the value of the production index (VaPI) grew by 5.9 percent in April from -6.8 percent in March.
"The annual increase of VaPI in April 2024 from an annual drop in March 2024 was mainly attributed to the annual increase in the manufacture of food products at 7.4 percent during the month from an annual decrease of 12.5 percent in March 2024," said the PSA.
Other primary contributors to the annual increment of VaPI during the month were the annual increases in the manufacture of transport equipment at 6.6 percent from -11.4 percent in the previous month, and in the manufacture of electrical equipment at 40.9 percent during the month from an annual decrease of 4.3 percent in March 2024.
The volume of production index (VoPI), meanwhile, grew by 6.7 percent, a turnaround from the -5.8 percent seen in March.
The PSA said the growth in VoPI in April was due to the annual increase in the manufacture of food products at 6.8 percent from -13.2 percent in March 2024.
Other primary contributors to the uptrend in VoPI were the annual increases noted in the manufacture of transport equipment at 5.1 percent in April from an annual drop of 12.0 percent in the previous month, and in the manufacture of fabricated metal products, except machinery and equipment at 32.3 percent during the from -3.1 percent in March.
The PSA, meanwhile, said that based on responding establishments, the average capacity utilization rate for the manufacturing in April 2024 was reported at 75.2 percent from 75.3 percent in the previous month.
In April 2023, the average capacity utilization rate was recorded at 72.5 percent.
"All industry divisions reported capacity utilization rates of more than 60.0 percent during the month," said the PSA.
The top three industry divisions in terms of reported capacity utilization rate were the manufacture of other non-metallic mineral products (82.1 percent), manufacture of furniture (81.9 percent), and manufacture of textiles (80.1 percent). (PNA)
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