Philippine manufacturing output continues to decline in September
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E-mail Xinhua, November 5, 2019
MANILA, Nov. 5 (Xinhua) -- The Philippine Statistics Authority (PSA) reported on Tuesday that the performance of manufacturing production in the Philippines continued to decline for the ninth consecutive month in September 2019.
The PSA said year-on-year volume of production index (VoPI) and value of production index (VaPI) declined by 3.0 and 2.3 percent, respectively.
"This is the ninth consecutive month in 2019 of decline in volume and value indices," the PSA said in a report.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), the PSA said VaPI depicted a year-on-year decline of 2.3 percent in September 2019, from 3.2 percent growth in the same month of the previous year.
On the other hand, the PSA said VoPI showed an annual drop of 3.0 percent in September 2019, from 1.3 percent increase during the same month of the previous year.
The National Economic and Development Authority (NEDA) said the upcoming holiday season and strong macroeconomic conditions are seen to contribute to the improved performance of the manufacturing sector for the last quarter of 2019.
"Despite the slowdown in the overall performance of the manufacturing sector for September 2019, we have observed improvements in various subsectors which can be attributed to the upcoming holiday season alongside lower inflation, stable exchange rate, and lower interest rate," said NEDA Undersecretary Adoracion Navarro said.
Navarro cited positive growth in beverages, tobacco products, basic metals, fabricated metal products, wood and wood products, machinery except electrical, chemical products, paper and paper products, printing, and rubber and plastic products.
To boost the manufacturing sector over the near term, Navarro said the government will need to push for high impact and implementable infrastructure projects under the Build Build Build program.
"We need to sustain infrastructure spending to achieve the national government's target disbursement performance for the year," she said.
MISSI is a report that monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector. Enditem
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