Philippines manufacturing output sustains growth in May

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MANILA, July 9 (Xinhua) -- The performance of manufacturing production in the Philippines sustained its growth in May 2024, the Philippine Statistics Authority (PSA) said Tuesday.

Based on the preliminary results of the Monthly Integrated Survey of Selected Industries, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 2.2 percent and 3.2 percent in May, respectively.

The PSA said the VaPI rose at a slowed annual rate of 2.2 percent in May from a yearly increase of 5.7 percent in April, bringing the average VaPI growth rate from January to May this year to -0.1 percent.

In May 2023, the VaPI yearly growth was 8.5 percent.

The PSA attributed the slower annual increase in the VaPI in May 2024 to the slowed annual growth rate of the manufacture of computer, electronic, and optical products industry division, which dropped to 1.6 percent during the month from 9.4 percent in April.

The data showed the manufacture of coke and refined petroleum products posted the highest annual increment of 50.9 percent during the period.

Meanwhile, the VoPI for manufacturing registered an annual growth of 3.2 percent in May, slower than its annual increase of 6.3 percent in April 2024, bringing the average growth rate of VoPI for manufacturing from January to May to 0.9 percent.

In May 2023, VoPI recorded an annual increase of 6.1 percent.

The PSA said the downward trend of VoPI in May 2024 was primarily driven by the slower annual increase in the manufacture of fabricated metal products, except machinery and equipment; the manufacture of chemicals and chemical products; and the manufacture of computer, electronic and optical products.

The highest annual growth rate was also observed in the manufacture of coke and refined petroleum products, at 53.6 percent. Enditem

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