Moody’s: Manufacturing output slightly down in Nov. due to supertyphoon
The research arm of Moody’s Corp. expects a slightly slower growth in the domestic manufacturing sector’s output last November following the onslaught of a Supertyphoon.
“Philippine industrial production growth for November will slow slightly to 8 percent year-on-year, compared with October’s 8.3 percent,” Moody’s Analytics said in a report Friday.
“Food production will likely slow in the short term due to the negative impact that typhoon ‘Lawin’ had on agriculture,” Moody’s Analytics explained.
In October, Supertyphoon “Lawin” ravaged through the northern part of Luzon island, causing damage to raw materials from the agriculture sector, which was estimated at over P10 billion.
While the agriculture sub-sector may slow down, Moody’s Analytics said “the overall outlook for Philippine manufacturing remains positive.”
“Higher external demand is boosting electronics production, while rapid growth in domestic demand will support production as a whole,” it explained. Electronics are the country’s top export commodity.
As for typhoon “Nina,” which hit the country before yearend, Budget Secretary Benjamin E. Diokno said it would unlikely dent agricultural output.
“Typhoon ‘Nina’ hit parts of the Bicol Region in the final week of the year. Its impact on the three super-regions—the National Capital Region, Calabarzon and Central Luzon—is muted,” Diokno said last Friday.
According to reports, “Nina” caused about more than P4 billion in damage to agriculture. —BEN O. DE VERA
