Moody’s: PH manufacturing grew 12% in April

Manufacturing growth likely grew by a faster 12 percent in April on the back of recovery in global demand, the research arm of Moody’s Corp. said.

In a note to clients Friday, Moody’s Analytics said “Philippine industrial production growth likely accelerated [last April] from 11.1 percent in March.”

“The archipelago’s manufacturing sector has received a boost in recent months from the uptick in global demand. In particular, this should boost electronics manufacturers,” Moody’s Analytics said.

“Domestic demand continues to be the main driver of production growth though, as rising incomes fuel consumer spending. Infrastructure projects, both public and private, are supporting industrial production,” Moody’s Analytics added.

The government will release April manufacturing data on Friday next week.

To recall, manufacturing sustained double-digit expansion for the second straight month in March, as the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries showed that the volume of production index (VoPI) jumped 11.1 percent that month, faster than the 8.2-percent growth a year ago.

The VoPI growth rate last March was also higher than the 10.7 percent posted in February.

State planning agency National Economic and Development Authority had attributed the robust manufacturing growth in March to higher production of food, oil products and transport equipment.