Manufacturing output jumped 22% in January
The manufacturing industry started the year with output growth, with production in 13 major sectors rising by double digits in January, the government reported earlier.
The Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries for January showed that the Volume of Production Index (VoPI) climbed 21.9 percent that month.
January’s VoPI, which serves as a proxy for manufacturing output growth, was faster than the 14.9 percent rise a year ago.
The growth was supported by the two-digit annual expansions in 13 major sectors, namely: printing (114.5 percent), leather products (39.2 percent), petroleum products (37 percent), machinery except electrical (36.8 percent), basic metals (35.5 percent), chemical products (32.3 percent), fabricated metal products (32.2 percent), beverages (31.8 percent), nonmetallic mineral products (17.5 percent), food manufacturing (15.2 percent), paper and paper products (14.7 percent), electrical machinery (13.9 percent), and miscellaneous manufactures (12.3 percent), the PSA said.
The Value of Production Index (VaPI) also grew by 20.4 percent in January from 13.7 percent a year ago.
“Manufacturing output is expected to sustain growth in 2018 on the back of robust consumer demand, higher government consumption, and continued gains in investments. The sustained momentum in global trade growth will also provide additional boost to manufacturing growth, particularly export-oriented sectors,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement.
“The growth of manufacturing [in January] was due to expansions in petroleum products, construction-related products, some export-oriented products, and food manufacturing. These offset the declines in wood products, tobacco, transport equipment, and rubber and plastic products,” noted Pernia, who also heads the National Economic and Development Authority.
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