Manufacturing output jumped by almost a third in April on the back of the strong production of food and construction-related materials, the National Economic and Development Authority (Neda) said yesterday.
The Philippine Statistics Authority’s latest Monthly Integrated Survey of Selected Industries showed that the Volume of Production Index grew 31.1 percent in April, compared to a mere 0.1-percent growth a year ago.
Neda Undersecretary Rosemarie G. Edillon told a press briefing that the “huge improvement from the almost stagnant” growth in factory output last year would allow consumers to purchase more locally made products.
“[There was] too much money chasing after too few goods. Now, we’re getting the goods, they’re coming in. We’re seeing increased production and manufacturing,” Edillon said.
In a statement, Neda attributed the robust growth in manufacturing in April to “higher commodity prices, strong consumer demand, and a weaker exchange rate [that] encouraged manufacturers to produce more.”
The peso slid to its lowest in more than 11 years against the dollar in April, auguring well for exporters.
“Growth in production of food and export-oriented products (processed food, chemicals, fabricated metals, leather, petroleum, nonmetallic minerals, electrical and nonelectrical machinery, among others) contributed to the gains,” the Neda said.
“Higher government spending on infrastructure in the months leading to April helped sustain growth in construction-related manufactures,” the Neda added.—BEN O. DE VERA