Combined output of Philippine factories contracted for the 13th straight month last December amid a huge drop in production of oil and metal products, the government reported on Wednesday (Feb. 5).
The Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (Missi) for December 2019 and released on Wednesday showed that the volume of production index (VoPI) dropped 10.1 percent that month.
A proxy for factory output, the monthly VoPI has been posting year-on-year declines since December 2018.
The double-digit decline in December was the biggest since August 2019’s 12.4-percent drop.
The PSA said production of petroleum products and basic metals, which fell by 47.9 percent, “contributed largely to the decrease of VoPI in December 2019.”
Production of furniture and fixtures went down by 30.4 percent while miscellaneous items fell by 10.5 percent, the PSA said.
The value of production index (VaPI) likewise slid for the 13th consecutive month last December, with the 9.5-percent drop that month also the largest in four months or since August 2019’s last 11.1 percent.
The PSA said it was “mainly influenced” a decline in production in petroleum, basic metals and textiles among nine major industry groups.
National Statistician Claire Dennis S. Mapa said the base year for MISSI indices would be updated in 2020. The government uses the year 2000 as MISSI base.