Factory output up 25.3% in November 2021

The gradual reopening of productive economic sectors has augured well for manufacturing, increasing factory output by 25.3 percent year-on-year in November 2021.

The Philippine Statistics Authority’s (PSA) monthly integrated survey of selected industries for November 2021 showed that the volume of production index (VoPI)—a proxy for factory output—reversed the 21.8-percent decline a year ago, and posted a slightly faster growth than the 25.2-percent expansion in October.

In its report on Friday, the PSA attributed the VoPI growth in November mainly to the 84.8-percent year-on-year jump in manufacture of coke and refined petroleum products, especially as Petron Corp. resumed its refinery operations in the middle of last year. In 2020, Petron temporarily closed down its refining facility in Bataan due to low demand amid the most stringent COVID-19 lockdowns that restricted movement of people and non-essential goods.

The PSA added that the 83.9-percent climb in manufacturing of products made of wood, bamboo, cane and rattan also contributed to the rebound in VoPI.

In all, 12 of the 22 industries covered by the MISSI report posted year-on-year increases in VoPI in November 2021. On the other hand, cigarette manufacturing had the biggest drop —20.4 percent—among the 10 sectors with lower production volume compared with a-year-ago levels.

The growth in value of production index (VaPI) also inched up to 26.5 percent in November from October’s 25.9 percent. During the pandemic-induced recession, VaPI in November 2020 shrank by 25.4 percent.

The overall increase in production value came on the back of the 123.4-percent growth posted by the coke and oil manufacturing sector.

—Ben O. de Vera

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