Factory output growth accelerates as PH reopens
The value of factory output reached a double-digit yearly growth rate at 10.6 percent in July from 8.3 percent in June as the domestic economy further reopened.
Preliminary data for the latest Monthly Integrated Survey of Selected Industries (Missi) report from the Philippine Statistics Authority suggest that this was the highest since growth rates normalized after recording 375 percent last March.
In March, the domestic economy was rebounding from the effects of enhanced community quarantine that was in effect in Metro Manila and other key industrial areas in the same month of 2021.
Similarly, in July 2021, the value of factory output was surging at 530 percent.
Results for July 2022—which cover 22 major industries—show 17 groups gaining momentum, led by the manufacturing of nonelectric machinery and equipment with 32.1 percent.
The remaining five industry divisions whose output shrank in value were led by the manufacturing of electrical equipment with -51.2 percent.
This was released on the same day with employment data, which showed that while the number of people employed increased in July, the industry sector showed a decreased workforce at 8.39 million strong compared to 8.42 million in April 2022.
Among the subsectors, manufacturing had 3.49 million workers, 163,000 fewer compared to April and 93,000 less compared to July 2021.
“We expect more jobs and income opportunities available for Filipinos in the coming months as we move toward the full reopening of the economy,” Economic Planning Secretary Arsenio Balisacan said in a statement.
“The continuous reopening of schools is a pivotal step for all economic players,” Balisacan said. “The latest data show that as more youth have opted to return to face-to-face classes, women were also relieved from additional care work at home, allowing for more possibilities for them to be economically active.”
He said the vaccination program needed to be intensified by increasing the country’s booster rate to sustain low alert levels and reinvigorate domestic economic activity.
