The country’s factory output grew in December last year, a turnaround from the contraction recorded in November, data from the Philippine Statistics Authority (PSA) showed.
Results of the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI) released on Friday showed that the value of production index (VaPI) went up by 0.4 percent, a turnaround from the -3.5 percent seen in November 2024.
The growth, however, was lower than the 3.7 percent seen in December 2023.
“The uptrend in the annual rate of VaPI for manufacturing in December 2024 was mainly attributed to the annual increase in the manufacture of computer, electronic and optical products at 8.6 percent during the month from an annual drop of 2.5 percent in the previous month,” the PSA said.
The PSA said other contributors to the uptrend in December include the increase recorded in the manufacture of coke and refined petroleum products at 5.2 percent from -11.7 percent in the previous month, and the faster annual increase of manufacture of transport equipment at 7.2 percent from an annual growth rate of 1.9 percent in November 2024.
The volume of production index (VoPI), meanwhile, rose by 0.2 percent in December last year, a turnaround from the -3.9 percent seen the previous month.
In December 2023, VoPI went up by 3 percent.
The PSA said the growth in VoPI was primarily driven by the increase in manufacture of computer, electronic and optical products, coke and refined petroleum products, and transport equipment.
The PSA, meanwhile, said the average capacity utilization rate for the manufacturing section in December 2024 was at 75.5 percent, slightly lower than the 75.7 percent the previous month but higher than the 74.6 percent recorded in December 2023.
All industry divisions reported capacity utilization rates of more than 60 percent during the month.
The top three industry divisions in terms of reported capacity utilization rate were manufacture of textiles at 81.4 percent, manufacture of machinery and equipment except electrical at 81.1 percent, and manufacture of other non-metallic mineral products at 80.7 percent. (PNA)
