Philippine manufacturing output increased for a second straight month in May 2024, driven by higher food production, the Philippine Statistics Authority (PSA) said Tuesday.
The PSA said the volume of production index (VoPI) grew 3.2 percent in May 2024, down from a 6.3-percent increase in April. This brought the average VoPI growth rate for manufacturing from January to May 2024 to 0.9 percent. In May 2023, VoPI for manufacturing recorded a 6.1-percent annual increase.
Data showed the top three industry divisions contributing to the overall year-on-year VoPI growth in May 2024 were coke and refined petroleum products, food products and beverages. The food products index registered a 3.8 percent year-on-year increase in May 2024, slower than April’s 7.2 percent.
Meanwhile, the value of production index (VaPI) went up 2.2 percent in May 2024, slower than the 5.7-percent rise in April. This brought the average growth rate of VaPI in the first five months of 2024 to -0.1 percent.
The volume of net sales index (VoNSI) fell 0.3 percent in May, following an annual increase of 7.7 percent in April. The value of net sales index (VaNSI) also contracted 1.5 percent in May, from a 6.9 percent annual increase in April.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector in May 2024 was 75.5 percent, up slightly from 75.3 percent in April. It was also higher than 73.5 percent in May 2023.
All industry divisions reported capacity utilization rates exceeding 60 percent. The top three industry divisions in terms of reported capacity utilization rate were machinery and equipment except electrical (83.4 percent), other non-metallic mineral products (82.1 percent), and rubber and plastic products (81.2 percent).
The PSA said of the responding establishments, 28.1 percent operated at full capacity (90 percent to 100 percent), while 42.4 percent operated at 70 to 89 percent capacity. The remaining 29.4 percent operated below 70 percent capacity.
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