December 7, 2024 | 12:00am
MANILA, Philippines — The country’s factory output declined at a slower pace in October from the previous month due mainly to the improved production of beverages, according to the Philippine Statistics Authority (PSA).
Preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries released showed the Volume of Production Index (VoPI) for manufacturing registered a slower year-on-year decline of 1.8 percent in October from the five percent drop in September.
In October last year, the VoPI posted a 1.4-percent growth.
The latest VoPI result brought the average VoPI growth from January to October to 1.7 percent.
“The slower year-on-year decline of VoPI during the month was primarily brought about by the annual growth rate of manufacture of beverages industry division at 6.8 percent in October from an annual drop of eight percent in September,” the PSA said.
Another main contributor to the slower decline of VoPI in October was the 26.4 percent increment in the manufacture of wood, bamboo, cane, rattan articles and related products during the month from a 24.3-percent drop in September.
Also cited as a main contributor to the slower decline in VoPI was the transport equipment industry division, which posted a 6.7-percent increase in October from 3.2 percent in the previous month.
Based on responding establishments, the PSA said the average capacity utilization rate for manufacturing in October was 75.7 percent, slightly higher than the previous month’s 75.4 percent.
In October 2023, the average capacity utilization rate was 74.3 percent.
“All industry divisions reported capacity utilization rates of more than 60 percent during the month,” the PSA said.
Industry divisions with the highest reported capacity utilization rate in October were machinery and equipment except electrical (85.9 percent), other non-metallic mineral products (82.6 percent) and manufacture of textiles (82.3 percent).
Of the total number of responding establishments, 30.4 percent operated at full capacity.
Meanwhile, 43.4 percent operated at 70 to 89 percent capacity and 26.1 percent were running below 70 percent.
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