7-9-2023 (MANILA) The manufacturing production sector in the Philippines maintained its growth momentum in July, according to the Philippine Statistics Authority (PSA).
Preliminary results from a monthly survey revealed that both the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 5.7 percent in July. This growth was consistent for both indices.
Compared to the 4.2 percent annual growth in June, the July VaPI showed a notable improvement. In July 2022, the VaPI recorded an impressive yearly growth of 12.1 percent.
The surge in annual VaPI in July was primarily attributed to the substantial increase in the index of the beverage manufacturing industry division. In July 2023, this industry division reported a remarkable annual increment of 22.6 percent, a significant shift from the previous year’s 2.7 percent decline in June. The manufacture of beverages played a pivotal role, contributing 38.3 percent to the annual upswing of VaPI within the manufacturing sector.
Among the 22 industry divisions in the manufacturing sector, the manufacture of beverages held the fourth-highest weight in the VaPI computation.
Conversely, the July VoPI outpaced the 3.4 percent annual growth seen in June. In July 2022, VoPI registered a 3.6 percent annual increase.
The annual growth of VoPI in July was primarily driven by increases in three industry divisions. These divisions included the manufacture of beverages, which exhibited significant growth at 12.6 percent; the manufacture of coke and refined petroleum products, soaring by 36.2 percent; and the manufacture of food products, rising by 1.2 percent.
Among the remaining 19 industry divisions, six reported year-on-year increases in July. Conversely, 13 industry divisions posted annual declines during this period. Notably, the manufacture of furniture recorded the most substantial yearly drop, declining by 27.7 percent.
