7-7-2023 (MANILA) According to the Philippine Statistics Authority (PSA), manufacturing production in the Philippines continued to show positive growth in May. The preliminary results of a monthly survey revealed that the year-on-year value of production index (VaPI) increased by 10.3 percent, while the volume of production index (VoPI) grew by 8.1 percent during the same period.
Compared to the previous month, the May VaPI growth of 10.3 percent surpassed the April annual growth of 10.1 percent. In May 2022, the VaPI recorded a yearly growth of 6.6 percent.
The PSA attributed the annual growth of VaPI in May 2023 to the significant increase in the manufacture of electrical equipment industry division, which rose by 54.2 percent compared to 19.5 percent in April. This industry division accounted for 26.7 percent of the overall uptrend in VaPI for the manufacturing sector in May. Other notable contributors to the growth were the slower annual decreases in the manufacture of chemical and chemical products, as well as the manufacture of computer, electronic, and optical products.
Similarly, the May VoPI exhibited a faster annual growth of 8.1 percent compared to the 7.7 percent recorded in April. In May 2022, the VoPI experienced a decline of 0.6 percent.
The PSA noted that the annual growth of VoPI in May 2023 was primarily driven by the upturn in the manufacture of electrical equipment, which increased by 53.7 percent compared to 19.2 percent in April. This industry division contributed 27.3 percent to the annual acceleration of VoPI in the manufacturing sector for May. Other significant contributors were the slower annual decline in the manufacture of chemical and chemical products, as well as the annual increase in the manufacture of beverages.
