THE country’s manufacturing sector continued to post three-digit growth for the sixth consecutive month this year, according to data released by the Philippine Statistics Authority (PSA).
In its Production Index and Net Sales Index or Monthly Integrated Survey of Selected Industries (MISSI) report for September 2021, the Volume of Production Index (VoPI) grew 124 percent.
However, this was the slowest since March when the VoPI posted a contraction of 73.3 percent. In August, the VoPI peaked with a growth of 533.6 percent.
“The VoPI posted a positive annual rate of 124 percent in September 2021. This is slower than the 533.6-percent increase registered in the previous month. In September 2020, VoPI dropped at an annual rate of -56.7 percent,” PSA said.
The PSA said 13 industry divisions posted growth in September, led by the manufacture of coke and refined petroleum products with a growth of 739.7-percent growth.
However, the growth of this industry was the slowest since April when it shrank by 32.2 percent.
Since May, the growth of this industry has been in quadruple digits. In May, the VoPI growth of this industry reached 1,367.9 percent; June, 2,945.5 percent; July, 3,598.3 percent; and in August, which is the peak growth for the year, 3,799.5 percent.
Apart from the manufacture of coke and refined petroleum products, industries that posted high VoPI growth were the manufacture of fabricated metal products except machinery and equipment at 181.5 percent; a far-third was the manufacture of computer, electronic, and optical products which grew 18.1 percent in September.
Meanwhile, PSA data showed nine industry divisions recorded decreases, led by manufacture of tobacco products with a contraction of 52.8-percent annual rate.
This was followed by the manufacture of basic pharmaceutical products and pharmaceutical preparations which retreated 24.5 percent and the manufacture of wearing apparel, shrinking by 12.2 percent.
The PSA data also showed the average capacity utilization rate for manufacturing slightly increased to 66.5 percent from 66.2 percent in the previous month.
Twenty of 22 industry divisions had more than 50-percent average capacity utilization rate.
These industries were led by the manufacture of furniture at 85 percent; manufacture of other non-metallic mineral products, 81 percent; and manufacture of tobacco products, 79 percent.
“The proportion of establishments that operated at full capacity [90 percent to 100 percent] was 23.1 percent of the total number of responding establishments. Meanwhile, 38.5 percent operated at 70 to 89 percent capacity, while 38.4 percent operated below 70 percent capacity,” PSA said.
The MISSI is now termed the Production Index and Net Sales Index. It is a report that monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.