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Tuesday, September 17, 2019

Manufacturing recovers to double-digit growth

MANUFACTURING output for the beginning of 2018 recovered from a series of declines in the last months of 2017, the National Economic and Development Authority (NEDA) said.

In the Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority, the Volume of Production Index (VoPI) for manufacturing grew by 21.9 percent in January 2018, higher than the 14.9 percent in the previous year and a reversal from the 9.2 percent decline the last month.

The Value of Production Index (VaPI), likewise increased by 20.4 percent. The expansion led the three-month moving average growth rate of both indexes back to positive territory at 1.1 and 0.4 percent, respectively.

“Manufacturing output is expected to sustain growth in 2018 on the back of robust consumer demand, higher government consumption, and continued gains in investments.

The sustained momentum in global trade will also boost manufacturing growth, particularly export-oriented sectors,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

He explained that the growth of manufacturing was due to expansions in petroleum products, construction-related products, some export-oriented products, and food manufacturing. These offset the declines in wood products, tobacco, transport equipment, and rubber and plastic products.

Pernia also noted that the industry firms’ outlook for the first quarter of 2018 remains optimistic, as improvement in production capacity, new product lines, and enhanced marketing strategies are anticipated to increase both production and sales. (PR)
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