Factory output growth fastest in more than four years
FACTORY production expanded to its fastest pace in more than four years in January, preliminary data from the Philippine Statistics Authority showed.
Manufacturing output — as measured by the Volume of Production Index — rose 21.9% year on year, reversing the 9.2% fall in December and was faster compared to 14.9% growth seen in January last year. The January 2018 turnout was also the fastest recorded since December 2013’s 22.8% increase.
Sectors which saw gains were: printing (114.5%), leather products (39.2%) petroleum products (37%), machinery except electrical (36.8%), basic metals (35.5%), chemical products (32.3%), fabricated metal products (32.2%), beverages (31.8%), non-metallic mineral products (17.5%), food manufacturing (15.2%), paper and paper products (14.7%), electrical machinery (13.9%) and miscellaneous manufactures (12.3%).
Meanwhile, declines were observed on: transport equipment (-13.9%), tobacco products (-27.7%), rubber and plastic products (-11.6%), wood and wood products (-52.9%), footwear and wearing apparel (-7.1%), textiles (-1%) and furniture and fixtures (-1.2%).
Average capacity utilization — the extent by which industry resources are being used in the production of goods — stood at 84.1%. — Jochebed B. Gonzales
