Factory output continued to expand for eighth consecutive month in November, the Philippine Statistics Authority (PSA) reported earlier this morning.
Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI) showed factory output, as measured by the Volume of Production Index (VoPI), grew by 25.3% year on year in November.
This was slightly higher than the revised 25.2% growth in October. However, this was still a turnaround from the 21.8% decline in November 2020.
November’s print was the eighth consecutive month that VoPI stayed in the positive territory.
Year to date, factory output expansion averaged 55.5%.
The PSA noted growth in the VoPI in 12 out of 22 industry divisions in November, led by manufacture of coke and refined petroleum products (84.8%) and manufacture of wood, bamboo, cane, rattan articles and related products (83.9%).
In comparison, Philippines’ manufacturing Purchasing Managers Index accelerated to an eight-month high that month to 51.7 from 51 in October. A PMI reading above 50 indicates improvement in business conditions from the month before.
Average capacity utilization — the extent to which industry resources are used in the production of goods — averaged 67.4% in November from 67.2% the previous month. Twenty out of 22 sectors averaged capacity utilization rate of at least 50%. — Mariedel Irish U. Catilogo