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Women’s health awareness campaign launched as gaps in cervical cancer screening persists

A regional women’s health awareness campaign has been launched on the heels of a 2024 survey that reveals that gaps surrounding cervical cancer screening persist in the Asia Pacific. 

The 2024 Asia Pacific National Women’s Health Survey by Roche, a Swiss multinational holding healthcare company, found that the barriers to women’s health awareness and cervical screening are as follows: 

  • a lack of time 
  • fear over the perceived pain from the screenings 
  • little to no knowledge of women’s health tests and screenings 
  • the perception that female diseases are undervalued in healthcare systems. 

Early screenings for breast or cervical cancers are the “first and most important step to save lives,” according to Ingrid Magnata, country program manager of non-government organization Jhpiego Philippines, and one of the partners of Cervical Cancer Elimination Movement (CCEM). 

“This new survey reinforces the urgent need to reduce barriers and intensify efforts to ensure women have the right information and feel supported when it comes to their health,” Ms. Magnata said in a May 7 press statement.  

“Improving access to information on where and how to get tested for diseases that impact women are a critical step to empower women when it comes to their health,” she said. 

Cervical cancer is the second most common cancer among Filipino women.  

About 7,897 Filipinas are diagnosed with cervical cancer and 4,052 die from the disease annually, according to a 2023 fact sheet by the HPV Information Centre. 

The country has one of the lowest cervical cancer screening rates in the world, with about 1% out of 54 million women undergoing cervical cancer screening, the Philippine Institute for Development Studies found in 2023. 

The campaign, themed #MakeTheMostImportantDate, launched on May 5 in the Philippines, in partnership with CCEM and Women Workers for Health Empowerment Network (WHEN).

Roche Diagnostics has also partnered with laboratories like Hi-Precision Diagnostics, New World Diagnostics, and Singapore Diagnostics to provide Filipinas access to screening. 

Other activities will likewise run throughout the month of May in observance of Cervical Cancer Awareness Month. 

“The Philippine National Women’s Checkup Month is not just a campaign,” Marco Antonio Valencia Sanchez, Roche Diagnostics Philippines’s country manager, said in the same press statement. 

“It’s a movement to promote awareness, education, testing and support for Filipinas, celebrating the resilience and strength of women and acknowledging the need for them to put their health first, even though they have others to look after or support,” he said. – Patricia B. Marisol

APM LEAD Executive Summit 2024: Shaping a sustainable future

The countdown is on for the APM LEAD Executive Summit 2024, set to take place this Friday, May 10, 2024 at the Citadines Bay City Manila, Pasay Philippines. This exclusive event promises to be a go-to platform for asset intensive industries to showcase their sustainability initiatives in accelerating the United Nations (UN) Sustainable Development Goals (SDG).

The APM LEAD Executive Summit 2024 serves as a convergence of inspiration and innovation, bringing together thought leaders from across multiple asset intensive sectors such as power generation, utilities, manufacturing, mining, transportation, and pharmaceutical. The summit will feature a diverse lineup of panelists, industry experts, and plant level management who will share their insights and experiences. Attendees can expect an immersive experience, featuring dynamic discussions, interactive workshops, and insightful panel sessions. From predictive maintenance to renewable energy integration, every facet of APM will be explored through the lens of sustainability, aligning with the United Nations SDGs.

This year’s summit will also witness the active participation of technology vendors and solutions providers, furthering the partnership efforts emphasized in UN SDG 17: “Partnerships for the Goals.” By fostering collaboration between industry stakeholders and technology providers, the summit aims to drive innovation, accelerate the adoption of sustainable practices, and achieve meaningful progress towards the SDGs.

The summit is not just about learning — it’s about collaboration and innovation. Participants will have the chance to network with peers, exchange ideas, forge strategic partnerships that drive positive change. Attendees can expect to gain actionable insights, best practices, and real-world examples that they can apply to their own organizations to enhance plant performance, optimize efficiency, and promote sustainability.

Looking ahead, the APM LEAD Executive Summit 2024 is just the beginning of a broader initiative aimed at fostering collaboration among asset-intensive industries. Future summits will continue to build upon the momentum generated, creating opportunities for ongoing dialogue, knowledge sharing, and collective action towards a more sustainable future.Together, we can drive positive change, build resilient industries, and create a more sustainable world for future generations. — Wins Bernal, MBA, CAMA; Erudite Reliability Services President

 

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Japan to start hunting fin whales after five years of commercial whaling

STOCK PHOTO | Image by Mario from Pixabay

TOKYO – Japan will add large fin whales to its list of commercial whaling species, government spokesperson Yoshimasa Hayashi said on Thursday, five years after leaving an international body that regulates the commercial hunt of the marine mammals.

Japan resumed commercial whaling in its territorial waters and exclusive economic zones in 2019, on withdrawing from the International Whaling Commission (IWC).

This week, its Fisheries Agency sought public comment on a draft revision of its aquatic resource control policies that would allow commercial catching of fin whales.

The Japanese government will continue to promote whaling and take the necessary diplomatic steps, Hayashi told a regular press conference.

“Whales are important food resources and should be sustainably utilized, based on scientific evidence,” said Hayashi, the chief cabinet secretary, referring to widening the allowable catch to include fin whales.

“It’s also important to inherit traditional food cultures in Japan.

Japan caught a total of 294 minke whales, Bryde’s whales and sei whales last year, said the Fisheries Agency, which currently limits commercial whaling to the three relatively minor species.

Whale consumption in Japan peaked in the early 1960s but did not become widespread as other meat became more easily available.

Japan drew criticism from environmental groups for launching what it called scientific research whaling in 1987, following an IWC regulation that banned commercial whale hunts.

Australia and New Zealand were among the nations that expressed disappointment when Japan declared it was withdrawing from the IWC in 2018. – Reuters

China’s exports and imports return to growth, signaling demand recovery

A GENERAL VIEW shows Beijing’s skyline on a sunny day in this file photo. — REUTERS

BEIJING – China’s exports and imports returned to growth in April after contracting in the previous month, customs data showed on Thursday, signaling an encouraging improvement in demand at home and overseas in a boost to a shaky economic recovery.

The data suggests a flurry of policy support measures over the past several months is gaining traction and helping to stabilize fragile investor and consumer confidence.

Shipments from China grew 1.5% year-on-year last month, in line with the increase forecast in a Reuters poll of economists. They fell 7.5% in March, which marked the first contraction since November.

Imports for April increased 8.4%, beating an expected 4.8% rise and reversing a 1.9% fall in March.

“Exports have been the bright spot in China’s economy so far this year. The weak domestic demand led to deflationary pressure, which boosts China’s export competitiveness,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.

China’s economy grew faster than expected in the first quarter, although data on exports, consumer inflation, producer prices and bank lending for March showed that momentum could be faltering again. A protracted property crisis is also showing few signs of abating, spurring calls for more policy stimulus.

In the first quarter, both imports and exports rose 1.5% year-on-year.

A string of forecast-beating economic data over the January-February period and a factory owners survey for March suggested the world’s No.2 economy had managed to successfully navigate some early challenges, buying officials more time to lift fragile investor confidence and revitalize growth.

However, Beijing has its work cut out. Rating agency Fitch cut its outlook on China’s sovereign credit rating to negative last month, citing risks to public finances as growth slows and government debt rises.

The Politburo of the Communist Party, the party’s top decision-making body, said last month it would step up support for the economy with prudent monetary policy and proactive fiscal policies, including through interest rates and bank reserve requirement ratios.

China has set an economic growth target for 2024 of around 5%, which many analysts say will be a challenge to achieve without much more stimulus.

Chinese exporters had a tough time for most of last year as soaring interest rates weighed on overseas demand. With the Federal Reserve and other developed nations showing no urgency to cut borrowing costs, manufacturers may face further strains as they battle for market share.

Analysts say Chinese exporters are continuing to slash prices to maintain sales abroad amid the weak domestic demand conditions.

“Overcapacity in many industries will continue to depress export prices in the coming months,” said Dan Wang, chief economist at Hang Seng Bank China.

“As more Chinese companies make investments overseas to get around potential sanctions from the U.S., we expect more exports of industrial inputs like chemicals, fabric, auto parts and electric machineries,” she added.

China’s trade surplus grew to $72.35 billion, compared with a forecast of $77.50 billion in the poll and $58.55 billion in March. – Reuters

Philippine economy grows less expected than on weaker consumer spending

STOCK PHOTO | Image by Sean Yoro from Unsplash
MANILA – The Philippine economy accelerated less than expected in the first quarter, government data showed on Thursday, as weaker consumer spending offset a rebound in export growth.
Gross domestic product grew 5.7% in the first three months from the same period last year, the statistics agency said, up from the previous quarter’s 5.5% but below the 5.9% forecast in a Reuters poll.
The Southeast Asian nation’s government remains optimistic about growth, Economic Planning Secretary Arsenio Balisacan said, including the strong rebound in exports fueled by a recovery in shipments of electronic products.
“Despite our challenges on both domestic and international fronts, our economy continues to demonstrate remarkable resilience and growth,” Mr. Balisacan told a press conference. “We are in good shape.”
He expressed confidence the economy can hit the government’s 6.0%-7.0% full-year growth target. The government cut the target range last month from December’s 6.5%-7.5% projection due to high inflation and an anticipated global slowdown.
Inflation continues to dampen domestic demand, which grew 4.6% in the first quarter, the weakest since a 4.8% contraction in the first quarter of 2021.
On a seasonally adjusted basis, economic growth slowed to 1.3% from 2.1% in the previous three months, although this was above the 1.0% growth forecast in the Reuters poll.
Exports rose 9.5% from a year earlier, the fastest since the fourth quarter of 2022. – Reuters

Australia backs long-term gas drilling despite 2050 climate goals

STOCK PHOTO | Image by Rebecca Lintz from Pixabay

SYDNEY – Australia’s Labor government on Thursday laid out a strategy to boost natural gas development even as it remains committed to net zero carbon emissions by 2050, highlighting demand from key Asian trade partners.

Australia is one of the world’s largest exporters of liquefied natural gas (LNG), and Resources Minister Madeline King said gas would be needed “through to 2050 and beyond” in the global shift to cleaner energy.

“It is clear we will need continued exploration, investment and development in the sector to support the path to net zero for Australia and for our export partners, and to avoid a shortfall in gas supplies,” she said, launching the government’s Future Gas Strategy.

Australia supplied around a fifth of global LNG shipped last year, with the largest projects run by Chevron CVX.N and Woodside Energy Group WDS.AX in Western Australia, with its biggest customers in China, Japan and South Korea.

The center-left government came up with the new strategy after facing criticism for a range of short term measures it took to boost domestic gas supply and drive down soaring energy prices in 2022 in the wake of Russia’s war on Ukraine.

The plan lays out ways to reduce Australia’s emissions, such as leasing more offshore acreage for carbon capture and storage, while encouraging development of new gas fields, including tightening “use it or lose it” provisions on existing leases.

It comes as Woodside and Santos battle environmentalists opposing gas projects they are developing off northwestern Australia, while smaller companies face opponents to shale gas drilling in the Northern Territory.

“The strategy also makes it clear that we can’t rely on past investments to get us through the next decades, as existing fields deplete,” King said in a column in the Australian Financial Review on Thursday.

“That will mean a continued commitment to exploration, and an openness to the kinds of foreign investment that have helped build the industry into the powerhouse it is today.”

The announcement was welcomed by energy producers but criticized by renewable energy advocates and environmentalists.

“The Future Gas Strategy announced today promotes a reckless plan to open up new industrial gas basins that will damage land, water and communities,” Carmel Flint, national coordinator at environmental group Lock the Gate, said in a statement.  – Reuters

South Korea’s Yoon takes responsibility for missteps after 2 yrs in office

South Korean President Yoon Suk-yeol. — REUTERS

SEOUL – South Korean President Yoon Suk Yeol said on Thursday his government’s efforts to improve people’s lives had fallen short, conceding a crushing election defeat for his ruling party last month reflected voters’ assessment of his two years in office.

As part of a major policy push, Yoon also said a new government ministry would be created to address the country’s record low birth rate and fast-ageing society.

“We will utilize all available national capabilities to overcome the low birth rate, which can only be said to be a national emergency,” he said in opening remarks delivered from his office, behind a plaque which read “The Buck Stops Here.”

Yoon’s comments in his first news conference in 21 months come after the heavy defeat of his People Power Party in an April 10 vote, which prompted calls for a change in his leadership style and policy direction to salvage a presidency not yet at the halfway point.

“I think it reflects the public’s evaluation of my administration’s work is far short of what is needed,” Yoon said when asked about his People Power Party’s election defeat.

Yoon, who won the presidency in 2022 by a margin of less than one percentage point, has seen his support ratings plunge to a low of 21% in one public opinion poll.

He has pledged to communicate better with the public and parliament, as some analysts warned that the poll outcome meant he had already slipped into lame duck status.

The president pushed back on opposition parties’ demand for a special prosecutor to investigate alleged improper conduct by the first lady, who was captured in a video that became public in November accepting a pricey bag as a gift in 2022.

While First Lady Kim Keon Hee’s behavior had been unwise, the call by the opposition was a political attack, he said.

The first lady has not been seen in public since Dec. 15, reflecting a view by some analysts and even some members of Yoon’s party that she has become a political liability for the president and his PPP.

The creation of the ministry to address a fast declining and ageing population comes after the country’s fertility rate, already the world’s lowest, continued its dramatic decline in 2023, as women concerned about career advancement and the financial cost of raising children decided to delay childbirth or to not have babies.

The average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 from 0.78 in 2022, data from Statistics Korea showed.

That is far below the rate of 2.1 per woman needed for a steady population and the rate of 1.24 in 2015 when concerns about issues such as housing and education costs were lower. – Reuters

Viable transition technologies bridge to cleaner, better power generation

The power industry’s shift to a future with cleaner and better generation technologies require investments in “transition” technologies today to ensure energy security and affordability for present and future generations, an Aboitiz Power Corporation (AboitizPower) official said.

In particular, liquefied natural gas (LNG) is being regarded as a transition fuel to support the entry of more variable renewable energy (RE) and to give time for emerging technologies to be commercially viable.

“New and emerging technologies — energy storage, small modular nuclear reactors (SMRs), and hydrogen — are still expensive today. But our need for energy continues year-on-year and we have retiring old plants, so we really need a lot of new capacity,” said AboitizPower Head of Energy Transition Projects Felino Bernardo. “We will need more LNG-to-power projects, RE capacity, and, at some point in time, we believe that these new and emerging technologies will come in to further accelerate the transition to more decarbonized sources of electricity.”

According to the Philippine Electricity Market Corporation, 51% of the country’s registered capacity is from power plants that are more than 20 years old.

Amidst the impending depletion of the Malampaya gas field by 2027 and the moratorium on greenfield coal-fired power plants, LNG-to-power is considered a cleaner baseload alternative to coal, as it is less greenhouse gas intensive. Gas turbines also cycle more quickly, providing more flexibility when addressing the intermittencies of solar and wind power.

“We need baseload support for RE. It’s not a competition to RE, it’s an enabler for RE to grow,” Bernardo explained.

“Talking about what’s on the other side of the bridge, it’s the new technologies that are coming in. Unfortunately, we need to continue to lengthen and strengthen the bridge because there are still uncertainties on when they’re going to be available and become more affordable,” he added.

The AboitizPower official also maintained that there is no one-size-fits-all solution to an evolving and dynamic process like the energy transition, emphasizing on the necessity of diversifying the energy mix, especially to minimize reliance on one single energy source.

“We’re approaching this with our balanced portfolio strategy. We want affordable electricity that can be provided by coal plants. We want a bridge technology that can be secured by LNG. And we are pursuing our RE targets to support decarbonization. All of these are needed for us to be able to deliver a balanced outcome for the energy needs of the country,” Bernardo said.

The Department of Energy (DOE) projected peak electricity demand to increase annually by 6.6% from 2020 to 2040. This coincides with the Philippine government’s economic growth targets of 6%-7% for 2024, 6.5%-7.5% for 2025, and 6.5%-8% for 2026 to 2028.

In 2022, the primary energy supply mix comprised over 50% net imported coal and oil, and 49% indigenous energy mostly from geothermal, biomass, coal, natural gas, and hydro. 

Under the Clean Energy Scenario of the Philippine Energy Plan, it was also forecasted that 50% of gross generation in 2040 will eventually come from indigenous renewable energy sources and 26% will be from LNG.

“LNG is something that we can access. Southeast Asia and North Asia are among the biggest buyers of LNG. A lot of LNG is going this way to our market, so we can access that commodity for energy security,” Bernardo said.

The DOE also said that a capacity of 1,200 megawatts from nuclear power is targeted to take part in the Philippine power mix by 2032. 

“With respect to micro modular reactors, it can address specific market needs — powering decentralized grids, data centers, and providing process heat for the industry. For medium-sized SMRs, at 300 megawatts, it’s a good source of baseload energy — dispatchable, safe, and carbon-free,” Bernardo commented. “But we are still a long way from seeing the first-of-a-kind (FOAK) installation and in developing human capability and the supply chain.” 

Taking into account the inherent costs and tradeoffs in the energy transition, Bernardo reminded fellow industry players to be very deliberate in their decisions as it will affect the energy security and affordability of present and future generations.

“What does it mean to be energy secure? Simply put, it’s having electricity every time at the right cost and the least harm,” he maintained.

 

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Yee leads Likha Collab: An all-Filipino natural marketplace launch

In photo are (from left) Pulse63 Managing Director Abdul Paravengal, Magwai Organics Founder Czar Carbonel, Likha Collab and Pure Essentials Specialist Corp. Founder Pinky T. Yee, Human Nature representative MG Claveria, Isarog Beautanics Founder Trixie Odiamar, Wonderhome Naturals Founder Marvin Chua, and Kaya Founders Managing General Partner and Pulse63 Ventures Founding Partner Paulo Campos.

Pioneering a new era of conscious consumerism, Pinky T. Yee, the visionary behind Pure Essentials Specialist Corp. (PESC), introduced Likha Collab to the public sphere in celebration of Earth Day. This breakthrough e-commerce marketplace is designed to collaborate with Filipino micro, small, and medium-sized enterprises (MSME’s) in showcasing their products to a wider audience. 

Partnered with Pulse63, a health-focused business accelerator, Yee conceptualized the marketplace as a vetted space for local entrepreneurs and business owners who champion the cause of sustainability, environmental consciousness, and label transparency, while adhering to regulatory guidelines.

Yee expressed her vision for Likha Collab to emerge as the preferred destination for enthusiasts of natural living and advocates of local businesses. The innovative space, she added, was borne out of her “desire to help bring Earth-friendly Filipino-made brands and to transform every Filipino home to conscious and biodegradable living.”

According to Abdul Paravengal, managing director of Pulse63, Yee’s advocacy towards healthy living and showcasing selected home-grown brands were among the key factors that led them into collaborating with Likha Collab, empowered by their accelerator program.

Yee also underscored the importance of label literacy and consumer awareness. “We vet our partner brands rigorously, ensuring compliance with regulatory bodies, accurate labeling, and of course, the exclusion of harmful ingredients in their products,” she remarked.

In addition to the marketplace, Likha Collab also launched alongside its accompanying Facebook community, Eco Friends PH, to serve as a platform for individuals embarking on their sustainable living journey. The interactive space serves to inspire and facilitate discussions among consumers and like-minded advocates. It also aspires to become an avenue for industry experts from the medical and business sectors to promote awareness and respond to forums.

Among the pioneer brands that joined the mission of Likha Collab are Oryspa, Human Nature, Magwai, Wonderhome Naturals, Pure Culture, and Isarog. Additionally, the marketplace also includes LivClean, First Skincare, and First Botanicals as its house brands.

“We extend an open invitation to local MSMEs to join us in our commitment to provide homes with products that are free from toxic chemicals, safe for all ages, and beneficial for both the family and the planet,” concluded Yee.

Join the movement in making better and responsible choices, and explore Likha Collab’s offerings by visiting www.likhacollab.com.

 

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JG Summit Holdings, Inc. sets 2024 Annual Meeting of the Stockholders on June 3

 

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PHL jobless rate at two-month high

PHILIPPINE STAR/EDD GUMBAN

By Karis Kasarinlan Paolo D. Mendoza

THE PHILIPPINE jobless rate jumped to a two-month high in March as inflation and an El Niño-induced dry spell limited economic output, according to the local statistics agency.

The national unemployment rate rose to 3.9%, equivalent to two million jobless Filipinos, the Philippine Statistics Authority (PSA) said in a report. The rate was 3.5% in February or 1.8 million jobless people, and 4.7% or 2.42 million a year earlier.

The jobless rate averaged 4% last quarter compared with 4.8% a year earlier.

Philippine Labor Force Situation

PSA Undersecretary and National Statistician Claire Dennis S. Mapa blamed lower farm output for increased joblessness.

“The agriculture sector as well as fisheries was heavily affected in terms of employment,” he told a news briefing in mixed English and Filipino. The industry has had to lay off workers as a result.

Inflation, which quickened for the third straight month to 3.8% in April, also restricted production, affecting jobs, Cid L. Terosa, a senior economist at the University of Asia and the Pacific, said in an e-mail.

“The high labor force participation rate as well as seasonal effects related to the hiring practices of firms in the first quarter added upward push to the unemployment rate,” he added.

The job quality in March improved as the underemployment rate eased to 11% from 12.4% a month earlier and from 11.2% a year ago. It was the lowest underemployment rate since September 2023.

Underemployed Filipinos — those who want longer work hours or an additional job — fell by 686,000 to 5.39 million from February. The number of underemployed Filipinos dropped by 51,000 from a year earlier.

Underemployment eased to 12.4% last quarter from 12.7% a year ago.

The PSA said the employment rate fell to 96.1% in March from 96.5% in February. The rate was 95.3% a year earlier.

The number of employed Filipinos rose by 202,000 month on month to 49.15 million in March, compared with 48.58 million a year earlier.

The employment rate rose to 96% in the first quarter from 95.2% a year ago.

The statistics agency noted that month on month, the country’s labor force — made up of people who are employed and unemployed but seeking work, as well as first-time job seekers — rose by 407,000 to 51.15 million in March.

It said 51 million people were part of the labor force in March 2023.

This translated to a labor force participation rate of 65.3%, compared with 64.8% a month earlier and 66% a year ago.

The average Filipino employee worked for 40.7 hours a week.

RESKILLING, UPSKILLING
Carlos Miguel S. Oñate, Trade Union Congress of the Philippines legislative officer, said the rise in the participate rate showed that more Filipinos were seeking jobs.

He added that labor rights should be upheld through upskilling and by creating new job opportunities especially for fresh graduates.

In a statement, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said the government would continue to prioritize the creation of high-quality and well-paying jobs.

“We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal,” he said. “These will be accompanied by reskilling and upskilling programs to increase employability.”

The biggest monthly job loss in March was seen in agriculture and forestry, which slashed 318,000 workers to 9.04 million. It was followed by transportation and storage, which was 292,000 workers down to 3.56 million, and construction, where workers fell by 214,000 to 4.55 million.

Month-on-month job gains were recorded in public administration and defense, which was up by 606,000 to 3.29 million, manufacturing which added 351,000 jobs to 4.02 million, and information and communications which was up by 159,000 to 529,000.

Year on year, agriculture and forestry shed the most workers at 881,000, followed by fishing and aquaculture which was down by 449,000 to 1.03 million, and accommodation and food service activities which fell by 118,000 to 2.56 million.

On the other hand, wholesale and retail trade posted the biggest yearly job gains in March after hiring 963,000 more workers to 10.75 million. Manufacturing added 553,000 workers to 4.02 million, while public administration and defense was up by 229,000.

“The unemployment rate will continue to be pressured upwards in April because of inflation,” Mr. Terosa said.

He cited the need to monitor proposals for a legislated wage increase, which he said could lead to gloomy job prospects.

March factory output falls, steepest in almost 2 years

REUTERS

PHILIPPINE FACTORIES posted their worst performance in 23 months after output fell by 0.8% in March, according to the local statistics agency.

This was a reversal of the 7.2% growth in February, based on the results of the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries. Factory output rose by 6% in March last year.

Robert Dan J. Roces, chief economist at Security Bank Corp., blamed rising material costs and softening domestic demand for the plunge in the output as measured by the volume of production index.

“Deterioration in operations due to this seems likely, given the substantial output drop compared with February’s revised growth,” he said via Viber.

The production decline suggests potentially weaker demand and production challenges, he added.

Month on month, the manufacturing sector’s output rose by 0.8%, compared with 0.5% in February. Stripping out seasonality factors, factory output declined by 4.7%. 

Output growth slowed to 3% last quarter from 5.5% a year earlier.

This was probably due to inflation, high interest rates and the global economic uncertainty, Mr. Roces said.

Inflation quickened for the third straight month to 3.8% in April. It was 3.7% in March and 3.4% in February.

Markets expect the Philippine central bank to delay interest rate cuts because of this. The Monetary Board has kept its key rate to a 17-year high of 6.5% after increasing it by 450 basis points (bps) from May 2022 to October 2023.   

Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon attributed the March contraction to weak demand in the retail sector, the peso’s depreciation against the dollar and higher import costs. 

Manufacturers could also not pass on their costs given the weak market, he said by telephone. Mr. Barcelon expects factory output growth to slow this year.

Average capacity utilization averaged 75.3% in March compared with 75.1% a month earlier and 73.6% a year ago.

In contrast to the PSA report, S&P Global Purchasing Managers’ Index (PMI) for March was 50.9, suggesting that factory activity expanded, though slower than in January.

A reading above 50 shows expansion in manufacturing activity, anything below 50 shows the opposite.

The index was 52.2 in April, the strongest improvement in five months.

The statistics agency said the factory output decline in March was driven by the manufacture of food products, which contracted by 8.1%. Food products account for 18.7% of manufacturing activity.

Also contributing to the decline was computer, electronic and optical products, whose growth slowed to 5.3%, and coke and refined petroleum products, whose growth slowed to 10.2%.

Out of the remaining 19 industry divisions, 12 posted yearly declines, while seven recorded higher growth, the PSA said.

The manufacture of chemical and chemical products had the highest growth at 29.1%. — Abigail Marie P. Yraola

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