THE country’s manufacturing production posted a 1.9-percent growth in May 2022, according to the latest data released by the Philippine Statistics Authority (PSA).
Based on the Production Index and Net Sales Index, formerly the Monthly Integrated Survey of Selected Industries, the Volume of Production Index (VoPI) grew 1.2 percent in April 2022 and 267.2 percent in May 2021.
“Fourteen  industry divisions contributed to the positive growth of VoPI in May 2022, of which the fastest growth was reported in manufacture of machinery and equipment except electrical at 50.7 percent,” PSA said.
This was followed by the manufacture of chemical and chemical products which posted growth of 35.9 percent in May 2022.
The manufacture of fabricated metal products, except machinery and equipment, followed with a growth of 22.8 percent and the manufacture of computer, electronic, and optical products with 15 percent.
The data, however, showed eight industry divisions recorded decreases with the manufacture of electrical equipment registering the fastest annual decline of 19.7 percent.
Meanwhile, the Value of Production Index (VaPI) posted a faster year-on-year growth rate of 8.9 percent in May 2022.
This was faster than the 7.6-percent growth recorded in the previous month. In May 2021, the VaPI surged 256.1 percent.
“The annual growth in VaPI was attributed to the positive growth rates of 15 industry divisions. Among these, [the] manufacture of machinery and equipment except electrical posted the highest annual growth of 60.8 percent in May 2022,” the PSA said.
However, the remaining seven industry divisions recorded decreases in their production, with the manufacture of electrical equipment contracting by 16.4 percent.
The data also showed that the average capacity utilization rate for the manufacturing sector in May 2022 at 70.7 percent, from 69.4 percent in the previous month.
Twenty out of 22 industry divisions had more than 60-percent average capacity utilization rate.
This was led by manufacture of furniture at 81.4 percent; manufacture of wearing apparel, 79.2 percent; and manufacture of other non-metallic mineral products, 78.6 percent.
“The proportion of establishments that operated at full capacity [90 percent to 100 percent] was 24.3 percent of the total number of responding establishments. Meanwhile, 38.9 percent operated at 70 to 89 percent capacity, while 36.8 percent operated below 70 percent capacity,” the PSA said.
The Production Index and Net Sales Index is the new term used instead of the MISSI. The report continues to monitor the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.
Image credits: Nonie Reyes