Meanwhile, the Value of Production Index (VaPI) slowed to 1.3 percent in October from the 9.6 percent in September and 14.5 percent posted in October 2022.
PSA said the slower growth in the annual growth of VaPI during the month was mainly caused by the double-digit annual drop in the manufacture of beverages industry division at 26.3 percent in September 2023, from a 23.1-percent annual increase in the previous month.
“The manufacture of beverages contributed 46.5 percent to the downtrend of VaPI for the manufacturing section in October 2023,” PSA said.
The data also showed that out of the 22 industry divisions for the manufacturing section, the manufacture of beverages was the fourth industry division with the highest weight in the computation of VaPI.
Meanwhile, based on the S&P Global Philippines Manufacturing Purchasing Managers Index (PMI), the country’s composite index score slightly improved to 52.7 in November from the 52.4 posted in October.
S&P Global Market Intelligence said this was amid the decrease in purchasing activity in November, the first time in 15 months or since mid-2022.
S&P Global Market Intelligence also noted higher raw material prices during the month and “concerns of overstocking dissuaded input buying at some firms.”