Manila – Factory output in the Philippines continued to grow in October, albeit at a slower pace compared to the expansion recorded in September, according to the latest data from the Philippine Statistics Authority (PSA). The Monthly Integrated Survey of Industries (MISSI) released on Thursday showed a 1.3 percent increase in the value of production index (VaPI), marking a slowdown from the 9.6-percent and 14.5-percent growth seen in September and October of the previous year, respectively.
According to Philippines News Agency, The PSA attributed the slower growth in VaPI primarily to a significant annual drop in the manufacture of beverages, which saw a 26.3 percent decrease in September 2023 from a 23.1 percent increase in the previous month. Other contributing factors included a slowdown in the manufacture of coke and refined petroleum products, and a decline in the production of computer, electronic, and optical products. The volume of production index (VoPI) also grew by 1.7 percent, lower than the growth rates in October 2022 and September this year.
The manufacturing sector’s average capacity utilization rate slightly decreased to 74.3 percent from 74.4 percent in September. The PSA reported that all industry divisions-maintained capacity utilization rates above 50 percent, with machinery and equipment manufacturing, rubber and plastic products, and tobacco products leading in capacity utilization rates.