The Philippines’ manufacturing sector continued its growth in May 2018, with both volume and value posting double-digit growth during the month, according to data from the Philippine Statistics Authority (PSA).
In its latest Monthly Integrated Survey of Selected Industries (MISSI), PSA said the Volume of Production Index (VoPI) went up 19.8%, recovering from a negative 0.6% in May 2017.
The Value of Production Index (VaPI), meanwhile, reflected a growth of 21.3% from a negative growth rate of 2.6% in the same month of the previous year.
The May 2018 growth is the fifth consecutive month of increments after a series of declines in the last few months of 2017.
The increase in both VoPI and VaPI was led by the growth in printing, which accelerated 117.8% and 107.2%, respectively.
Fourteen major sectors recorded growths in volume last May, including petroleum products, food manufacturing, miscellaneous manufactures, textiles, electrical machinery, and rubber and plastic products.
In terms of value, 13 major sectors contributed to the growth, with petroleum products, food manufacturing, miscellaneous manufactures, beverages, electrical machinery, textiles, paper and paper products, and machinery with significant increases.
With the May 2018 MISSI report, Socioeconomic Planning Secretary Ernesto Pernia called on the private sector “to continue investing to further increase productivity” and contribute to employment and income growth of the labor force.
On the part of government, Pernia said they will remain committed to addressing factors that could hamper growth like rising trade tensions and higher interest rates.
“It is important to enhance the production capacity of enterprises, to address infrastructure gaps to decrease production costs, and to provide workers with necessary knowledge and skills,” Pernia said in a statement.
He added that the recently signed Ease of Doing Business Law will help the small and medium enterprises in particular and will further boost the manufacturing sector.
