The Philippines’ manufacturing sector continues to improve, posting increases in both volume and value of production in November 2016, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) recorded a year-on-year growth of 14.6% in November 2016 compared with a 4.4% increase during the same month last year, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) by PSA. This is the sixth consecutive month that MISSI improved.
Significant expansion in VoPI, PSA said, was observed in six sectors led by petroleum products with an increase of 80.3%. Other sectors with two-digit annual rates were transport equipment (40.4%), food manufacturing (24.6%), rubber and plastic products (16.1%), tobacco products (11.1%), and beverages (10.3%).
The Value of Production Index (VaPI) also improved by 10.6% in November 2016 from the negative 2.2% registered during the same month last year. Among the 10 major sectors reporting increments in VaPI, seven made significant contributions: petroleum products (68.8%), transport equipment (39.1%), food manufacturing (26.7%) and beverages (15.1%), rubber and plastic products (14.2%), tobacco products (11.3%), and textiles (10.4%).
The Value of Net Sales Index also rose 5.6%, recording a reversal from the negative growth rate of 5.8% in November 2015, while Volume of Net Sales Index went up 9.4% compared with a minimal increase of 0.4% during the same month of 2015.
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