The country’s manufacturing sector grew double digit in June 2018, its sixth consecutive month of growth, according to the Philippine Statistics Authority (PSA).
PSA’s latest Monthly Integrated Survey of Selected Industries showed the Volume of Production Index (VoPI) increased 18% year on year in June, a turnaround from the 0.1% decline in June 2017.
PSA said the improvement was brought about by the expansion in VoPI for 14 major sectors led by printing with a three-digit increase of 116.3%. Other eight sectors with significant increases in VoPI were petroleum products (60.7%), textiles (36.7%), miscellaneous manufactures (21.0%), rubber and plastic products (20.7%), machinery except electrical (20.3%), electrical machinery (17.1%), food manufacturing (14.7%) and beverages (10.1%).
The Value of Production Index (VaPI) for manufacturing likewise recorded growth of 18.9% in June 2018 from a 2.1% decline in the same period last year.
Of the 13 major sectors that exhibited increases in VaPI, printing was the highest with a three-digit growth of 104.5%. This was followed by petroleum products (89.9%), textiles (37.5%), miscellaneous manufactures (26.1%), beverages (24.5%), machinery except electrical (21.8%), electrical machinery (18.5%), food manufacturing (14.2%) and paper and paper products (11.0%).
Socioeconomic Planning Secretary Ernesto Pernia earlier 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.
