Philippine Factory Output Declines in February
Manila: Factory output dropped in February this year, preliminary data released by the Philippine Statistics Authority (PSA) on Tuesday showed. Preliminary results of the latest Monthly Integrated Survey of Selected Industries indicated that the value of production index (VaPI) fell by 1.6 percent in February, marking a turnaround from the 3 percent expansion seen in January this year. In February last year, VaPI rose by 1.8 percent. Despite the latest contraction, the VaPI grew by 0.7 percent for the first two months of the year. According to Philippines News Agency, the PSA reported that the downtrend in the annual rate