MANILA-- The Philippine Statistics Authority (PSA) reported Tuesday that manufacturing output for the month of February grew faster at 10.7 percent than January's 9.3 percent.
In its Manufacturing Integrated Survey of Selected Industries (MISSI), a two-digit growth in the volume of production index (VoPi) was recorded in February as nine major sectors registered increments.
Production of petroleum products had the highest growth over the period with its VoPi at 47 percent. It is followed by basic metals, up 28 percent; transport equipment, up 28 percent; non-metallic mineral products, up 26 percent; furniture and fixtures, up 22 percent; food manufacturing, up 21 percent; wood and wood products, up 20 percent; chemical products, up 15 percent; and leather products, up 13 percent.
As VoPi made improvements, the value of production index (VaPi) in February also rose 13.6 percent.
Petroleum products likewise led the growth in VaPi in February, recording a growth of 95 percent.
Average capacity utilization rate for the second month of the year hit 83.7 percent as 11 of the 20 major industries operated at a level of at least 80 percent.
Industries with a capacity utilization rate of 80 percent and above were petroleum products (88.8 percent), basic metals (88.4 percent), non-metallic mineral products (86.5 percent), machinery except electrical (85.4 percent), food manufacturing (85.2 percent), electrical machinery (84.5 percent), chemical products (83.9 percent), paper and paper products (83.3 percent), rubber and plastic products (82.9 percent), wood and wood products (81.5 percent), and printing (80.3 percent).
In the recent production index of IHS Markit, it was noted that the country's production output is expected to grow due to strong spending from both public and private sectors.
Looking forward, manufacturing companies also project higher production requirements to meet the domestic demand.
"Growth is being driven mostly by robust domestic demand, stemming from buoyant consumers and public infrastructure spending in particular," IHS Markit economist Bernard Aw noted.
Source: Philippines News Agency