Philippine manufacturing output sustains growth in 2022

The performance of manufacturing production in the Philippines sustained its growth in 2022, the Philippine Statistics Authority (PSA) said on Thursday.

For the whole year, the year-on-year value of production index (VaPI) and the volume of production index (VoPI) expanded by 22.5 percent and 15.2 percent, respectively, the PSA said.

Based on the preliminary results of a monthly survey, the PSA said the year-on-year VaPI and VoPI increased by 10.1 percent and 4.8 percent in December, respectively.

The statistics agency attributed the VaPI growth in December to the higher growth of 16 of the 22 industry divisions led by the manufacture of machinery and equipment except for electrical products, which posted the highest annual increase of 58.2 percent.

On the other hand, six industry divisions posted decrements in production, with the manufacture of electrical equipment registering the fastest annual decline of 54.4 percent.

The PSA also attributed the VoPI growth in December to the positive growth of 13 divisions led by the manufacture of machinery and equipment except electrical products, with a 52.9 percent annual growth rate.

On the contrary, nine industry divisions posted annual decreases led by the manufacture of electrical equipment, exhibiting the fastest yearly drop of 54.7 percent.

Source: Xinhua

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