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The Philippine manufacturing sector improved year-on-year in May, with electrical equipment production increasing the most
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The Volume of Production Index climbed 8.1% y-o-y while the Value of Production Index surged 10.3% y-o-y
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The Value of Net Sales Index registered an annual increase of 3.4% while the Volume of Net Sales Index grew 1.4%
Electrical equipment production boosted the Philippine manufacturing sector in May, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) for manufacturing rose 8.1% in May, faster than the 7.7% recorded in April and reversed from a 0.6% drop in May 2022, according to PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI).
The Value of Production Index (VaPI) also maintained its upward trend, increasing 10.3% in May, slightly faster than the 10.1% growth in April and the 6.6% rise in May 2022.
On a seasonally adjusted basis, VoPI declined 0.9% while VaPI expanded 7.7%.
The VoPI expansion in May was mainly contributed by a 53.7% upturn in the manufacture of electrical equipment, which contributed 27.3% to the total.
Other primary contributors were the slower annual decline in chemical and chemical products manufacturing and the 3.9% increase in the manufacture of beverages.
Of the remaining 19 industry divisions, nine recorded annual increases while 10 recorded annual decrements.
Manufacture of electrical equipment was also the main contributor to VaPI. Production of electrical equipment grew 54.2% in May and contributed 26.7% to the VaPI increase for that month.
Other main contributors to the higher VaPI in May 2023 were the slower annual decline in the manufacture of chemical and chemical products and production of manufacture of computer, electronic and optical products.
Of the remaining 19 industry divisions, 12 registered annual increases while seven industry divisions reported annual decreases in May this year.
The Value of Net Sales Index, meanwhile, increased 3.4% annually in May 2023 while the Volume of Net Sales Index grew at an annual rate of 1.4%.
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