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PH manufacturing records three-fold jump in March
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Triple-digit spikes in Philippine manufacturing in March 2022 as the sector grew more than three-fold, its 12th straight monthly expansion
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The Volume of Production Index soared 336.3% while the Value of Production Index skyrocketed 358.2%
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Capacity utilization in the sector reached 70.4%, inching up from February’s 69.7%
The Philippine manufacturing sector recorded a three-fold jump in March 2022, continuing growth for the 12th consecutive month, according to the Philippine Statistics Authority (PSA).
The Volume of Production Index (VoPI) expanded 336.3%, faster than the 75.5% growth in February 2022 and a reversal from the -73.3% drop in March 2021, according to PSA’s latest Monthly Integrated Survey of Selected Industries.
READ: PH manufacturing grows for 11th straight month in Feb
The Value of Production Index (VaPI) likewise recorded a faster year-on-year increase of 358.2% in March 2022, from an increase of 82.9% in the previous month and reversing a -74.1% decline in March 2021.
VoPI and VaPI started recording growth in April 2021 after 13 consecutive months of decline due to COVID-19-related restrictions in the country since March 2020 that pulled down production and sales indices for the sector.
VoPI grew on outperformance by 15 of the 22 industry divisions led by manufacture of coke and refined petroleum products, which logged a 2,175.6% annual growth rate.
The remaining seven industry divisions recorded year-on-year declines in their production with the manufacture of electrical equipment falling the fastest at -36.5% y-o-y.
For VaPI, the surge was brought about by the production expansion of 17 industry divisions. Of these, manufacture of coke and refined petroleum products was also the major contributing factor with its explosive 2,583.3% annual growth rate.
Five industry divisions recorded downturns in VaPI in March, with manufacture of electrical equipment shrinking the most at -34.4% y-o-y.
Establishments that responded to the survey showed the manufacturing sector’s average capacity utilization rate in March was 70.4%, higher from the 69.7% recorded in the previous month.
Almost all industry divisions reported capacity utilization rates of above 50%, except for manufacture of leather and related products including footwear, which had a 40.8% rate.
The top three industry divisions in terms of reported capacity utilization rates were manufacture of furniture at 85%, manufacture of other non-metallic mineral products, 79.1%; and manufacture of machinery and equipment except electrical, 76.4%.
More than one-fifth or 22.7% of responding establishments operated at full capacity of 90% to 100%.
Meanwhile, 36.3% operated at 70% to 89% capacity, while 41% operated below 70% capacity.
