MANILA, Jan. 7 (Xinhua) -- The performance of manufacturing production in the Philippines declined in November 2024, the Philippine Statistics Authority (PSA) said Tuesday.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) decreased by 3.9 percent and 4.2 percent in November last year, respectively.
The PSA said the VaPI declined at an annual rate of 3.9 percent in November 2024 from a yearly increase of 0.3 percent in October 2024, bringing the average VaPI growth rate from January to November 2024 to 0.3 percent. In November 2023, the VaPI yearly growth rose by 2.1 percent.
The PSA attributed the downtrend in the annual rate of VaPI for manufacturing to the slower yearly growth rate of the manufacture of food products industry division at 1.5 percent during the month from an annual increase of 7.1 percent in October 2024.
The manufacture of food products contributed 24.6 percent to the downtrend of VaPI for the manufacturing section in November 2024, it said.
Meanwhile, the VoPI for the manufacturing section registered a slower year-on-year decline of 4.2 percent from an annual increment of 0.7 percent in October 2024, bringing the average VoPI growth rate for manufacturing from January to November 2024 to 1.1 percent.
In November 2023, the VoPI for manufacturing recorded an annual increase of 2.1 percent.
The PSA said the November 2024 downtrend in the year-on-year growth rate of VoPI for manufacturing was primarily driven by the same top three industry divisions that contributed to the decline of VaPI for manufacturing during the period. They were the manufacture of food products; the manufacture of transport equipment; and the manufacture of computer, electronic and optical products. ■
