PH manufacturing growth picks up in July

Manila: The country's manufacturing output, both in volume and value, grew at a faster pace in July this year, the Philippine Statistics Authority (PSA) said. Results of the latest Monthly Integrated Survey of Selected Industries released on Friday showed that the value of production index (VaPI) expanded by 4.7 percent in July, up from the 3.3 percent in June. It was also higher than the 3.5 percent growth recorded in July last year. "The acceleration in the year-on-year growth rate of VaPI for manufacturing in July 2024 was mainly attributed to the double-digit annual growth rate of the manufacture of computer, electronic and optical products industry division at 14.4 percent during the month from an annual increment of 5.6 percent in June 2024," the PSA said. Other contributors to the higher VaPI were the annual increase seen in the manufacture of transport equipment industry division at 2.9 percent from an annual decrease of 5.5 percent in the previous month, and the faster annual increase in the VaPI of manufacture of food products at 14.6 percent from its 12 percent increase in June. The volume of production index (VoPI), meanwhile, went up by 5.3 percent, higher than the 3.6 percent expansion in June this year and in July 2023. The higher VoPI growth was due to the faster increase in the manufacture of computer, electronic and optical products, transport equipment, and food products. The PSA, meanwhile, said that based on responding establishments, the average capacity utilization rate for the manufacturing sector was at 75.6 percent in July, up from the 75.3 percent in June. In July 2023, the average capacity utilization rate was recorded at 73.6 percent. "All industry divisions reported capacity utilization rates of more than 60.0 percent during the month," the PSA said. The top three industry divisions in terms of reported capacity utilization rate were manufacture of manufacture of machinery and equipment except electrical (83.6 percent), other non-metallic mineral products (81.4 percent), and manufacture of textiles (80.4 percent). Source: Philippines News Agency