The finished goods churned out by the country’s factories soared 539.7 percent year-on-year in August due to the base effects from lower output amid last year’s stringent lockdowns.
The Philippine Statistics Authority’s (PSA) monthly integrated survey of selected industries (Missi) report for August released Thursday showed a dramatic reversal of the 82.2-percent drop in the volume of production index (VoPI), a proxy for factory output.
As oil giant Petron Corp. resumed its refinery operations in the middle of this year, the volume of locally produced manufactured coke and refined petroleum products skyrocketed by 3,800.9 percent year-on-year last August.
The PSA said 16 of the 22 manufacturing sectors covered by Missi posted VoPI growth in August, while tobacco manufacturing posted the biggest year-on-year volume decline of 53.8 percent that month.
The value of production index (VaPI) also climbed by 523.3 percent year-on-year last August, reversing the 83.1-percent decline a year ago.
As the volume of manufactured coke and refined petroleum surged, their corresponding value also increased by 4,388.7 percent year-on-year that month.
The PSA said 14 industries recorded year-on-year VaPI growth, while the cigarette industry’s output was also 53.8-percent lower in value compared to a-year-ago levels.
The sustained strong year-on-year growth in VoPI and VaPI in August followed the record-high jumps of 539.7 percent and 528.7 percent, respectively, registered last July.