Factory output growth moderated to a still strong 124 percent year-on-year in September on the back of expansion posted in 13 industries, the Philippine Statistics Authority (PSA) reported Tuesday.
The PSA’s monthly integrated survey of selected industries (Missi) report for September showed the increase in volume of production index (VoPI) — a proxy for factory output — slowed compared to August’s 533.6 percent, which had been lifted by low-base effects during last year’s stringent lockdowns which stopped some economic activities, including manufacturing of non-essential goods.
In September last year, VoPI declined by 56.7 percent.
The PSA said September’s VoPI was mainly boosted by the 739.7-percent year-on-year rise in production of coke and refined petroleum products. To recall, oil giant Petron Corp. resumed its refinery operations in the middle of this year following temporary shutdowns of its Bataan facility during the pandemic-induced demand lull.
On the other hand, the tobacco industry’s production fell the biggest, at 52.8 percent year-on-year, among nine sectors whose output dropped last September.
The value of production index (VaPI) in September climbed 122.7 percent year-on-year, also slower than the 527.3-percent jump in August.
September’s VaPI growth reversed the 59-percent drop posted a year ago.
Just like production volume, the value of coke and refined petroleum grew the fastest with an 890.1-percent year-on-year hike, while that of tobacco products shrank the worst with 52.6-percent contraction.