THE growth of the country’s manufacturing output posted a five-month high in February 2024, according to the latest data released by the Philippine Statistics Authority (PSA). Based on the Production Index and Net Sales Index, PSA said the Volume of Production Index (VoPI) grew 8.
THE growth of the country’s manufacturing output posted a five-month high in February 2024, according to the latest data released by the Philippine Statistics Authority .
“This brings the average growth rate of VoPI from January to February 2024 to 7.5 percent. In February 2023, VoPI recorded an annual increase of 2.6 percent,” the PSA said. Other main contributors to the higher year-on-year growth of VoPI in February 2024 were the higher annual increment in the manufacture of food products at 9.2 percent during the period, from 5.2 percent annual growth in the previous month.
“The highest annual drop was observed in other manufacturing and repair and installation of machinery and equipment at 23.7 percent,” it added. All industry divisions reported capacity utilization rates of more than 60 percent during the month. The top three industry divisions in terms of reported capacity utilization rate was led by manufacture of machinery and equipment except electrical, at 84.6 percent.
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