Factory output growth slowed in February due to the lackluster performance of food manufacturing, according to the latest data released by the Philippine Statistics Authority (PSA).
Factory output growth slowed in February due to the lackluster performance of food manufacturing, according to the latest data released by the Philippine Statistics Authority .
“The manufacture of food products contributed 29.7 percent to the downtrend of VoPI of the manufacturing sector in February 2023,” PSA said. Data from the PSA indicated that 5 industry divisions recorded slowdowns in the annual growth rates of their indices. The manufacture of coke and refined petroleum products index registered an annual increase of 2.4 percent during the period from a contraction of 11.7 percent in the previous month.
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