MANILA (XINHUA) – The performance of manufacturing production in the Philippines sustained its growth in May, the Philippine Statistics Authority (PSA) said yesterday.
Based on the preliminary results of a monthly survey, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 10.3 per cent and 8.1 per cent in May, respectively.
The PSA said the May VaPI is faster than the April annual growth of 10.1 per cent. In May 2022, the VaPI yearly growth was 6.6 per cent.
The agency attributed the annual growth of the VaPI in May 2023 to the faster yearly increase in the manufacture of electrical equipment industry division at 54.2 per cent from 19.5 per cent in April.
It contributed 26.7 per cent to the uptrend of VaPI for the manufacturing section in May.
Other main contributors were the slower annual decreases in the manufacture of chemical and chemical products, and the manufacture of computer, electronic and optical products.
On the other hand, the PSA said the May VoPI is faster than the 7.7 per cent annual growth in April. In May 2022, the VoPI recorded an annual drop of 0.6 per cent.
The agency said the annual growth of VoPI in May 2023 was mainly contributed by the annual upturn in the manufacture of electrical equipment, with 53.7 per cent from 19.2 per cent in April.
It contributed 27.3 per cent to the annual acceleration of VoPI of the manufacturing sector in May.
Other primary contributors were the slower annual decline noted in the manufacture of chemical and chemical products, and the annual increase in the manufacture of beverages.
