MANILA (XINHUA) – The performance of manufacturing production in the Philippines sustained its growth in July, the Philippine Statistics Authority (PSA) said yesterday.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 4.7 per cent and 5.3 per cent in July, respectively.
The PSA said the VaPI increase in July was faster than the June annual growth of 3.3 per cent, bringing the average VaPI growth rate from January to July this year to 1.3 per cent. In July 2023, the VaPI yearly growth was 3.5 per cent.
The PSA attributed the acceleration in the year-on-year growth rate of VaPI for manufacturing in July 2024 to the double-digit annual growth rate of the manufacture of computer, electronic, and optical products industry division at 14.4 per cent during the month from a yearly increment of 5.6 per cent in June 2024.
The manufacture of computer, electronic, and optical products contributed 34.4 per cent to the uptrend of VaPI for the manufacturing section in July 2024.
Out of the 22 industry divisions for the manufacturing section, the manufacture of computer, electronic, and optical products was the second industry division with the highest weight in the computation of VaPI for manufacturing.
