MANILA (XINHUA) – The performance of manufacturing production in the Philippines sustained its growth in May 2024, 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 2.2 per cent and 3.2 per cent in May, respectively.
The PSA said the VaPI rose at a slowed annual rate of 2.2 per cent in May from a yearly increase of 5.7 per cent in April, bringing the average VaPI growth rate from January to May this year to -0.1 per cent.
In May 2023, the VaPI yearly growth was 8.5 per cent.
The PSA attributed the slower annual increase in the VaPI in May 2024 to the slowed annual growth rate of the manufacture of computer, electronic, and optical products industry division, which dropped to 1.6 per cent during the month from 9.4 per cent in April.
The data showed the manufacture of coke and refined petroleum products posted the highest annual increment of 50.9 per cent during the period.
