December output of RP's largest firms declined 15.2%

ABS-CBN News

Posted at Feb 25 2009 10:54 PM | Updated as of Feb 26 2009 06:54 AM

The combined output of the country's largest companies decreased by 15.2 percent in December 2008, the National Statistics Office (NSO) said.

Preliminary results of the NSO's monthly survey showed that 15 of the 20 industries that the agency monitors posted annual decline in production.

Among the industries which suffered decline in production index in December were machinery, miscellaneous manufactures, textiles, petroleum products, electrical machinery, publishing and printing, furniture and fixtures, leather products, basic metals, transport equipment, paper products, food, beverages and rubber and plastic products.

The index for food manufacturing, which is the largest industry, went down 4.7 percent while beverage production declined 4.9 percent.

The value of production index, also fell 9.2 percent in December despite a 6.8 percent increase in the producer price index.

The volume of net sales index was down 22.1 percent in December, while the value of net sales index fell 16.8 percent.

Average capacity utilization rate among all companies surveyed was estimated at 80.5 percent in December, lower than 80.7 percent in November and 81.5 percent in October.

Ten major sectors registered capacity utilization rates of 80 percent or higher. 

These sectors included basic metals, food manufacturing, leather products, paper and paper products, petroleum products, electrical machinery, chemical products (excluding plastic products), miscellaneous manufactures, rubber and plastic products, and footwear and wearing apparel.