MANILA - Several manufacturing divisions posted positive gains in terms of volume and value of production index and volumes and value of net sales index for the month of February while the rest suffered in decline, the country’s statistics bureau said Friday.
In terms of year-on-year growth rate in volume production index for February, manufacture of fabricated metal products, electrical equipment and paper and paper products posted gains while the rest of the divisions declined, data from the Philippine Statistics Authority showed.
In terms of annual growth rate in value of production for the month, manufacture of fabricated metal products, and of electrical equipment rose, while the rest suffered a downturn, data showed.
The total value of production index for manufacturing declined in February, its fastest decline since October 2020, data showed.
The VaPi’s February 2021 annual rate is at -46.5 percent from -16.7 percent, according to the date from the Philippine Statistics Authority.
The volume of production index (VoPI) also dropped at an annual rate of -43.6 percent in February 2021, faster than the -12 percent decrease the previous month, the PSA said. It was at .4 percent in February 2020.
Majority of the volumes and values of the net sales index in manufacturing sector were also in downward trend, the PSA said.
The value of net sales index (VaNSI) reflected an annual decline of -16.9 percent in February from -15.9 percent the previous month and -2.4 percent in the same period last year, data showed.
February’s decline was the 21st consecutive month of decrease for the value of net sales index, the PSA said.
Volume of net sales index (VoNSI) in February 2021 was at -12.3 percent from -11.2 percent the previous month, the PSA said.
Out of the 22 industry divisions in manufacturing, 16 posted negative growth rates in terms of volume of net sales index, the PSA said.
In terms of volume of net sales index, only the following posted a positive growth rate in February 2021:
- Manufacture of chemical and chemical products (21 percent)
- manufacture of food products (4.3 percent)
- Manufacture of transport equipment (3.7 percent)
- Manufacture of wood, bamboo, cane, rattan, articles and related products (29.1 percent)
- Manufacture of paper and paper products (3.2 percent)
- Printing and reproduction of recorded media (1 percent)
For the value of net sales index, only the following manufacturing divisions posted gains in February 2021:
- chemical and chemical products
- food products
- transport equipment
- wood, bamboo, cane, rattan articles and related products
- Printing and reproduction of recorded media
Meanwhile, the average capacity utilization rate for manufacturing “slightly decreased” in February 2021 with a 53.8 percent rate from 56.7 percent the previous month, data showed.
Fifteen out of the 22 divisions have at least 50 percent average capacity utilization rate, including manufacture of furniture, other repair and installation of machinery and equipment, manufacture of computer, electronic and optical products, the PSA said.
More than half of responding establishments operated below 70 percent capacity, while only 12.5 percent operated at full capacity, data showed.
The overall trade deficit for the month of February was $2.29 billion, the smallest in 3 months after the value of imports fell to the lowest since June while exports slowed, a report Reuters showed.
-- with a report from Reuters