MANILA, Oct. 6 (Xinhua) -- The performance of manufacturing production in the Philippines sustained its growth in August, the Philippine Statistics Authority (PSA) said Friday.
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 9.1 percent and 8.5 percent in August, respectively.
The PSA said the August VaPI was faster than the July annual growth of 4.9 percent. In August 2022, the VaPI yearly growth was 12.3 percent.
The agency attributed the annual VaPI growth in August to the slower yearly decrease in the index of manufacture of computer, electronic and optical products industry division with a 2.9 percent annual decline in August 2023 from a 16 percent annual drop in July this year. It contributed 37.4 percent to the annual uptrend of VaPI for the manufacturing section in August.
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.
On the other hand, the PSA said the August VoPI was faster than the 4.9 percent annual growth in July. In August 2022, VoPI recorded an annual increase of 4.6 percent.
The agency said the annual growth of VoPI in August was mainly brought about by the annual increases in three industry divisions, namely the manufacture of computer, electronic and optical products; the manufacture of food products; and the manufacture of coke and refined petroleum products.
Of the remaining 19 industry divisions, seven registered year-on-year increases in August. In contrast, 12 industry divisions posted annual declines during the period. The manufacture of furniture registered the highest yearly drop at 31.9 percent. ■