MANILA, Aug 5 (NNN-PNA) – The performance of manufacturing production in the Philippines contracted in June, amid the COVID-19 pandemic, the Philippine Statistics Authority (PSA) said today.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), the PSA said, the year-on-year value of production index (VaPI) and the volume of production index (VoPI), remain at the downward trend, declining 22.5 percent and 19.3 percent in June, 2020, respectively.
According to the PSA data, the VaPI for the manufacturing sector contracted at a slower rate of 22.5 percent in June, compared to the 31.2 percent decrease in May, 2020.
“VaPI dropped for the fourth month in a row this June, 2020, but showing gradual recovery as it hit its second month with a slower annual decline,” the PSA said in a report.
In June, 2019, VaPI shrank at a much gradual rate of 7.7 percent.
Prior to the rebound, the PSA said VaPI had negative growth for 17 consecutive months for petroleum products, and seven months of negative growth for wood and wood products.
The PSA also said that the VoPI in June, 2020, likewise shrank by 19.3 percent year-on-year, but the decline was slower compared to the previous month’s drop of 28.5 percent.
In May, 2019, the annual decrease was observed at 9.0 percent.
The PSA added that VoPI for the rest of the commodity groups was on the downtrend, 15 of which had a slower decline while two exhibited faster drops.
According to the PSA, MISSI is a monthly report that monitors the production, net sales, inventories, and capacity utilisation of selected manufacturing establishments, to provide flash indicators on the performance of the manufacturing sector.– NNN-PNA
