Preliminary data from the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries showed manufacturing, as measured by the volume of production index (VoPI), surged more than four times or 336.3% year on year in March. READ:
propped up inventories after restrictions eased.
Security Bank Corp. Chief Economist Robert Dan J. Roces said the manufacturing’s rise was further fueled by the looser lockdown in March. The government placed Metro Manila and most parts of the country under the most lenient alert level in March, allowing businesses to become fully operational. Other industry segments that showed growth included machinery and equipment except electrical ; textiles ; other manufacturing and repair and installation of machinery and equipment ; and tobacco products .
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