The Philippines' manufacturing sector experienced a contraction in November 2024, primarily due to a significant decline in food production.
The country's factory output contracted again in November 2024, due to a decline in food manufacturing, according to the Philippine Statistics Authority (PSA). Based on the results of the Monthly Integrated Survey of Selected Industries (Missi), the PSA said the Volume of Production Index (VoPI) contracted by 4.2 percent in November 2024, compared to an annual increase of 0.7 percent in October 2024.
This brought the average growth rate of VoPI for manufacturing from January to November 2024 to 1.1 percent. The PSA said the downtrend in the year-on-year growth rate of VoPI for manufacturing in November 2024 was primarily driven by the same top three industry divisions that contributed to the decline of VaPI for manufacturing during the period. The Value Added Production Index (VaPI) contracted by 3.9 percent in November 2024 but inched up by 0.3 percent in the January to November 2024 period. PSA traced the decline in the VaPI mainly due to the decrease in food products, which accounted for 24.6 percent of the VaPI’s downward trend. Other primary contributors to the downtrend in the annual rate of VaPI for manufacturing in November 2024 were the deceleration in the annual growth rate of manufacture transport equipment at 1.7 percent and the drop in the manufacture of computer, electronic and optical products at 2.6 percent during the month from its 0.9 percent annual increase in October 2024. ‘Out of the 22 industry divisions for the manufacturing section, the manufacture of food products was the industry division with the highest weight in the computation of VaPI for manufacturing,’ the PSA said. In terms of the VoPI, food manufacturing contracted by 0.8 percent, the steepest decline posted by the sector since the 12.3-percent contraction posted in February 2024. The VoPI of the food manufacturing sector contracted by 3.1 percent in November 2023 and posted a growth of 5.3 percent in October 2024
MANUFACTURING ECONOMY PHILIPPINES FOOD PRODUCTION PRODUCTION INDEX
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