The Philippine Statistics Authority (PSA) reports a slowdown in the country's manufacturing output to 0.9 percent in 2024, a significant drop from the growth rates seen in 2023 and 2022. While the food manufacturing sector shows signs of recovery, the overall manufacturing sector experiences a decline in both volume and value of production. Capacity utilization rates remain strong across most industries.
The Philippine Statistics Authority ( PSA ) has released data revealing a slowdown in the country's manufacturing output to 0.9 percent in 2024. This figure is a stark contrast to the 4.9 percent and 15.1 percent annual average growth rates recorded in 2023 and 2022, respectively. The PSA 's Production Index and Net Sales Index, derived from the Monthly Integrated Survey of Selected Industries, indicate a 0.
2 percent dip in the Volume of Production Index (VoPI) in December 2024, compared to a 3 percent rise in December 2023.The data also highlights a positive recovery in the food manufacturing sector, with output expanding by 0.6 percent in 2024, reversing the 1.5 percent contraction seen in 2023. However, December 2024 witnessed a 1.7 percent contraction in food manufacturing output, down from a year-on-year growth of 2.1 percent in December 2023. Turning to the Value of Production Index (VaPI), the PSA reports a slowdown in the annual average growth rate to 0.2 percent in 2024. December 2024 saw a year-on-year growth of 0.4 percent in VaPI, a deceleration from the 3.5 percent recorded in November 2024 and 3.7 percent in December 2023. This rate continues to lag behind the 6.3 percent and 22.5 percent annual average increments observed in 2023 and 2022, respectively. Despite the overall slowdown, the VaPI for the manufacture of food products demonstrated a faster annual average growth rate of 1.7 percent in 2024, compared to 1.5 percent in 2023.According to the PSA, the average capacity utilization rate for the manufacturing sector stood at 75.5 percent in December 2024, based on responding establishments. This figure represents a slight dip from the 75.7 percent recorded in the previous month, but remains higher than the 74.6 percent observed in December 2023. All industry divisions reported capacity utilization rates exceeding 60 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were the manufacture of textiles at 81.4 percent, followed by the manufacture of machinery and equipment except electrical at 81.1 percent, and the manufacture of other nonmetallic mineral products at 80.7 percent. A notable 31.4 percent of responding establishments operated at full capacity or around 90 to 100 percent, while 40.8 percent functioned at 70 to 89 percent capacity and 27.8 percent operated below 70 percent capacity
MANUFACTURING OUTPUT PHILIPPINE ECONOMY PSA CAPACITY UTILIZATION FOOD MANUFACTURING VALUE OF PRODUCTION INDEX VOLUME OF PRODUCTION INDEX
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