Phl factory output shows growth in Dec.

Factory output in the Philippines showed improvement in December 2024, rebounding from a contraction in November, according to the Philippine Statistics Authority (PSA).

The PSA’s Monthly Integrated Survey of Selected Industries (MISSI) revealed that the value of production index (VaPI) increased by 0.4 percent in December, reversing the -3.5 percent decline in November 2024.

However, this growth was slower compared to the 3.7 percent growth recorded in December 2023.

The increase in VaPI was largely driven by an 8.6 percent annual growth in the manufacture of computer, electronic, and optical products, a significant improvement from the -2.5 percent decline in the previous month.

Other contributors included a 5.2 percent rise in the manufacture of coke and refined petroleum products, up from -11.7 percent in November, and a 7.2 percent increase in transport equipment production, which had grown by only 1.9 percent in November.

The volume of production index (VoPI) also showed a turnaround, growing by 0.2 percent in December after a -3.9 percent drop in November.

The figure, however, was lower than the 3 percent growth in December 2023. The growth in VoPI was similarly driven by the same sectors: electronics, petroleum, and transport equipment.

Manufacturing capacity utilization for December 2024 stood at 75.5 percent, slightly down from 75.7 percent in November but higher than 74.6 percent in December 2023.

All industry divisions had a capacity utilization rate of over 60 percent, with the highest rates seen in textiles (81.4 percent), machinery and equipment (81.1 percent), and non-metallic mineral products (80.7 percent).