Philippines' factory output grows 4.9% YoY in March 2023: PSA

11 May '23

1 min read

Pic: Shutterstock/Travers Lewis

Insights

Philippine manufacturing growth slowed in March 2023, with the VaPI rising 4.9 per cent year-on-year (YoY), a deceleration from the 9 per cent growth in February and 370.3 per cent in March 2022.
Similarly, the VoPI increased by 2.2 per cent, less than the previous year and month.
The sector's average capacity utilisation rate in March was 73 per cent.

In March 2023, Philippine manufacturing continued its growth trajectory, albeit at a slower pace compared to the previous year and month. The value of production index (VaPI), an indicator of factory output, recorded a 4.9 per cent year-on-year (YoY) growth rate in March, as per the Philippine Statistics Authority (PSA).

The VaPI figure for March, though positive, represents a slowdown from the 9 per cent expansion in February and a staggering 370.3 per cent growth rate observed in March 2022, according to a report by a news agency.

Similarly, the volume of production index (VoPI) saw a 2.2 per cent increase, less robust compared to the 5.2 per cent growth in February and 346.2 per cent in March 2022.

The manufacturing sector’s average capacity utilisation rate in March was 73 per cent, slightly up from 72.7 per cent in February. The PSA further broke down this statistic, revealing that 21.7 per cent of establishments operated at full capacity or 90-100 per cent, 38 per cent at 70-89 per cent, and 40.3 per cent below 70 per cent capacity.

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