The value of production index (VaPI) for manufacturing in the Philippines continued to increase at an annual rate of 9.1 per cent in August this year—faster than 4.9 per cent in July. In August last year, VaPI has seen a double-digit annual increment of 12.3 per cent.

VaPI measures the change in the monthly production values of manufacturing relative to reference period and base year.

Thirteen industrial sectors posted annual declines in August. The manufacture of furniture posted the fastest annual drop of 30 per cent during the month, the Philippines Statistics Authority said in a release.

The seasonally-adjusted VaPI for manufacturing in the month accelerated at a monthly rate of 2.9 per cent from the 2.8 per cent figure observed in July.

The volume of production index (VoPI) for manufacturing registered a year-on-year increment of 8.5 per cent in August—faster than 4.9 per cent in July. In August last year, VoPI had seen an annual increase of 4.6 per cent.

VoPI measures the change in the monthly production volume of manufacturing relative to reference period and base year.

Twelve sectors posted annual declines during the period. The highest annual drop was observed in manufacture of furniture at 31.9 per cent.

The monthly increase of the seasonally-adjusted VoPI for manufacturing slowed down to 2.7 per cent in August from a month-on-month increment of 3 per cent in July.

The value of net sales index (VaNSI) for manufacturing recorded a slower annual decrease of 1.2 per cent in August this year compared with its annual drop of 4.3 per cent in July. In August last year, VaNSI recorded an annual increase of 24.1 per cent.

VaNSI measures the change in the net sales value of goods sold by the manufacturing sector relative to reference period and base year.

The monthly increase of the seasonally-adjusted VaNSI for total manufacturing slowed down in August this year to 1.4 per cent from 2.4 per cent in July.

Fibre2Fashion News Desk (DS)

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