spot_img
28.4 C
Philippines
Friday, March 29, 2024

Factory output fell in October

- Advertisement -

The country’s manufacturing output shrank 6.5 percent in October from a year ago, amid the sharp slowdown in the production of chemicals, tobacco products and textiles, data from the Philippine Statistics Authority show.

The decline in the volume of production index continued following the 4.1-percent drop in September. 

Data also showed that the value of production index decreased 6.3 percent in October, after falling 4.7 percent in September.

The National Economic and Development Authority said an improvement in the delivery of business-related government services as well as innovation across all firm sizes should be aggressively pursued to boost manufacturing output.

“Efficiency in delivering business-related government services or ease of doing business still needs to be improved. Ideally, business procedures across all national agencies and local government units must be automated,” Economic Planning Secretary Ernesto Pernia said in a statement.

- Advertisement -

Pernia said the government needed to create an enabling environment that would foster collaboration between industry and the academe, adding that market-oriented research would facilitate the development of innovative products and processes.

- Advertisement -

LATEST NEWS

Popular Articles