Factory production slipped for the ninth consecutive month, the Philippine Statistics Authority said Tuesday.
Results of the PSA’s monthly integrated survey of selected industries showed that the volume of production index dropped 3 percent in September, pulled down by double-digit decreases in furniture and fixtures, leather products, petroleum products, miscellaneous manufactures and electrical machinery.
The National Economic and Development Authority said the upcoming holiday season and strong macroeconomic conditions would likely contribute to the improved performance the manufacturing sector in the fourth quarter.
“Despite the slowdown in the overall performance of the manufacturing sector for September 2019, we have observed improvements in various sub-sectors which can be attributed to the upcoming holiday season alongside lower inflation, stable exchange rate, and lower interest rate,” said NEDA Undersecretary Adoracion Navarro.
