Factory output declined both in volume and value in March amid the prolonged COVID-19 pandemic, data from the Philippine Statistics Authority show.
The volume of production index remained at a downtrend, with an annual rate of -73.4 percent in March. This downturn was deeper than the -43.3 percent decrease registered in the previous month. In March 2020, the annual rate of VoPI was recorded at -20.4 percent.
“The drop in VoPI was brought about by the contractions in the indices of five industry divisions. Among these, the top contributor was manufacture of coke and refined petroleum products with an annual rate of -97.4 percent,” the PSA said.
The value of production index for manufacturing also registered an annual rate of -74.2 percent in March, faster than the reported downturn in the previous month of -46.4 percent.