Manufacturing output in the Philippines increased by 2.8 percent year-over-year in August 2024, according to the Philippine Statistics Authority (PSA). This represented slowdown from the 6.8 percent growth recorded in July.
The volume of production index (VoPI) for manufacturing averaged 1.7 percent growth in the first eight months of the year. In August 2023, the VoPI went up 5.6 percent.
Food manufacturing, computer and electronic products, and petroleum refining all saw slower growth in August compared to July. Six industry divisions experienced declines during the period.
The value of production index (VaPI) also grew at a slower pace of 1.8 percent in August compared to 6.4 percent in July. The average VaPI growth in the first eight months was 0.8 percent.
Capacity utilization rates for manufacturing declined slightly to 75.5 percent in August from 75.7 percent in July. All industry divisions reported rates above 60 percent, with textiles, non-metallic minerals, and machinery leading the way.
