Manufacturing showed a year-on-year decline in both volume and value in November 2024, the Philippine Statistics Authority said Tuesday.
Data showed that the volume of production index (VoPI) registered an annual decline of 4.2 percent in November, following a 0.7-percent increase in October 2024.
This brought the average growth rate of VoPI for manufacturing from January to November 2024 to 1.1 percent. In November 2023, the VoPI for manufacturing recorded an annual increase of 2.1 percent.
The PSA said manufacture of food products declined 0.8 percent in November, after a 5.3-percent annual increase in October.
Manufacture of transport equipment also fell 0.4 percent, while manufacture of computer, electronic and optical products dropped 5.6 percent.
Seven of the 19 remaining industry divisions exhibited annual declines during the period, while 12 industry divisions posted annual increases in November.
Meanwhile, the value of production index (VaPI) contracted 3.9 percent in November 2024 from an annual increase of 0.3 percent in October.
This brought the average growth rate of VaPI for manufacturing from January to November 2024 to 0.3 percent.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector in November 2024 was reported at 75.6 percent, slightly lower than 75.8 percent in the previous month.
All industry divisions reported capacity utilization rates of more than 60 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of other non-metallic mineral products at 83.7 percent, manufacture of textiles at 82.0 percent and manufacture of machinery and equipment except electrical at 80.4 percent.