Manufacturing rebounded in December from November’s slump and led the sector to a full-year growth of 0.9 percent in 2024, data from the Philippine Statistics Authority (PSA) show.
The PSA said the volume of production index (VoPI) registered an annual increase of 0.2 percent from its annual decrement of 3.9 percent in November 2024. The VoPI rose 3.0 percent in December 2023.
“This brings the average growth rate of VoPI for manufacturing from January to December 2024 to 0.9 percent,” the PSA said.
The PSA attributed the uptrend in the year-on-year growth of VoPI in December to the increased manufacture of computer, electronic and optical products with 4.3 percent annual increment; coke and refined petroleum products with 4.4 percent growth; and transport equipment with 6.1 percent increase.
“Of the remaining 19 industry divisions, 13 posted annual increases in December 2024. Meanwhile, six industry divisions exhibited annual declines during the period,” the PSA said.
Manufacture of food products declined 1.7 percent in December 2024, deeper than its annual decrease of 0.9 percent in November 2024.
Meanwhile, the value of production index (VaPI) rose 0.4 percent in December 2024 after exhibiting an annual decrease of 3.5 percent in November 2024.
This brought the average growth rate of VaPI for manufacturing from January to December 2024 to 0.2 percent.
The PSA said the average capacity utilization rate for the manufacturing sector in December 2024 was 75.5 percent, down from 75.7 percent in November.
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 textiles at 81.4 percent, manufacture of machinery and equipment except electrical at 81.1 percent, and manufacture of other non-metallic mineral products at 80.7 percent.