The manufacturing sector posted a ninth-consecutive decline both in volume and value in August, the Philippine Statistics Authority said Friday.
The Monthly Integrated Survey of Selected Industries for the month of August showed the Volume of Production Index fell 9.3 percent from the 3.1-percent expansion a year ago, the ninth successive month of decline since 9.3 percent in December.
“Seven major industry groups registered annual decreases with petroleum products posting the highest annual decline of 59.0 percent,followed by furniture and fixtures [-43.4 percent], transport equipment [-19.0 percent], miscellaneous manufactures [-17.7 percent], and electrical machinery [-11.1 percent],” PSA said.
Likewise, the Value of Production Index decreased for the ninth consecutive month to an annual rate of 7.9 percent in August 2019 from the 4.1-percent growth a year ago.
“The decrease of VaPI in August 2019 was due to the annual decreases in the indices of nine major industry groups led by petroleum products [-61.8 percent], transport equipment [-18.5 percent], electrical machinery [-14.3 percent], and miscellaneous manufactures [-14.0 percent],” PSA said.
The Volume of Net Sales Index also posted a decrease of 4.4 percent in August 2019 from a two-digit annual growth of 11.4 percent in August 2018.
The decline was brought about by the 10 major industry groups with two-digit decreases, such as furniture and fixtures (-42.6 percent), miscellaneous manufactures (-15.1 percent), textiles (-11.3 percent) and electrical machinery (-10.5 percent).
The Value of Net Sales Index dropped 2.9 percent in August from a two-digit annual growth of 12.5 percent in the same month of the previous year.