The manufacturing sector posted a substantial year-on-year growth both in volume and value in March, as the economy reopened further towards greater normalcy amid the easing incidents of new COVID-19 cases, the Philippine Statistics Authority said Wednesday.
Data showed that the volume of production index soared by 336.3 percent in March, from a decline of 73.3 percent a year ago. It was also faster than the 75.5-percent growth in February.
The PSA said of the 22 industry divisions, 15 reported positive growth, led by the manufacture of coke and refined petroleum products with a 2,175.6-percent annual growth rate.
The remaining seven industry divisions recorded annual decreases in their production. The manufacture of electrical equipment had the fastest annual decline of 36.5 percent.
The value of production index recorded a faster year-on-year increase of 358.2 percent in March, a reversal of the 74.1-percent contraction a year ago. It was also faster than the annual growth rate of 82.9 percent in February 2022.