Manufacturing posted slower growth in April because of base effects and higher inflation that resulted in additional expenses in production.
Data from the Philippine Statistics Authority showed the volume of production index rose 3.4 percent year-on-year in April. The annual rate, however, was slower than the 352.3-percent increase recorded in March. In April 2021, VoPI accelerated 157.8 percent.
“The upturn in VoPI was brought about by the expansions in production of 14 industry divisions. Of these, the manufacture of textiles was the major contributing factor with a 45.6-percent annual growth rate,” the PSA said in a statement.
The value of production index also posted a slower increment of 9.7 percent in April from an annual growth of 375.1 percent in March. In April 2021, the VaPI grew at an annual rate of 150.1 percent.
The PSA said that of the 22 industry divisions, 16 reported positive growth led by manufacture of textiles with 51.1 percent.