The manufacturing sector declined both in value and volume in the month of November 2019, the Philippine Statistics Authority said Tuesday.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), the Volume of Production Index (VoPI) dropped 6.1 percent in November from its annual growth rate of 1.9 percent a year ago.
“The decline in VoPI was mainly influenced by the decreases in the indices of eight major industry groups led by furniture and fixtures (-41.2 percent), basic metals (-29.5 percent), miscellaneous manufactures (-22.1 percent), petroleum products (-21.8 percent), transport equipment (-16.7 percent) and electrical machinery (-13.0 percent),” the PSA said.
The Value of Production Index (VaPI) also continued to decline, reflecting an annual drop of 5.8 percent in November from an increase of 2.3 percent a year ago.
Five major industry groups had two-digit decreases, namely basic metals (-36.2 percent ), petroleum products (-25.6 percent), miscellaneous manufactures (-20.7 percent), transport equipment (-20.6 percent) and electrical machinery(-16.6 percent).