Factory output grew 1.9 percent year-on-year in January 2024, the Philippine Statistics Authority said Thursday.
“The VoPI [volume of production index] for manufacturing registered a year-on-year increment of 1.9 percent in January 2024, which was faster than the annual growth rate of 1.6 percent in the previous month. In January 2023, VoPI recorded an annual increase of 7.3 percent,” the PSA said.
The report highlighted the slower annual decline in the manufacture of computer, electronic, and optical products at 7.1 percent in January 2024 compared with its double-digit annual decline of 16.5 percent in the previous month. The manufacture of computer, electronic, and optical products contributed 28.9 percent to the uptrend of VoPI for the manufacturing section in January 2024.
Other main contributors to the higher growth of VoPI in January were the slower annual decrement in the manufacture of beverages at 0.3 percent, compared with a 14.0 percent annual decrease in the previous month, and the double-digit annual increase observed in the manufacture of fabricated metal products, except machinery and equipment, at 11.5 percent in January 2024 from its annual decline of 11.7 percent in the previous month.
The PSA noted that of the remaining 19 industry divisions, eight registered year-on-year increases in January 2024. In contrast, 11 industry divisions posted annual declines during the period. The highest annual drop was observed in the manufacture of textiles at 31.5 percent.
The VoPI for the manufacture of food products registered an annual drop of 4.7 percent in January 2024. This was faster compared with its annual decline of 4.3 percent in December 2023.
Meanwhile, the value of production index rose 0.9 percent in January, slower compared with 2.2 percent in the previous month, according to the PSA.