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In December 2022, production volume and value will continue to increase.
According to the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI), factories continued to increase in December 2022.
The Volume of Production Index (VoPI) rose for six straight months in December, rising by 4.8 percent year over year.
Compared to December 2021’s increase of 19.2 percent and November 2022’s VoPI of 5.9 percent, December last year’s growth was less.
The PSA ascribed the slower rise in VoPI in December 2022 to the reduction in the top three industry divisions, including the manufacturing of computer, electronic, and optical products as well as the production of basic metals.
The yearly growth rates of the indices for eight other industry divisions also showed slowdowns, it was said.
On the other hand, the Value of Production Index (VaPI) expanded for 21 straight months during the same time period, increasing by 10.1 percent.
The VaPI decreased from 12.5 percent the month before and the 19.6 percent growth in 2021 in December 2022.
The decline in production value in December was also influenced by the VaPI of the production of basic metals, computer, electronic, and optical products, and transportation equipment.
In contrast, the average capacity utilization rate of industries located in the Philippines fell to 71.6 percent in December 2022 from 72.6 percent in November.
The manufacturing of wearing clothes (79.7 percent), manufacture of machinery and equipment except electrical (79 percent), and manufacture of other non-metallic mineral goods (76.3 percent) were the industry divisions with the highest average capacity utilization rates, according to the PSA.***
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