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🏭 MANILA – The Philippines’ manufacturing sector maintained its growth trajectory in June, albeit slower than the expansion observed in May, as per data from the Philippine Statistics Authority (PSA).

The Monthly Integrated Survey of Selected Industries results, released on Tuesday, indicated that the Volume of Production Index (VoPi) for manufacturing expanded by 3.4 percent in June this year. This growth rate was slower than the 7.7 percent surge seen in May but marked a notable recovery from the 0.04 percent contraction recorded in June of the previous year.

According to the PSA, “The slower annual growth of the VoPI in June 2023 was mainly brought about by the annual declines in the same top three industry divisions that contributed to the slower growth of VaPI (Value of Production Index) during the period.”

These three industry divisions included the manufacture of food products, which experienced a decline of 3.2 percent from a growth of 6.9 percent in May; fabricated metal products, except machinery and equipment, which contracted by 36.4 percent from -2.9 percent; and beverages, down by 7.7 percent from the 4.8 percent annual increase recorded in the previous month.

Meanwhile, the VaPI for manufacturing continued to rise by 3.9 percent in June. This pace was slower than the 9.9 percent expansion seen in May this year and the 7.8 percent growth observed in June 2022.

The PSA noted, “The slower annual growth of the VaPI in June 2023 was mainly contributed by the annual drop in the manufacture of food products industry division at -0.4 percent in June 2023 from a 10.8 percent annual increase in the previous month.”

Other factors contributing to the slowed growth of VaPI during the month included the annual declines in the manufacture of fabricated metal products, except machinery and equipment at -33.4 percent (versus a 2.8 percent increase in the previous month), and the manufacture of beverages which contracted by 2.7 percent (down from 10.6 percent growth in May).

The PSA reported that the average capacity utilization for the manufacturing sector in June 2023 was 73.2 percent, slightly lower than the 73.4 percent recorded in the previous month.

It added, “All industry divisions reported more than 50 percent capacity utilization rates during the month. The top three industry divisions in terms of reported capacity utilization rate were the manufacture of machinery and equipment except electrical (81.5 percent), manufacture of transport equipment (80.8 percent), and manufacture of rubber and plastic products (80.2 percent).”

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