The country’s factory output sustained Its rebound for the third straight month in June, the Philippine Statistics Authority (PSA) reported this morning.
Preliminary results from the PSA’s latest Monthly Integrated Survey of Selected Industries showed the volume of production index surging by 453.1% year on year in June, faster than the revised 263.2% annual growth posted in May. This was also a reversal from the 80.6% decline in June last year.
The June reading marked its third consecutive month of growth in manufacturing production following 13 straight months of decline.
Year to date, factory output growth averaged 22.4%.
The PSA noted annual increases in 19 out of 22 industry divisions in June led by the manufacture of coke and refined petroleum products (2,932.2%); fabricated metal product, except machinery and equipment (132.6%); and wood, bamboo, cane, rattan articles, and related products (85.7%).
Capacity utilization – the extent to which industry resources are used in the production of goods – averaged 67.7% in June, an increase from the 66.6% recorded the previous month.
Of the 22 industry divisions, 18 had more than a capacity use rate of at least 50%. – Lourdes O. Pilar