Factory output up 2.4% in June

The factory output steadily grew in June, the Philippine Statistics Authority (PSA) reported on Tuesday.

The preliminary results of the Monthly Integrated Survey of Selected Industries by the PSA showed that the manufacturing output, as measured by the volume of production index, grew by 2.4% year-on-year in June.

This was higher than the revised 0.9% in May and significantly lower than 448.8% last year.

It was the second straight month of growth after the revised 0.2% decline in April.

The manufacturing output averaged 29.7% in the first half of the year.

Thirteen industry divisions contributed to the VoPI growth in June, led by machinery and equipment except electrical (45.3% from 52.1% in May), followed by fabricated metal products, except machinery and equipment (31.4% from 30.7%), and wood, bamboo, cane, rattan articles, and related products (31% from 24.7%).

In comparison, the country’s manufacturing purchasing managers’ index (PMI) in June was registered at 53.8, easing from 54.1 reading in May. A reading of the PMI above 50 establishes an improvement in the business conditions from the previous month.

The capital utilization averaged 71.1% in June, higher than May’s 70.9%. Out of the 22 sectors, 20 industry divisions have reached an average capacity utilization rate of at least 60%. — KAB

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