Factory production increased 124% in September

0
16

Industrial production growth fell to a still strong 124% yoy in September on the back of expansion across 13 sectors, the Philippine Statistics Authority (PSA) reported.

The PSA’s integrated monthly survey of certain industries for September showed that the increase in the volume of the production index (VoPI) – a proxy for factory production – slowed from 533.6 percent in August, which it had been relieved of low-base effects during last year’s rigorous lockdowns, which disrupted some economic activities, including the production of non-essential goods.

As of September last year, VoPI was down 56.7 percent.

The PSA said the September VoPI was mainly boosted by the 739.7% year-on-year increase in coke and refined petroleum products production. As a reminder, oil giant Petron Corp. resumed its refinery operations in the middle of this year following the temporary closure of its Bataan plant during the pandemic-induced demand lull.

Tobacco

On the other hand, tobacco industry production declined the most, to 52.8 percent year-on-year, among nine sectors whose production declined in September.

The Value of Production Index (VaPI) rose 122.7 percent year-on-year in September, albeit slower than the 527.3 percent jump in August.

The September VaPI growth reversed the 59% decline recorded a year ago.

Just like the volume of production, the value of coke and refined oil grew faster with an increase of 890.1% year-on-year, while that of tobacco products shrank for the worst with a contraction of 52.6%. INQ

Read Next

Don’t miss the latest news and information.

Subscribe to INQUIRER PLUS to access The Philippine Daily Inquirer and 70+ other titles, share up to 5 gadgets, listen to the news, download as early as 4am and share articles on social media. Call 896 6000.

For feedback, complaints or requests, Contact us.

LEAVE A REPLY

Please enter your comment!
Please enter your name here