Factories churn out robust growth in AugustMANILA, Philippines — The country’s manufacturing output continued its massive rebound streak in August, registering three-digit gains for five consecutive months, largely due to low base effects despite the reimposition of mobility curbs during the month. Factory output, as measured by the Volume of Production Index (VoPI), surged by 534.6 percent in August, just slightly below the 539.7 percent in July but way better than the 82.2 percent contraction in August 2020. The Philippine Statistics Authority (PSA) attributed the upturn in VoPI to the growth of 15 industry divisions led by the manufacture of coke and refined petroleum products, which swelled 3,800 percent. Fifteen out of the 22 industry groups covered by the index registered growth during the month, led by the manufacture of coke and refined petroleum products at 3,800.9 percent. Nineteen of the 22 industry groups had at least 50 percent average capacity utilization rate, led by the manufacture of furniture, tobacco products, and other non-metallic mineral products.

Source: Philippine Star October 07, 2021 15:56 UTC