The country’s manufacturing sector grew at a faster pace in July, the Philippine Statistics Authority (PSA) reported on Thursday. PSA’s Monthly Integrated Survey of Selected Industries results showed that the Value of Production Index (VaPi) grew by 5.7 percent in July from 4.2 percent in June. The VaPi during the month however was lower than the 12.1 percent expansion in July last year. “The expansion in the annual growth of the VaPI in July 2023 was mainly attributed by the higher annual increase in the index of manufacture of beverages industry division with 22.6 percent annual increment in July 2023, from an annual drop of -2.7 percent in the previous month,” PSA said. It said the manufacture of beverages contributed 38.3 percent to the annual uptrend of VaPI for the manufacturing section during the month. Other main contributors to the higher VaPI growth were manufacture of coke (coal-based fuel) and refined petroleum products which grew by 26.6 percent from 7.0 percent, and manufacture of food products with an annual rate of 3.1 percent in July from -0.3 percent in the previous month. The volume of production index (VoPi) meanwhile also went up by 5.7 percent in July, up from the 3.4 percent in June this year and 3.6 percent in July 2022. “The higher annual growth of the VoPI in July 2023 was mainly brought about by the annual increases in the same top three industry divisions that contributed to the higher annual rate of VaPI during the period,” the PSA said. These include the manufacture of beverages which expanded by 12.6 percent from -11.4 percent; coke and refined petroleum products, 36.2 percent from 15.9 percent; and food products, 1.2 percent from -3.1 percent in June 2023. The average capacity utilization for manufacturing in July 2023 was reported at 73.5 percent, from 73.3 percent in the previous month. “All industry divisions reported capacity utilization rates of more than 50 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of computer, electronic, and optical products (81.0 percent), manufacture of rubber and plastic products (80.7 percent), and products manufacture of machinery and equipment, except electrical (80.4 percent),” the PSA said

Source: Philippines News Agency