Robust growth in Philippine manufacturing: Output increases by 8.2% in April

The Philippines’ manufacturing output registered a growth of 8.2 percent in April 2023, according to the Philippine Statistics Authority (PSA).

The PSA’s latest report showed that the increase recorded in April is faster than the 3.4 percent year-on-year growth posted in the previous month.

In the same period a year ago, factory output declined by 1.3 percent.

The PSA said that the faster annual growth in April was mainly contributed by the higher annual upturn in the manufacture of food products, transport equipment, and other non-metallic mineral products.

The Value of Production Index for manufacturing likewise posted a faster growth of 10.7 percent in April 2023, compared to the previous month’s annual increase of six percent, and the April 2022 growth of five percent.

The PSA also said that based on responding establishments, the average capacity utilization rate for manufacturing in April was reported at 72.4 percent.

All industry divisions registered capacity utilization rates of more than 50 percent during the month.

Bilyonaryo