r - revised

• Value of Production Index grows at a slower rate in February 2016

Value of Production Index (VaPI) for total manufacturing modestly grew by 2.8 percent in February 2016 compared with the negative 7.6 percent during the same month last year, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). The increases in 11 major sectors pulled up the VaPI. Of these, four major sectors exhibited two-digit growth, namely: fabricated metal products (27.2%), food manufacturing (25.8%), printing (22.8%), and furniture and fixtures (13.2%). The printing and furniture and fixtures industries recovered following six and thirteen consecutive months of decline, respectively. Refer to Tables 1-A and 1.

• Volume of Production likewise accelerates

Volume of Production Index (VoPI) posted a year-on-year increase of 8.4 percent from a 2.1 percent decrement in February 2015. Significant increases were noted in eight major sectors namely: furniture and fixtures (32.4%), food manufacturing (26.0%), rubber and plastic products (25.6%), fabricated metal products (24.7%), machinery except electrical (22.8%), printing (22.4%), non-metallic mineral products (19.8%) and electrical machinery (16.3%). Refer to Tables 1-B and 2.

• Value of Net Sales Index slides at slower rate

Value of Net Sales Index (VaNSI) reflected an annual drop of 3.5 percent in February 2016 compared with the two-digit decrease of 10.5 percent during the same month last year. This was primarily due to the slump in VaNSI observed in seven major sectors, offsetting the  growth reported by 13 major sectors. Major sectors that reported two-digit decreases were basic metals (-25.1%), petroleum products (-24.9%), chemical products (-17.7%), furniture and fixtures (-17.1%), and footwear and wearing apparel (-15.6%).

Meanwhile, VaNSI for printing (62.3%) and fabricated metal products (30.6%) posted strong growths. Refer to Tables 2-A and 3.

• Volume of Net Sales Index posts positive rate

Volume of Net Sales Index (VoNSI) exhibited a positive growth rate registering at 1.8 percent in February 2016. The growth was mainly due to the improved performance of 13 major sectors, with significant increases noted in nine major sectors led by printing (61.8%) and wood and wood products (33.2%). Other significant increases were reported by the following: fabricated metal products 28.0%), tobacco products (25.9%), machinery except electrical (19.2%), miscellaneous manufactures (16.6%), rubber and plastic products  (13.4%), paper and paper products (11.6%) and food manufacturing (11.2%).  Refer to Tables 2-B and 4.

• Average Capacity Utilization Rate in February 2016 is 83.3 percent with basic metals posting the highest among industries

Average capacity utilization rate in February 2016 for total manufacturing was recorded at 83.3 percent. Fifty-five percent or 11 of the 20 major industries operated at 80 percent and above capacity utilization rates. These were:

• basic metals (88.3%)
• petroleum products (88.0%)
• non-metallic mineral products (86.3%)
• machinery except electrical (85.2%)
• food manufacturing (84.7%)
• electrical machinery (84.4%)
• paper and paper products (83.2%)
• chemical products (83.0%)
• rubber and plastic products (82.5%)
• wood and wood products (80.7%)
• printing (80.4%)

The proportion of establishments that operated at full capacity (90% to 100%) was 24.3 percent in February 2016. About 57.7 percent of the establishments operated at 70 percent to 89 percent capacity while 18.0 percent of the establishments operated below 70 percent capacity. Refer to Table 6 and B.

• Industry Coverage

The 2016 MISSI utilizes the 2009 PSIC to classify major industries and sub-industries. Twenty major industries of the 2009 PSIC were formed to comprise the industry coverage of the 2015 MISSI. These are presented in the table below.

• Response Rate         

The response rates for the February 2016 MISSI and PPS are 71.2 and 76.9 percent, respectively.  Refer to Tables 7 and 8.

                                                   r -revised

Data of non-responding samples were estimated using short-term geometric mean of the relative values of responding samples within the industry class. Revisions to the preliminary estimates are done upon receipt of actual reports of late respondents.

FOR THE NATIONAL STATISTICIAN:

TABLE 1-A Value of Production Index, January 2016 and February 2016

   (2000 =100)

TABLE 1-B  Volume of Production Index, January 2016 and February 2016

(2000 = 100)

TABLE 2-A  Value of Net Sales Index, January 2016 and February 2016

(2000 =100)

TABLE 2-B  Volume of Net Sales Index, January 2016 and February 2016

(2000 =100)