VALUE OF PRODUCTION INDEX (VPI)
The value of production index (VPI) in key manufacturing enterprises decreased by 6.3 percent to 406.9 in January 1997 from 434.4 a year ago. On a month-on-month comparison, the VPI increased by 2.9 percent from 395.3 last December. These figures were based on the results of the Survey of Key Enterprises in Manufacturing (SKEM), a regular monthly survey of the National Statistics Office (NSO) aimed to provide flash indicators on the performance of key manufacturing activities.
Non-metallic mineral products posted the biggest increase of 31.3 percent from 324.5 to 426.2 due to increases in the production of cement and miscellaneous non-metallic mineral products. This was followed by increases in chemicals of 23.3 percent from 229.9 to 283.4 and in furniture and fixtures of 17.5 percent from 383.1 to 450.
On the other hand, double-digit year-on-year decreases in VPI were observed in 6 major sectors. Miscellaneous manufactures posted the biggest decline of 25.4 percent from 276.8 to 206.6. Other sectors that posted double-digit decreases were textile (22.9 percent), basic metals (21.1 percent), transport equipment (18.6 percent), paper and paper products (14.8 percent) and petroleum products (14.4 percent). The decrease in textiles was due to the closure and strike of some key sample establishments. Basic metals declined due to the 23 percent decrease in the production of iron and steel.
Compared to the previous month, transport equipment posted the highest increase of 25.1 percent followed by non- metallic mineral products with 8.9 percent. On the other hand, tobacco, wearing apparel, basic metals, and furniture and fixtures sectors posted double-digit month-on-month decreases at 20.1 percent, 17.0 percent, 12.7 percent and 11.4 percent, respectively.
VALUE OF PRODUCTION INDEX
GAINERS OVER LAST YEAR LOSERS OVER LAST YEAR
Non-Metallic Mineral Prods 31.3% Misc. Manufactures -25.4%
Chemicals 23.3% Textile -22.9%
Furniture & Fixtures 17.5% Basic Metals -21.1%
Wood & Wood Products 9.4% Transport Equipment -18.6%
Tobacco 6.9% Paper & Paper Products -14.8%
Electrical Machinery 6.3% Petroleum Products -14.4%
Beverage 4.0% Rubber Products - 9.7%
Food Manufacturing 0.7% Wearing Apparel - 5.9%
GAINERS OVER LAST MONTH LOSERS OVER LAST MONTH
Transport Equipment 25.1% Tobacco -20.1%
Non-Metallic Mineral Product 8.9% Wearing Apparel -17.0%
Petroleum Products 3.3% Basic Metals -12.7%
Rubber Products 1.3% Furnitures & Fixtures -11.4%
Food Manufacturing 0.3% Beverage - 9.5%
Electrical Machinery 0.1% Textile - 7.2%
Chemicals - 6.7%
Misc. Manufactures - 4.4%
Paper & Paper Products - 1.7%
Wood & Wood Products - 0.7%
VOLUME OF PRODUCTION INDEX (VoPI)
The Volume of Production Index (VoPI) is derived from Value of Production Index (VPI) and Producer's Price Index (PPI) with 1992 as the base year. The index therefore is a measure of change in volume, net of inflation.
In January 1997, the VoPI of 135.9 for key manufacturing enterprises decreased by 9.1 percent as compared with the last year same month's index of 149.5.
Miscellaneous non-metallic mineral products registered the highest year-on-year increase of 78.3 percent followed by chemicals at 18.3 percent, furniture and fixtures at 16.4 percent, and cement at 10.3 percent.
On the other hand, double-digit year-on-year decreases were observed in 8 sectors. Paper and paper products posted the biggest decline of 28.7 percent from 137 to 97.7. Other sectors that posted double-digit decreases were wearing apparel (27.1 percent), petroleum products (26.3 percent), other manufacturing industries (19.5 percent), textile (18.5 percent), iron and steel (17.1 percent), transport equipment (16.0 percent), and glass and glass products (13.5 percent).
On a month-on-month basis, the VoPI increased by 2.5 percent to 135.9 in January 1997 from 132.6 in December 1996. Transport equipment posted the highest increase of 28.0 percent followed by cement with 19.6 percent. On the other hand, glass and glass products posted the biggest decline of 38.8 percent. Other sectors that registered double-digit month-on-month decreases were tobacco (26.8 percent), wearing apparel (24.1 percent), iron and steel (14.1 percent), paper and paper products (13.9 percent), furniture and fixtures (12.2 percent) and chemicals (10.0 percent). The January 1997 SKEM covered 422 sample establishments located mostly in Metro Manila and engaged primarily in manufacturing. This report is based on a response rate of 81.0 percent.
VOLUME OF PRODUCTION INDEX
GAINERS OVER LAST YEAR LOSERS OVER LAST YEAR
Misc. Non-Metallic Mineral Paper and Paper Products -28.7%
Products 78.3% Wearing Apparel -27.1%
Chemicals 18.3% Petroleum Products -26.3%
Furniture and Fixtures 16.4% Other Mfg. Industries -19.5%
Cement 10.3% Textile -18.5%
Wood and Wood Products 8.2% Iron and Steel -17.1%
Beverage 7.2% Transport Equipment -16.0%
Electrical Machinery 7.2% Glass & Glass Products -13.5%
Food Manufacturing 1.4% Rubber Products - 9.5%
Non-Ferrous Metals - 2.1%
Tobacco - 2.1%
GAINERS OVER LAST MONTH LOSERS OVER LAST MONTH
Transport Equipment 28.0% Glass and Glass Product -38.8%
Cement 19.6% Tobacco -26.8%
Misc. Non-Metallic Mineral Wearing Apparel -24.1%
Products 7.9% Iron and Steel -14.1%
Food Manufacturing 3.0% Paper and Paper Product -13.9%
Non-Ferrous Metals 2.2% Furniture and Fixtures -12.2%
Electrical Machinery 2.2% Chemicals -10.0%
Rubber Products 1.5% Textile - 7.8%
Wood and Wood Products 0.2% Other Mfg. Industries - 4.0%
Beverage - 3.0%
Petroleum Products - 0.7%
