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Reference Number :
2024-179
Table A. Year-on-Year Growth Rates of Production Index, Net Sales Index            and Producer Price Index for Total Manufacturing (2018=100)  April 2023r, March 2024r, and April 2024p (in Percent)
A. Year-on-year Growth for April 2024
1. Value of Production Index (VaPI)

The VaPI for manufacturing registered a year-on-year increment of 5.9 percent in April 2024 from an annual decline of 6.8 percent in March 2024. This brings the average growth rate of VaPI from January to April 2024 to -0.6 percent. In April 2023, VaPI recorded a double-digit annual increase of 10.7 percent. (Figure 2, and Tables A and 1)

The annual increase of VaPI in April 2024 from an annual drop in March 2024 was mainly attributed by the annual increase in the manufacture of food products at 7.4 percent during the month from an annual decrease of 12.5 percent in March 2024. The manufacture of food products contributed 31.4 percent to the uptrend of VaPI for the manufacturing section in April 2024. Out of the 22 industry divisions for the manufacturing section, manufacture of food products was the industry division with the highest weight  in the computation of VaPI.

Other primary contributors to the annual increment of VaPI in April 2024 were the annual increases noted in the manufacture of transport equipment at 6.6 percent from an annual drop of 11.4 percent in the previous month, and in the manufacture of electrical equipment at 40.9 percent during the month from an annual decrease of 4.3 percent in March 2024.

Furthermore, 13 out of the 19 remaining industry divisions exhibited annual increases in their indices during the period, while the other six industry divisions posted annual decreases. The highest year-on-year decrement during the period was noted in the manufacture of wood, bamboo, cane, rattan articles and related products at 13.9 percent. (Tables C and 1)

The top three industry divisions contributing to the overall year-on-year growth of VaPI for manufacturing in April 2024 were the following:

a. Manufacture of computer, electronic and optical products;         
b. Manufacture of coke and refined petroleum products; and         
c. Manufacture of food products.

 

Figure 1. Value and Volume of Production Index for Total Manufacturing April 2023 to April 2024p (2018=100)

 

Figure 2. Year-on-Year Growth Rates (%) of Value and Volume of Production Index for Total Manufacturing April 2023 to April 2024p (2018=100)

 

The VaPI for manufacture of food products registered an annual increment of 7.4 percent during the month after exhibiting an annual decline of 12.5 percent in March 2024. In April 2023, VaPI for manufacture of food products posted an annual growth of 7.2 percent. (Figure 3, and Tables 1 and 1a)

The annual increment of VaPI for manufacture of food products in April 2024 from an annual decline in March 2024 was brought about by the uptrend in all the eight industry groups. This was led by the annual increment in the manufacture of other food products industry group at 9.1 percent in April 2024 compared with its double-digit annual decline of 10.6 percent in the previous month. The manufacture of other food products contributed 35.9 percent to the uptrend of VaPI for the food manufacturing in April 2024. The manufacture of other food products industry group includes bakery products, sugar, and condiments, among others. (Table 3a)

 

Figure 3. Year-on-Year Growth Rates (%) of Value and Volume of Production Index for Manufacture of Food Products  April 2023 to April 2024p (2018=100)

 

 

2. Volume of Production Index (VoPI)

In April 2024, the VoPI for manufacturing registered an annual growth of 6.7 percent during the month after exhibiting an annual decrease of 5.8 percent in March 2024. This brings the average growth rate of VoPI from January to April 2024 to 0.5 percent. In April 2023, VoPI recorded an annual increase of 8.0 percent. (Figure 2, and Tables A and 2)

The upward trend in the year-on-year growth rate of VoPI in April 2024 was primarily driven by the annual increase in the manufacture of food products at 6.8 percent during the month from an annual decrease of 13.2 percent in March 2024.

Other primary contributors to the uptrend in the year-on-year increment of VoPI were the annual increases noted in the manufacture of transport equipment at 5.1 percent in April 2024 from an annual drop of 12.0 percent in the previous month, and in the manufacture of fabricated metal products, except machinery and equipment at 32.3 percent during the month from an annual decrease of 3.1 percent in March 2024.

Furthermore, 12 out of the 19 remaining industry divisions exhibited annual increases in their indices during the period, while the other seven industry divisions posted annual decreases. The highest year-on-year decrement during the period was noted in the manufacture of wood, bamboo, cane, rattan articles and related products at 11.2 percent. (Tables D and 1)

The top three industry divisions contributing to the overall year-on-year growth rate of VoPI for manufacturing in April 2024 were the following:

          a. Manufacture of coke and refined petroleum products;

          b. Manufacture of food products; and

          c. Manufacture of fabricated metal products, except machinery and equipment.

The VoPI for manufacture of food products registered a year-on-year growth rate of 6.8 percent during the month after exhibiting an annual decrease of 13.2 percent in March 2024. The VoPI for manufacture of food products recorded an annual growth rate of 2.8 percent in April 2023. (Figure 3, and Tables 2 and 2a)

The uptrend in the year-on-year growth rate of VoPI for manufacture of food products in April 2024 was driven by the uptrend in all the eight industry groups. This was led by the annual increment in the manufacture of other food products industry group at 7.0 percent during the month from its annual drop of 13.3 percent in the previous month.

 

 

3. Value of Net Sales Index (VaNSI)

The VaNSI for manufacturing registered an annual increment of 6.4 percent in April 2024 from an annual decrease of 5.3 percent in March 2024. This brings the average growth rate of VaNSI from January to April 2024 to -1.6 percent. In April 2023, VaNSI recorded an annual drop of 2.6 percent. (Figure 5, and Tables A and 3).

The uptrend in the annual growth rate of VaNSI in April 2024 was primarily brought about by the annual increment in the manufacture of food products at 3.1 percent during the month from its annual drop of 7.9 percent in March 2024. The manufacture of food products contributed 18.0 percent to the uptrend of VaNSI for the manufacturing section in April 2024.

Other main contributors to the uptrend in the year-on-year increment of VaNSI in April 2024 were the annual increment observed in manufacture of basic metals at 5.6 percent in April 2024 from a double-digit decline of  24.1 percent in the previous month, and the faster annual increase in manufacture of fabricated metal products, except machinery and equipment at 43.9 percent during the month from an annual growth rate of 6.7 percent in the previous month.

Of the remaining 19 industry divisions, 17 exhibited annual upturns during the period. Meanwhile, two industry divisions posted annual reductions in April 2024. These are the manufacture of other non-metallic mineral products  with an annual drop of 4.4 percent and other manufacturing and repair and installation of machinery and equipment with an annual decline of 6.0 percent during the period. (Tables E and 3)

The top three industry divisions contributing to the overall year-on-year growth rate of VaNSI for manufacturing in April 2024 were the following:

a. Manufacture of computer, electronic and optical products;         
b. Manufacture of fabricated metal products, except machinery and equipment; and         
c. Manufacture of beverages.

Figure 4. Value and Volume of Net Sales Index for Total Manufacturing April 2023 to April 2024p (2018=100)

 

Figure 5. Year-on-Year Growth Rates (%) of Net Sales Index for Total Manufacturing April 2023 to April 2024p (2018=100)

 

The VaNSI for manufacture of food products registered a year-on-year growth rate of 3.1 percent in April 2024 after exhibiting an annual decrease of 7.9 percent in March 2024. The VaNSI for manufacture of food products recorded an annual growth of 0.5 percent in April 2023. (Figure 6, and Tables 3 and 3a)

The uptrend in the year-on-year growth rate of VaNSI for manufacture of food products in April 2024 was primarily driven by the double-digit annual increment in the manufacture of vegetable and animal oils and fats industry group at 20.1 percent during the month from its double-digit annual drop of 19.8 percent in the previous month.

Other primary contributors to the uptrend in the year-on-year increase of VaPI for manufacture of food products were the annual increases observed in the manufacture of dairy products at 5.1 percent during the month from an annual drop of 9.9 percent in the previous month, and in the manufacture of grain mill products, starches and starch products with 7.1 percent annual increase from a double-digit annual decrease of 16.7 percent in the previous month. (Table 3a)

Figure 6. Year-on-Year Growth Rates (%) of Net Sales Index for Manufacture of Food Products: April 2023 to April 2024p (2018=100)

 

4. Volume of Net Sales Index (VoNSI)

The VoNSI for manufacturing registered a year-on-year increase of 7.2 percent in April 2024 from an annual decrease of 4.2 percent in March 2024. This brings the average growth rate of VoNSI from January to April 2024 to -0.5 percent. In April 2023, VoNSI recorded an annual decrease of 4.9 percent. (Figure 5, and Tables A and 4)      
                       
The uptrend in the annual growth rate of VoNSI in April 2024 was mainly brought about by the same top three industry divisions that contributed to the upward trend in the annual increase of VaNSI during the period. These were the following:

a. Manufacture of food products, 2.7 percent annual increase from an 8.3 percent annual drop in the previous month;         
b. Manufacture of basic metals, 8.5 percent annual growth rate from a 21.7 percent annual decrement in the past month; and         
c. Manufacture of fabricated metal products, except machinery and equipment, 51.8 percent annual growth rate from its slower annual growth rate of 11.2 percent in March 2024.

Furthermore, 16 out of the 19 remaining industry divisions exhibited annual increases during the period, while the other three industry divisions posted annual decreases. The highest year-on-year decline was noted in the other manufacturing and repair and installation of machinery and equipment at 4.7 percent during the period. (Tables F and 4)

The top three industry divisions contributing to the overall year-on-year growth of VoNSI for manufacturing in April 2024 were the following:

                             a.    Manufacture of computer, electronic and optical products;    
                             b.    Manufacture of fabricated metal products, except machinery and equipment; and   
                             c.    Manufacture of chemical and chemical products.

The VoNSI for manufacture of food products recorded an annual increase of 2.7 percent in April 2024 after registering an annual decrease of 8.3 percent in March 2024. The VoNSI for manufacture of food products recorded an annual decrease of 3.8 percent in April 2023. (Figure 6, and Tables 4 and 4a)

The uptrend in the year-on-year growth rate of VoNSI for manufacture of food products in April 2024 was primarily driven by the double-digit annual increment in the manufacture of vegetable and animal oils and fats at 19.3 percent during the month from an annual drop of 18.6 percent in the previous month.

Other primary contributors to the uptrend in the year-on-year growth rate of VoNSI for manufacture of food products were the annual increments observed in the manufacture of dairy products industry group at 6.0 percent in April 2024 from an 8.7 percent annual decrement in March 2024, and in the manufacture of grain mill products, starches and starch products at 6.1 percent during the month from an annual decrease of 17.1 percent in the previous month. (Table 4a)

 

B. Average Capacity Utilization Rate

Based on responding establishments, the average capacity utilization rate for the manufacturing section in April 2024 was reported at 75.2 percent from 75.3 percent in the previous month. In April 2023, the average capacity utilization rate was recorded at 72.5 percent.

All industry divisions reported capacity utilization rates of more than 60.0 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of other non-metallic mineral products (82.1%), manufacture of furniture (81.9%), and manufacture of textiles (80.1%). (Table 6)

The proportion of establishments that operated at full capacity (90% to 100%) was 28.8 percent of the total number of responding establishments. Meanwhile, 42.3 percent operated at 70 to 89 percent capacity, and 28.9 percent operated below 70 percent capacity. (Table B)

Table B. Distribution of Responding Establishments by Capacity Utilization for Total Manufacturing: April 2024p

         
 

CLAIRE DENNIS S. MAPA, PhD         
Undersecretary         
National Statistician and Civil Registrar General

 

 

Table C. Year-on-Year Growth Rates (%) of VaPI by Industry Division  March 2024r and April 2024p (2018=100)

 

Table D. Year-on-Year Growth Rates (%) of VoPI by Industry Division  March 2024r and April 2024p (2018=100)

 

Table E. Year-on-Year Growth Rates (%) of VaNSI by Industry Division March 2024r and April 2024p (2018=100)

 

Table F. Year-on-Year Growth Rates (%) of VoNSI by Industry Division March 2024r and April 2024p (2018=100)

 

 

 

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