PRODUCTION

Value of Production continued to increase

The Value of Production Index (VaPI) for manufacturing continued to register an annual increment of 18.6 percent in December 2021, from an annual growth of 27.2 percent in the previous month. In December 2020, VaPI declined at an annual rate of -18.0 percent.  (Tables A and 1)

The growth in VaPI in December 2021 was contributed by the increases in 12 of the 22 industry divisions. Among these, the top contributor was manufacture of wood, bamboo, cane, rattan articles and related products and manufacture of coke and refined petroleum products with 93.6 and 75.1 percent annual growth rates, respectively. On the other hand, the remaining 10 industry divisions recorded decreases with manufacture of basic pharmaceutical products and pharmaceutical preparations registering the fastest annual decline of -29.5 percent.  (Tables A.1 and 1)

Volume of Production Index likewise registered increment

The Volume of Production Index (VoPI) sustained a positive annual growth of 17.9 percent annually in December 2021, from its previous month’s annual growth of 25.8 percent. In December 2020, VoPI dropped at an annual rate of -14.8 percent.  (Tables A and 2)

The increase in VoPI was brought about by the positive growth rates of 11 industry divisions. Of these, manufacture of wood, bamboo, cane, rattan articles and related products was the major contributing factor with 122.6 percent growth rate.  On the contrary, the remaining 11 industry divisions recorded decreases which was led by manufacture of basic pharmaceutical products and pharmaceutical preparations with -30.2 percent annual rate.  (Tables A.2 and 2)

VaPI and VoPI showed recovery in 2021

The annual average growth rate of VaPI in 2021 was 47.0 percent, indicating a turnaround from a decrement of -43.0 percent annual average growth rate in 2020. In 2019, the annual average year-on-year growth of VaPI was -10.7 percent. (Table B)

In 2021, VoPI also showed a recovery as its annual average growth rate climbed to 50.3 percent, from a -40.5 percent drop in 2020. In 2019, the annual average year-on-year growth of VoPI was -8.7 percent. (Table B)

NET SALES

Value of Net Sales Index remained at positive growth

The Value of Net Sales Index (VaNSI) continued to grow at an annual rate of 20.6 percent in December 2021, from an annual growth rate of 26.1 percent in the previous month. In December 2020, VaNSI dropped at an annual rate of -19.4 percent.  (Tables A and 3)

Of the 22 industry divisions, 15 reported positive growth rates led by manufacture of coke and refined petroleum products which registered an annual increase of 62.9 percent. Meanwhile, seven industry divisions showed downturns in December 2021 with manufacture of basic pharmaceutical products and pharmaceutical preparations registering the lowest rate of -20.9 percent.  (Tables C.1 and 3)

Volume of Net Sales Index also exhibited growth

The Volume of Net Sales Index (VoNSI) recorded a year-on-year increase of 19.9 percent in December 2021, from a 24.8 percent increase in the previous month. In December 2020, VoNSI dropped by -16.3 percent.  (Tables A and 4)

The increase in VoNSI was brought about by the positive growth rates of 15 industry divisions led by computer, electronic and optical products with 68.9 percent annual growth.  In contrast, seven industry divisions exhibited decreases during the period, with manufacture of basic pharmaceutical products and pharmaceutical preparations posting the highest drop of  -21.7 percent.  (Tables C.2 and 4)

Similarly, VoNSI showed an improvement in 2021 as it registered an annual average growth rate of 27.0 percent. In contrast, VoNSI experienced downtrends in 2019 and 2020 with annual average rates of  -0.2 percent and -20.1 percent, respectively. (Table D)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing continued to increase

Based on responding establishments, the average capacity utilization rate for manufacturing sector in December 2021 was reported at 67.3 percent, from 67.8 percent in the previous month.

There were 20 out of 22 industry divisions with more than 50 percent average capacity utilization rate, led by manufacture of tobacco products (87.0%), manufacture of other non-metallic mineral products (81.3%), and manufacture of furniture (78.3%).  (Table 6)

Responding establishments that operated at full capacity was 23.3 percent

The proportion of establishments that operated at full capacity (90% to 100%) was 23.3 percent of the total number of responding establishments. Meanwhile, 39.7 percent operated at 70 to 89 percent capacity, while percent 37.0 operated below 70 percent capacity.  (Table E)