The country’s factory output grew at a faster rate in August, lifted by the recovery of food and electronics sectors, data from the Philippine Statistics Authority show.
These were the manufacture of computer, electronic and optical products, whose annual decline eased to 5.2 percent from 17.0 percent in July; manufacture of food products, with 0.7 percent annual increase from 3.4 percent annual decline in the previous month; and manufacture of coke and refined petroleum products, with 48.0 percent annual increment from 35.6 percent growth.
Meanwhile, the value of production index for manufacturing rose 9.1 percent in August, faster than 4.9 percent in July. In August 2022, VaPI recorded a double-digit annual increment of 12.3 percent. The volume of net sales index registered a slower year-on-year decline of 1.7 percent in August, compared to July’s 4.4-percent contraction. This caused the value of net sales index to decreased 1.2 percent in August, compared with its annual drop of 4.3 percent in July.
Source: Tech Daily Report (techdailyreport.net)
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