Manila, Philippines-While the shutdown of the oil refinery hampered the total output of domestic manufacturers, the impact of the weak base pushed factory output back to 162.1 percent year-on-year growth in April.
An integrated monthly survey of the Philippines Bureau of Statistics (PSA) Selected Industry (Missi) report released on Tuesday, June 8 shows an increase in the production index (VoPI) (on behalf of factory production). Decreased in March of last year, showing a reversal of 73.3%, and decreased by 64.8% in April 2020.
According to PSA, 20 of 22 manufacturing sectors experienced year-over-year growth, including the fastest 687.5% growth recorded in base metal manufacturing. Many manufacturing activities ceased from mid-March to May 2020, at the height of the region’s most severe COVID-19 blockade.
Only two industries saw their production decline year over year. The manufacturing of refined petroleum products fell 32.3% year-on-year, while the manufacturing of basic and pharmaceutical products fell 18.9%.
Since February, the crude oil refinery of Petron Corp. in Bataan was temporarily closed due to low margins.
The production index (VaPI) also returned to a record 154.3% year-on-year growth in April of last year.
“Yo change [VaPI] The April 2021 growth rate was the first positive growth since April 2019 and the highest annual growth rate in the 2018-based data series, âPSA said.
Prior to the April rally, VaPI was down 74.2% year-on-year in March and 66.6% in April last year.
According to PSA, 20 industries also recorded VaPI growth in April last year, including a 729.1% increase in base metals.
Refined petroleum and pharmaceuticals were consistently the worst performers with negative VaPIs of 24.5% and 19.4%.
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