Another featured article in BusinessWorld on March 7, 2018 refers to the Monthly Integrated Survey of Selected Industries (MISS) of the Philippine Statistics Authority. Data showed that manufacturing outputs expanded by its face in more than four years in January. Manufacturing output, as measured by the Volume of Production Index (VoPI), rose 21.9% year on year, recovering from four-month contraction in much of last year’s second half.
According to PSA data, January’s 2018 growth was supported by two-digit annual expansions in the following major sectors:
| 1) Petroleum products (37%); | 8) Printing (114.5%) |
| 2) Machinery except electrical (36.8%); | 9) Nonmetallic mineral products (17.5%) |
| 3) Food manufacturing (15.2%); | 10) Fabricated metal products (32.3%) |
| 4) Electrical machinery (13.9%); | 11) Paper and paper products (14.7%) |
| 5) Chemical products (32.3%); | 12) Miscellaneous manufacturers (12.3%) |
| 6) Basic metals (35.5%); | 13) Leather products (39.2%) |
| 7) Beverages (31.8%); |
Economists said that the growth in manufacturing may be attributed to : the record high foreign direct investments in recent months, especially the new and expansion of manufacturing facilities that already became operational; the recent pick-up in the country’s exports growth, amid expansion of the country’s export markets with more free trade agreements; and the increase in production activity and higher wholesale prices of selected manufactured products. This faster growth will provide the boost in export-oriented sectors as they need to meet global demands for manufactured items.
The manufacturing sector is expected to sustain output growth this year on account of higher government and household consumptions as well as gains in investments. Moreover, increased deployment of infrastructure projects would be a source of growth for the local manufacturers for construction-related and allied industries to keep up with greater requirements of the fast-growing (Source: Businessworld, March 7, 2018 Issue)
