Factory production slows 19% in June
Factory production declined a slower pace in June compared to previous month, according to the Philippine Statistics Authority (PSA).
Results of the Monthly Integrated Survey of Selected Industries (MISSI) showed that the factory output or Volume of Production Index (VoPI) declined by 19.3% in June while the Value of Production Index (VaPI) fell by 22.5%.
The latest figures are slower than the revised 28.5% VoPI contraction and 31.2% VaPI decline in May.
The National Economic and Development Authority (NEDA) said that as economic activities remain limited amid the COVID-19 pandemic, the manufacturing sector contracted in both volume and value of production terms but at a slower rate than the previous month.
Expansions in petroleum products, wood and wood products, and chemical products tempered the decline of total manufacturing production, the NEDA said.
The three-month moving average growth rate of VoPI (-28.9%) and VaP (-31.6%), is significantly lower compared to the previous month’s average of -24.9 percent and -28.1 percent, respectively.
“The declining trend has slowed down in June 2020, which reflected the gradual easing of quarantine restrictions,” Acting Socioeconomic Planning Secretary Karl Kendrick Chua said.
“The easing of various community quarantine measures in many parts of the country permitted the continuation of several public and private construction projects (e.g. quarantine and isolation facilities, rehabilitation works, sewerage projects, water service facilities and digital infrastructure, among others),” Chua said.
Construction activities were also allowed to resume subject to minimum public health standards and social distancing measures in the workplace.
However, the country’s manufacturing performance is still expected to be adversely affected by the ongoing global pandemic in the near term, the Cabinet official said.
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