VALUE OF PRODUCTION INDEX (VPI)
The value of production index (VPI) in key manufacturing enterprises increased by 10.8 percent to 438.5 in April 1997 from 395.9 a year ago. On a month-on-month comparison, VPI increased by 2.7 percent from 426.8 last March 1997. These figures were based on the results of the Survey of Key Enterprises in Manufacturing (SKEM), a regular monthly survey * of the National Statistics Office (NSO) aimed to provide flash indicators on the performance of key manufacturing enterprises.
Year-on-year increases were observed in 13 out of 16 major sectors. In terms of the relative shares to the positive component of the year-on-year growth of VPI, food manufacturing contributed 29.9 percent followed by petroleum with 27.1 percent; electrical machinery, 14.5 percent; and chemicals, 12.0 percent.
On the other hand, a double-digit year-on-year decrease in VPI was posted by transport equipment sector with a 53.0 percent share to the negative effect on the year-on-year performance. Textile and paper and paper products contributed 28.0 percent and 19.1 percent, respectively, to the downward pull on the year-on-year increase in VPI.
Double-digit month-on-month relative increases were observed in four (4) sectors. Electrical machinery posted the biggest share of 38.6 percent followed by wearing apparel, petroleum, and paper & paper products at 19.4 percent, 17.7 percent and 11.0 percent shares, respectively, to the VPI growth.
On the other hand, basic metals, chemicals, and transport equipment contributed 56.1 percent, 26.4 percent and 11.7 percent, respectively to the negative effect on the growth rate.
VALUE OF PRODUCTION INDEX
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Electrical Machinery 19.3% 38.6%
Beverage 18.4% 7.5%
Wearing apparel 16.6% 19.4%
Furniture & Fixtures 15.8% 1.7%
Paper & Paper Products 15.0% 11.0%
Tobacco 7.8% 0.3%
Rubber Products 5.2% 1.5%
Petroleum 4.8% 17.7%
Misc. Manufactures 3.9% 0.3%
Wood & Wood Products 1.9% 1.3%
Non-Metallic Mineral Products 1.0% 0.6%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Basic Metals - 15.6% - 56.1%
Chemicals - 5.6% - 26.4%
Transport Equipment - 5.3% - 11.7%
Textile - 1.9% - 5.1%
Food Manufacturing - 0.1% - 0.7%
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Furniture & Fixtures 67.0% 2.1%
Misc. Manufactures 48.4% 1.1%
Tobacco 34.9% 0.4%
Food Manufacturing 27.4% 29.9%
Petroleum 25.2% 27.1%
Electrical Machinery 25.1% 14.5%
Chemicals 24.2% 12.0%
Wood & Wood Products 19.1% 3.8%
Non-Metallic Mineral Products 11.5% 2.2%
Basic Metals 11.1% 4.2%
Beverage 7.6% 0.9%
Rubber Products 4.5% 0.4%
Wearing Apparel 4.3% 1.4%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Transport Equipment - 12.1% - 53.0%
Textile - 5.2% - 28.0%
Paper & Paper Products - 4.8% - 19.1%
VOLUME OF PRODUCTION INDEX (VoPI)
The Volume of Production Index (VoPI) is derived from Value of Production Index (VPI) and Producer’s Price Index (PPI) with 1992 as the base year. The index is a measure of change in volume, net of inflation.
In April 1997, the VoPI of 147.5 for key manufacturing enterprises increased by 9.3 percent as compared with the April 1996 index of 135.0. Food Manufactures with a 34.9 percent increase registered the highest share of 40.7 percent to the year-on-year increase. Other sectors that posted notable double-digit increases were electrical machinery (with a 24.7 percent growth and a share of 15.3 percent to the total growth) and petroleum (with a 10.2 percent increase and a contribution of 11.8 percent)
On the other hand, notable year-on-year decreases were observed in 4 sectors. Paper & paper products posted the biggest decline of -30.8 percent from 122.2 to 84.6. Other sectors that posted double-digit declines and weighed down on the growth of the VoPI were wearing apparel (-10.7 percent), transport equipment (-10.5 percent) and textile (-8.9 percent).
On a month-on-month basis, the VoPI increased by 3.0 percent to 147.5 in April 1997 from 143.2 in March 1997. Electrical machinery posted the highest increase of 19.2 percent which represented 39.2 percent of the positive component of the month-on-month growth. Wearing apparel grew by 16.6 percent and had a 19.7 percent share of the VoPI growth. The 4.8 percent growth of petroleum had a corresponding share to total growth of 18.0 percent.
On the other hand, basic metals posted the biggest decline of -13.7 percent which contributed 52.1 percent share of the negative effect on overall growth followed by chemicals with a decline of -6.2 percent and a share of 30.7 percent.
The April 1997 SKEM covered 422 sample establishments located mostly in Metro Manila and engaged primarily in manufacturing. This report is based on a response rate of 84.6 percent.
VOLUME OF PRODUCTION INDEX
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Electrical Machinery 19.2% 39.2%
Beverage 18.4% 7.6%
Wearing Apparel 16.6% 19.7%
Furniture & Fixtures 15.8% 1.7%
Paper & Paper Products 11.3% 8.4%
Tobacco 7.8% 0.3%
Rubber Products 5.2% 1.5%
Petroleum 4.8% 18.0%
Other Mfg. Industries 3.7% 0.3%
Wood & Wood Products 1.4% 1.0%
Non-Metallic Mineral Products 0.7% 0.5%
Food Manufacturing 0.5% 1.8%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Basic Metals - 13.7% - 52.1%
Chemicals - 6.2% - 30.7%
Transport Equipment - 5.7% - 13.1%
Textile - 1.4% - 4.1%
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Furniture & Fixtures 65.4% 2.2%
Other Mfg. Industries 48.2% 1.2%
Food Manufacturing 34.9% 40.7%
Electrical Machinery 24.7% 15.3%
Basic Metals 22.4% 9.1%
Wood & Wood Products 22.0% 4.7%
Beverage 20.7% 2.6%
Chemicals 18.3% 9.7%
Tobacco 12.8% 0.1%
Petroleum 10.2% 11.8%
Rubber Products 8.9% 0.8%
Non-Metallic Mineral Products 8.7% 1.8%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Paper & Paper Products - 30.8% - 43.0%
Wearing Apparel - 10.7% - 23.9%
Transport Equipment - 10.5% - 16.1%
Textile - 8.9% - 17.0%
* - The sampling design has not been revised.
