• Value of Production Index (VaPI) gains strength

For April 2002, Value of Production Index (VaPI) of the manufacturing industry posted an increase of 14.8 percent compared with year ago figure, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). Major sources of increase were from fabricated metal products, transport equipment, electrical machinery, basic metals, textile, tobacco, publishing and printing, food manufacturing, chemical products, rubber products and non-metallic mineral products (see Annex 1-A).

YEAR-ON-YEAR GROWTH RATES OF VaPI
TOTAL MANUFACTURING
(1994=100)

However, VaPI's month-on-month performance dropped by 1.2 percent compared to the previous month's increase of 6.5 percent. Leather products recorded the highest decrease at 40.3 percent, followed by the following sectors which also registered double-digit decreases: furniture and fixtures, machinery excluding electrical and non-metallic mineral products (see Annex 1-A).

• Volume of Production Index (VoPI) also recovers

On a year-on-year basis, Volume of Production Index (VoPI) likewise increased by 17.0 percent offsetting the previous month's decline of 1.6 percent. This was due to the growth exhibited by the following sectors: footwear and wearing apparel, fabricated metal products, electrical machinery, transport equipment, textile, basic metals, food manufacturing, tobacco, rubber products and leather products (see Annex 1-B).

YEAR-ON-YEAR GROWTH RATES OF VoPI
TOTAL MANUFACTURING
(1994=100)

On the contrary, VoPI depicted a month-on-month decrease of 1.7 percent from 5.5 percent increase in March 2002. Sectors that significantly contributed to the decrease were as follows: leather products, furniture and fixtures, machinery excluding electrical and non-metallic mineral products (see Annex 1-B).

• Value of Net Sales also rises

Year-on-year growth in value of net sales climbed by 18.2 percent in April 2002 from a negative growth rate of 0.4 percent in the previous month. Significant increment of 67.7 percent was brought about by Electrical machinery, followed by the other sectors which also registered double-digit increases: fabricated metal products, basic metals, transport equipment, textile, publishing and printing, rubber products and tobacco (see Annex 2-A).

YEAR-ON-YEAR GROWTH RATES OF VALUE OF NET SALES
TOTAL MANUFACTURING
(1994=100)

On a month-on-month basis, value of net sales grew slightly at 2.0 percent compared to previous month's growth of 10.1 percent. Basic metals and petroleum products sectors contributed the highest share of 52.7 percent and 21.2 percent, respectively. (see Annex 2-A).

• Volume of Net Sales continues to gain

Net sales volume in April 2002 continued to increase at 19.4 percent over a year ago figure. Sectors that attributed to the sharp increase were the following: footwear and wearing apparel, electrical machinery, fabricated metal products, basic metals, transport equipment, textile, rubber products and food manufacturing (see Annex 2-B).

YEAR-ON-YEAR GROWTH RATES OF VOLUME OF NET SALES
TOTAL MANUFACTURING
(1994=100)

On a month-on-month basis, however, volume of net sales grew slower at 1.3 percent compared to the previous month's 9.2 percent growth. Double-digit increases of 52.0 percent and 15.9 percent were observed in basic metals and petroleum products sectors, respectively. (see Annex 2-B).

• Producer's Price Index (PPI) continues to slip down

The Producer's Price Index for total manufacturing continued to slide down by 1.9 percent in April 2002. Sectors that contributed to the slackened growth were leather products, footwear and wearing apparel, miscellaneous manufactures, electrical machinery, food manufacturing, furniture and fixtures, petroleum products and rubber products (see Table 5).

YEAR-ON-YEAR GROWTH RATES OF PRODUCER�S PRICE INDEX
TOTAL MANUFACTURING
(1994=100)

On a month-on-month basis, PPI for total manufacturing slightly went up by 0.5 percent brought about by the 4.6 percent growth of the petroleum products sector. Other major sectors that posted increases were the following: chemical products; food manufacturing; basic metals; miscellaneous manufactures and textile (see Table 5).

• Capacity Utilization

In April 2002, average capacity utilization was estimated at 75.3 percent for total manufacturing. Only two (2) sectors resulted to more than 80% capacity utilization rate, namely rubber products and petroleum products (see Table 6).

AVERAGE CAPACITY UTILIZATION FOR TOTAL MANUFACTURING
(In percent)

The proportion of responding establishments that operated at full capacity (90%-100%) in April 2002 was 17.1 percent. About 40.5 percent of the responding establishments operated at 70%-89% capacity and establishments operating below 70% capacity accounted for 42.3 percent.

DISTRIBUTION OF KEY MANUFACTURING ESTABLISHMENTS
BY CAPACITY UTILIZATION
TOTAL MANUFACTURING, MARCH 2002
(In percent)

• Response Rate

Response rate for April 2002 is 85.4 percent, which corresponds to the retrieval of 493 sample establishments reports (see Table 7).

RESPONSE RATES FOR TOTAL MANUFACTURING
(In percent)

ANNEX 1-A

VALUE OF PRODUCTION INDEX, MARCH - APRIL 2002
(1994 =100)

ANNEX 1-A

VALUE OF PRODUCTION INDEX, MARCH - APRIL 2002 (concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based April 2002 growth rate.
Year-on-year growth rates are computed by dividing the current month index by previous year same month index less 1.
Month-on-month growth rates are computed by dividing the current month index by previous month index less 1.

ANNEX 1-B

VOLUME OF PRODUCTION INDEX, MARCH - APRIL 2002
(1994 = 100)

ANNEX 1-B

VOLUME OF PRODUCTION INDEX, MARCH - APRIL 2002(concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based April 2002 growth rate.
Year-on-year growth rates are computed by dividing the current month index by previous year same month index less 1.
Month-on-month growth rates are computed by dividing the current month index by previous month index less 1.

ANNEX 2-A

VALUE OF NET SALES, MARCH - APRIL 2002
(1994=100)

ANNEX 2-A

VALUE OF NET SALES, MARCH - APRIL 2002 (concluded)
(1994=100)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based April 2002 growth rate.
Year-on-year growth rates are computed by dividing the current month value of net sales by previous year same month value of net sales less 1.
Month-on-month growth rates are computed by dividing the current month value of net sales by previous month value of net sales less 1.

ANNEX 2-B

VOLUME OF NET SALES, MARCH - APRIL 2002
(1994=100)

ANNEX 2-B

VOLUME OF NET SALES, MARCH - APRIL 2002 (concluded)
(1994=100)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based April 2002 growth rate.
Year-on-year growth rates are computed by dividing the current month volume of net sales by previous year same month volume of net sales less 1.
Month-on-month growth rates are computed by dividing the current month volume of net sales by previous month volume of net sales less 1.

Source: National Statistics Office
Manila, Philippines