VALUE OF PRODUCTION INDEX (VPI)
The manufacturing sector's value of production index (VPI) slightly went up by 0.6 percent to 418.6 in December 1996 from 416.1 in the same month last year. On a month-on-month comparison, VPI decreased by 2.9 percent from November's 431.2. 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 aimed to provide flash indicators on the performance of key manufacturing enterprises.
Year-on-year increases in VPI were observed in 9 major sectors. The sectors linked to construction activities were the growth sources. Furnitures and fixtures posted the highest increase at 23.3 percent from 374.5 to 461.9. Non-metallic mineral products followed with 21.9 percent from 321.2 to 391.5. Increases in production of glass and glass products and miscellaneous non-metallic mineral products contributed to the gain of non-metallic products. Other sectors that posted increases were beverage (10.6 percent), tobacco (9.4 percent), basic metals (9.1 percent), wood and wood products (7.9 percent), electrical machinery (5.2 percent), chemicals (4.6 percent) and food manufacturing (3.2 percent).
The textile sector posted the biggest drop of 24.8 percent from 201.2 to 151.4. Wearing apparel sector continued to decline with a 23.2 percent loss in December. Other sectors that posted double-digit decreases were rubber products and miscellaneous manufactures at 21.4 percent and 13.2 percent, respectively.
Month-on-month decreases were observed in 9 sectors. Miscellaneous manufactures posted the biggest decline of 18.7 percent followed by transport equipment at 14.6 percent. On the other hand, petroleum products registered the highest increase by 11.2 percent followed by tobacco with 8.3 percent .
VALUE OF PRODUCTION INDEX
GAINERS OVER LAST YEAR LOSERS OVER LAST YEAR
Furniture & Fixtures 23.3% Textile -24.8%
Non-Metallic Mineral Prods 21.9% Wearing Apparel -23.2%
Beverage 10.6% Rubber Products -21.4%
Tobacco 9.4% Misc. Manufactures -13.2%
Basic Metals 9.1% Transport Equipment - 4.2%
Wood & Wood Products 7.9% Petroleum Products - 0.8%
Electrical Machinery 5.2% Paper & Paper Products - 0.7%
Chemicals 4.6%
Food Manufacturing 3.2%
GAINERS OVER LAST MONTH LOSERS OVER LAST MONTH
Petroleum Products 11.2% Misc. Manufactures -18.7%
Tobacco 8.3% Transport Equipment -14.6%
Beverage 2.7% Rubber Products -12.3%
Electrical Machinery 2.1% Paper & Paper Products - 6.7%
Basic Metals 0.6% Textile - 5.4%
Non-Metallic Mineral Product 0.4% Chemicals - 4.0%
Food Manufacturing 0.3% Furniture & Fixtures - 4.0%
Wearing Apparel - 2.7%
Wood & Wood Products - 0.8%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 December 1996, the VoPI of 140.4 for key manufacturing enterprises decreased by 2.6 percent as compared with the 144.1 of last year. Double-digit year-on-year decreases were observed in four sectors. Wearing apparel posted the biggest decline of 28.8 percent from 89.4 to 63.6. Other sectors that posted double-digit decreases were textile, rubber products and non- ferrous metals at 21.4 percent, 20.4 percent and 20.3 percent, respectively. On the other hand, glass and glass products registered the highest increase of 47.6 percent followed by paper & paper products at 24.9 percent; miscellaneous non-metallic mineral products, 24.8 percent; furniture & fixtures, 24.4 percent; and iron and steel, 20.0 percent.
On a month-on-month basis, the VoPI went down by 3.8 percent as compared with the previous month's index of 145.9. Other manufacturing industries posted the biggest decline of 16.6 percent followed by transport equipment at 14.6 percent. On the other hand, non-ferrous metals posted the highest increase of 15.6 percent. Other sectors that registered increases were tobacco (8.5 percent), petroleum products (4.8 percent), beverage (2.7 percent), glass and glass products (2.2 percent) and electrical machinery (2.1 percent).
The December 1996 SKEM covered 422 sample establishments located mostly in Metro Manila and engaged primarily in manufacturing. This report is based on a response rate of 80.1 percent.
VOLUME OF PRODUCTION INDEX
GAINERS OVER LAST YEAR LOSERS OVER LAST YEAR
Glass and Glass Products 47.6% Wearing Apparel -28.8%
Paper & Paper Products 24.9% Textile -21.4%
Misc. Non-Metallic Mineral Rubber Products -20.4%
Products 24.8% Non-Ferrous Metals -20.3%
Furniture & Fixtures 24.4% Other Mfg. Industries - 7.8%
Iron and Steel 20.0% Petroleum Products - 7.3%
Wood and Wood Products 8.0% Transport Equipment - 5.1%
Tobacco 7.8%
Beverage 5.1%
Cement 3.2%
Electrical Machinery 3.1%
Food Manufacturing 1.3%
Chemicals 1.3%
GAINERS OVER LAST MONTH LOSERS OVER LAST MONTH
Non-Ferrous Metals 15.6% Other Mfg. Industries -16.6%
Tobacco 8.5% Transport Equipment -14.6%
Petroleum Products 4.8% Rubber Products -12.4%
Beverage 2.7% Textile - 5.0%
Glass and Glass Products 2.2% Furniture and Fixtures - 4.0%
Electrical Machinery 2.1% Chemicals - 4.0%
Misc. Non-Metallic MineralProducts 0.9% Wearing Apparel - 2.8%
Food Manufacturing 0.2% Paper & Paper Products - 2.3%
Wood and Wood Products - 0.8%
Iron and Steel - 0.6%
Cement - 0.3%
