r - revised

• Value of Production Index slides in December 2015

Value of Production Index (VaPI) for total manufacturing dropped in December 2015, posting an annual decrement of 2.6 percent, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). The decline was brought about by the contraction of VaPI in 11 major sectors, with significant decreases observed in the following: printing (-44.3%), petroleum products (-40.6%), furniture and fixtures (-27.4%), wood and wood products (-21.2%), fabricated metal products    (-20.8%) and textiles (-10.1%). Refer to Tables 1-A and 1.

• Volume of Production sustains growth

Volume of Production Index (VoPI) maintained a positive growth registering at 4.9 percent in December 2015. Among the 13 major sectors that reported increases in VoPI, nine major sectors reported two-digit growth, namely: non-metallic mineral products (18.8%), paper and paper products (18.6%), machinery except electrical (17.8%), leather products (17.6%), miscellaneous manufactures (14.1%), transport equipment (13.0%), electrical machinery (12.1%), beverages (12.0%) and chemical products (10.4%). Refer to Tables 1-B and 2.

• Value of Net Sales decelerates further

Value of Net Sales Index (VaNSI) continued to decrease exhibiting a decrement of    5.4 percent in December 2015. This was attributed to the decreases in VaNSI observed in  nine major sectors led by printing (-61.7%), outpacing the increments in 11 major sectors. Other major sectors that significantly contributed to the decrease in VaNSI were furniture and fixtures (-25.6%), petroleum products (-19.0%) and basic metals (-16.7%). Refer to Tables 2-A and 3.

• Volume of Net Sales Index rebounds

Volume of Net Sales Index (VoNSI) in contrast, depicted a minimal annual growth of  2.0 percent in December 2015. Seven of the 12 major sectors that mainly influenced the growth were wood and wood products (51.5%), beverages (30.5%), paper and paper products (29.5%), non-metallic mineral products (22.5%), rubber and plastic products (21.6%), miscellaneous manufactures (15.0%) and tobacco products (10.2%). Refer to Tables   2-B and 4.

• Average Capacity Utilization Rate in December 2015 is 83.5 percent

Average capacity utilization rate in December 2015 for total manufacturing was recorded at 83.5 percent. Fifty-five percent or 11 of the 20 major industries operated at 80 percent and above capacity utilization rates. These were:

• basic metals (88.5%)
• petroleum products (88.2%)
• non-metallic mineral products (86.4%)
• machinery except electrical (85.2%)
• food manufacturing (84.4%)
• electrical machinery (84.3%)
• chemical products (84.0%)
• paper and paper products (83.1%)
• rubber and plastic products (82.5%)
• wood and wood products (80.8%)
• printing (80.2%)

The proportion of establishments that operated at full capacity (90% to 100%) was 27.3 percent in December 2015. About 54.4 percent of the establishments operated at  70 percent to 89 percent capacity while 18.3 percent of the establishments operated below 70 percent capacity. Refer to Table 6 and B.

• Industry Coverage

The 2015 MISSI utilizes the 2009 PSIC to classify major industries and sub-industries. Twenty major industries of the 2009 PSIC were formed to comprise the industry coverage of the 2015 MISSI. These are presented in the table below.

• Response Rate  

The response rates for the December 2015 MISSI and PPS are 74.2 and 80.8 percent, respectively.  Refer to Tables 7 and 8.

Data of non-responding samples were estimated using short-term geometric mean of the relative values of responding samples within the industry class. Revisions to the preliminary estimates are done upon receipt of actual reports of late respondents.

TABLE 1-A Value of Production Index, November 2015 and December 2015

   (2000 =100)

TABLE 1-B  Volume of Production Index, November 2015 and December 2015

(2000 = 100)

TABLE 2-A  Value of Net Sales Index, November 2015 and December 2015

(2000 =100)

TABLE 2-B  Volume of Net Sales Index, November 2015 and December 2015

(2000 = 100)