Introduction
These results were based on the interim monthly Integrated Survey of Selected Industries (MISSI), a monthly survey of the National Statistics Office with the Department of Trade and Industry. This will eventually provide flash indicators on the performance of industrial enterprises such as production, sales, employment, and compensation, inventory of raw materials and finished products, and capacity utilization. The MISSI is a key feature arising from a Memorandum of Understanding (MOU) forged between the two offices along with the National Statistical Coordination Board, the Federation of Philippine Industries and the Philippine Chamber of Commerce and Industry.
This interim survey will only cover the value and volume of production and sales in the manufacturing sector while the MISSI questionnaire is still being finalized. The results were based on a sample of about 500 firms/establishments throughout the country, supplemented with exports data from Garments and Textile Export Board (GTEB) and data from the Philippine Cement Corporation (PHILCEMCOR).
Executive Summary
The survey results for manufacturing indicated that value of sales in February 1998 increased by 35.7 percent and the corresponding volume of sales by 21 percent over the same month last year. However for the same month, the value of production increased relatively more slowly by 4.1 percent while the volume of production declined by -7.7 percent.
On a month-on-month basis, the value of sales increased by 5 percent and the volume of sales by 11.2 percent while the value of production increased by 6.5 percent and the volume of production by 5.4 percent.
Some of the significant developments in February 1998 were increase in domestic and/or export demand in wood products, wearing apparel, beverages, electronics, and furniture and fixtures; aside from increased peso values of exports. On the downside, there were, among others, shutdowns of some textile mills, and production slowdowns in transport equipment, food manufactures and non-metallic mineral products due to low demand and/or increasing costs of imported production inputs.
Changes in Production & Sales
February 1998
ITEM FEBRUARY 1998 FEBRUARY 1998
OVER OVER
FEBRUARY 1997 JANUARY 1998
PRODUCTION
Value 4.1 6.5
Volume (7.7) 5.4
NET SALES
Value 35.7 5.0
Volume 21.0 11.2
ANNEX 1-A
VALUE OF PRODUCTION
Year-on-year
Year-on-year increases were observed in 11 out of 16 major sectors. Electrical machinery grew by 30.8 percent, which was equivalent to a 23.2 percent contribution to the overall year-on-year growth performance of the value of production index (VPI). This resulted mainly from the gains in microcircuits and electrical appliances. Wood & wood products registering the biggest growth rate of 84.0 percent followed. Other sectors which contributed to the positive component of the year-on-year growth were: wearing apparel with a 45.7 percent increase, chemicals, 20.0 percent, and basic metals, 25.6 percent.
On the other hand, decreases were notable in five sectors. Petroleum products contributed the biggest share of 29.9 percent to the negative component of the year-on-year performance with a decline of -9.2 percent. This was followed by decreases in food manufacturing of -7.8 percent; transport equipment, -24.3 percent; textile, -17.6 percent; and non-metallic mineral products, -20.6 percent.
Month-on-month
On a month-on-month basis, wood and wood products registered the biggest increase of 84.5 percent and contributed the biggest share of 30.6 percent to the positive component on the month-on-month VPI growth. Basic metals with a 28.7 percent growth; transport equipment with 46.8 percent; and textile with 24.4 percent followed.
On the other hand, petroleum products had the biggest contribution of 53.0 percent to the negative component of the month-on-month performance with a -17.0 percent decline, followed by food manufacturing with a decrease of -10.7 percent.
VALUE OF PRODUCTION INDEX (FEBRUARY 1998)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Wood & Wood Products 84.0% 21.6%
Wearing Apparel 45.7% 20.0%
Electrical Machinery 30.8% 23.2%
Basic Metals 25.6% 12.7%
Furniture and Fixtures 20.4% 0.8%
Chemicals 20.0% 12.9%
Tobacco 18.8% 0.2%
Beverage 17.4% 2.7%
Miscellaneous 17.4% 0.5%
Manufactures
Paper & Paper Products 14.9% 4.1%
Rubber Products 11.1% 1.2%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment -24.3% -17.0%
Non-Metallic Mineral -20.6% -11.9%
Products
Textile -17.6% -15.4%
Petroleum Products - 9.2% -29.9%
Food Manufacturing - 7.8% -25.9%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Wood & Wood Products 84.5% 30.6%
Transport Equipment 46.8% 19.8%
Rubber Products 44.8% 6.6%
Basic Metals 28.7% 20.0%
Textile 24.4% 12.9%
Wearing Apparel 4.1% 2.5%
Chemicals 3.9% 3.6%
Electrical Machinery 3.7% 3.9%
Tobacco 2.3% 0.0%
Furniture & Fixtures 0.7% 0.0%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Beverage -17.7% - 6.0%
Petroleum Products -17.0% -53.0%
Food Manufacturing -10.7% -33.8%
Non-Metallic Mineral - 9.1% - 5.0%
Products
Miscellaneous Manufacture - 6.4% - 0.4%
Paper & Paper Products - 2.9% - 1.8%
ANNEX 1-B
VOLUME OF PRODUCTION
Year-on-year
The volume of production index (VoPI) was 146.3 in February 1998, which declined by -7.7 percent over last year. Notable decreases were posted by three sectors. Petroleum refineries and food manufacturing, which registered declines of -20.9 percent and -18.8 percent, contributed the biggest percentage shares of 35.3 and 32.2 respectively to the overall VoPI decline. These were followed by transport equipment that declined by 31.1 percent.
On the other hand, three sectors registered significant increases. Wood & wood products registered the biggest increase of 54.4 percent that was equivalent to the biggest share of 42.5 percent to the positive component of the VoPI. Electrical machinery and chemicals with gains of 13.9 percent and 7.9 percent followed, respectively.
Month-on-month
On a monthly basis, the VoPI increased by 5.4 percent from 138.8 in January 1998. Wood and wood products registered an increase of 84.5 percent representing a 34.0 percent share to the positive component of the month-on-month VoPI growth. Other sectors with notable increases were transport equipment with 46.8 percent; basic metals, 19.8 percent; and textile, 24.4 percent.
On the other hand, petroleum products, which decreased by -17.0 percent, contributed the biggest share of 52.9 percent to the negative component of month-on-month VoPI performance followed by food manufacturing which declined by -10.7 percent. Beverage and other manufacturing industries likewise posted declines of -17.7 percent and -10.6 percent respectively.
VOLUME OF PRODUCTION INDEX (FEBRUARY 1998)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Wood & Wood Products 54.4% 42.5%
Tobacco 14.1% 0.6%
Electrical Machinery 13.9% 31.7%
Furniture and Fixtures 13.4% 1.6%
Rubber Products 11.7% 3.7%
Beverage 9.3% 4.3%
Chemicals 7.9% 15.5%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment -31.1% -11.4%
Textile -21.2% - 9.7%
Petroleum Products -20.9% -35.3%
Food Manufacturing -18.8% -32.2%
Non-Metallic Mineral -14.3% - 4.3%
Products
Wearing Apparel - 5.6% - 3.0%
Paper & Paper Products - 5.3% - 1.8%
Other Manufacturing - 1.0% - 0.0%
Industries
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Wood & Wood Products 84.5% 34.0%
Transport Equipment 46.8% 22.0%
Rubber Products 44.9% 7.4%
Textile 24.4% 14.3%
Basic Metals 19.8% 15.3%
Wearing Apparel 6.1% 4.2%
Tobacco 2.3% 0.0%
Electrical Machinery 1.4% 1.7%
Chemicals 1.1% 1.1%
Furniture & Fixtures 0.7% 0.0%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Beverage -17.7% - 6.0%
Petroleum Products -17.0% -52.9%
Food Manufacturing -10.7% -33.7%
Other Manufacturing -10.6% - 0.7%
Industries
Non-Metallic Mineral - 9.5% - 5.2%
Products
Paper & Paper Products - 2.2% - 1.4%
ANNEX 2-A
VALUE OF SALES
Year-on-year
The value of sales in February 1998 registered a 35.7 percent increase compared to same month last year. Chemicals registered the biggest growth of 160.0 percent and contributed 38.8 percent to the positive year-on-year performance of sales value. Electrical machinery and food manufacturing with increases of 22.0 percent and 18.8 percent followed, respectively.
On the other hand, rubber products posted a decrease of -32.1 percent and a contribution of 18.4 percent to the negative year-on-year VoPI performance. Non-metallic mineral products and wood & wood products registered decreases of -27.6 percent and -23.6 percent, respectively.
Month-on-month
On a month-on-month basis, the value of sales registered a 5.0 percent increase compared to the previous month. Chemicals, which increased by 37.8 percent, contributed a 30.5 percent share to the month-on-month VoPI growth. Basic metals with an increase of 44.8 percent; textile, 43.0 percent; wood and wood products, 32.0 percent; and electrical machinery, 10.6 percent, followed.
On the other hand, sectors that exhibited significant declines in the month-on-month growth of sales value were: petroleum products, which decreased by -13.6 percent (contributing 41.8% to the downward pull on overall growth), and food manufacturing which declined by -10.1 percent.
SALES VALUE (FEBRUARY 1998)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Chemicals 160.0% 38.8%
Electrical Machinery 78.0% 22.0%
Wearing Apparel 53.5% 8.8%
Food Manufacturing 35.4% 18.8%
Paper & Paper Products 34.3% 3.5%
Furniture & Fixtures 29.3% 0.4%
Beverage 14.8% 0.8%
Miscellaneous 13.5% 0.2%
Manufactures
Basic Metals 11.9% 2.2%
Petroleum Products 8.1% 4.3%
Tobacco 5.6% 0.03%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Rubber Products -32.1% -18.4%
Non-Metallic Mineral -27.6% -23.9%
Products
Wood & Wood Products -23.6% -33.1%
Textile -10.5% -21.4%
Transport Equipment - 1.9% - 3.1%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Basic Metal 44.8% 27.8%
Textile 43.0% 20.2%
Chemicals 37.8% 30.5%
Wood & Wood Products 32.0% 10.3%
Electrical Machinery 10.6% 10.0%
Transport Equipment 3.0% 1.1%
Furniture & Fixtures 2.2% 0.1%
Miscellaneous 0.6% 0.02%
Manufacturing
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Tobacco -18.5% - 0.5%
Rubber Products -17.1% - 4.0%
Petroleum Products -13.6% -41.8%
Non-Metallic Mineral -12.9% - 7.0%
Products
Food Manufacturing -10.1% -31.4%
Beverage - 8.7% - 2.9%
Wearing Apparel - 7.9% - 7.6%
Paper & Paper - 7.9% - 4.8%
Products
ANNEX 2-B
VOLUME OF SALES
Year-on-year
Sales volume in February 1998 increased by 21.0 percent compared to the same month last year. Chemicals posted the biggest year-on-year increase of 158.7 percent that corresponded to a 53.3 percent contribution to the overall sales volume performance. Wearing apparel and food manufacturing had gains of 63.5 percent and 36.5 percent respectively.
On the other hand, two sectors registered notable decreases: petroleum products which decreased by 12.5 percent contributing the largest share of 36.9 percent to the negative component of sales volume performance and textile which declined by 26.3 percent.
Month-on-month
Sales volume in February 1998 increased by 11.2 percent over the previous month. Significant increases were observed in four sectors. Petroleum products posted an increase of 26.1 percent contributing the biggest share of 34.8 percent to overall growth. This was followed by chemicals with an increase of 32.7 percent; textile, 50.7 percent; and wood and wood products, 51.7 percent.
On the other hand, food manufacturing posted the biggest contribution to the downward pull on overall growth at 49.4 percent with a decrease of -9.2 percent. Transport equipment followed with a -18.9 percent decline.
SALES VOLUME (FEBRUARY 1998)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Chemicals 158.7% 53.3%
Wearing Apparel 63.5% 12.1%
Food Manufacturing 36.5% 26.7%
Miscellaneous 25.1% 0.4%
Manufactures
Wood & Wood Products 22.6% 3.0%
Paper & Paper Products 21.9% 3.1%
Beverage 14.8% 1.2%
Furniture & Fixtures 7.1% 0.1%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment -30.6% - 4.8%
Textile -26.3% -20.9%
Rubber Products -26.1% - 1.4%
Non-Metallic Mineral -13.2% - 1.7%
Products
Petroleum Products -12.5% -36.9%
Electrical Machinery - 5.9% - 2.3%
Tobacco - 3.4% -0.03%
Basic Metal - 0.4% - 0.5%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Wood & Wood Products 51.7% 12.7%
Textile 50.7% 18.3%
Chemicals 32.7% 20.2%
Miscellaneous 27.6% 0.8%
Manufactures
Petroleum Products 26.1% 34.8%
Basic Metals 13.6% 6.5%
Electrical Machinery 9.3% 6.7%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment -18.9% -21.6%
Tobacco -13.5% - 0.7%
Rubber Products -10.6% - 4.2%
Non-Metallic Mineral - 9.5% - 8.9%
Products
Food Manufacturing - 9.2% -49.4%
Beverage - 9.2% - 5.3%
Wearing Apparel - 4.8% - 8.0%
Paper & Paper Products - 1.6% - 1.7%
Furniture & Fixtures - 1.3% - 0.2%
