- Production Value Slows Down in February 2001
Value of production in February 2001 for total manufacturing increased by 6.0 percent, compared to year ago figures according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI).
Food manufacturing, beverage, furniture and fixtures, textile, petroleum refineries, chemicals, paper and paper products, rubber products, non-metallic mineral products and miscellaneous manufactures led to the growth of production value. The growth in the production in these sectors could be attributed mainly to the increased demand of the products in the local and export markets.
- While Volume of Production Continues to Decline
Volume of production decreased by 3.0 percent in February 2001. Double-digit decreases in the volume of production were observed in transport equipment, wood and wood products and wearing apparel.
- Net Sales Up
Net sales in value and volume terms perked up by 21.2 percent and 7.9 percent in February compared to a year earlier. Compared to the dip in production volume, this indicated a drawdown in inventories which were produced in earlier months.
- Value of Production Index
In February 2001, the value of production index (VaPI) of 585.3 increased by 6.0 percent from 552.2 in February 2000. Year-on year increases were observed in 14 out of 16 major sectors led by petroleum refineries, which increased by 29.2 percent (See Annex 1-A). Other sectors that posted double-digit increases were wearing apparel (39.8%), chemicals (16.8%), electrical machinery (10.3%), furniture and fixtures (78.0%), beverage (20.3%), paper and paper products (10.9%), non-metallic mineral products (10.2%), rubber products (18.4%) and miscellaneous manufactures (18.8%).
On the other hand, transport equipment and wood and wood products declined by 34.6 percent and 23.9 percent, respectively.
- Volume of Production Index
The volume of production index (VoPI) for total manufacturing of 143.8 percent decreased by 3.0 percent from 148.3 of the same month last year. Eight out of 16 sectors posted year-on-year decreases led by transport equipment with 37.7 percent decrease. (See Annex 1-B). Other sectors that posted double-digit decreases were wood and wood products (-23.4%) and wearing apparel (-13.2%). On the other hand, double-digit increases were observed in chemical (15.1%), beverage (20.3%), furniture and fixtures (74.1%), rubber products (16.9%) and other manufacturing industries (12.4%).
- Value of Net Sales
The value of net sales for February 2001 accelerated by 21.2 percent over the same month last year. There were 15 out of 16 major sectors that exhibited growths in their value of net sales. Leading sector was food manufacturing posting 25.0 percent growth over the same month last year (See Annex 2-A). Other sectors recorded double-digit year-on-year increases were petroleum refineries (23.7%), wearing apparel (40.7%), chemicals (19.3%), basic metals (22.9%), textile (24.7%), paper and paper products (29.2%), non-metallic mineral products (13.9%), transport equipment (10.9%), beverage (16.1%), rubber products (20.5%), miscellaneous manufactures (26.3%) furniture and fixtures (16.4%) and tobacco (42.5%). On the other hand, wood and wood products declined by 5.5 percent.
- Volume of Net Sales
The volume of net sales for February 2001 increased by 7.9 percent over the same month last year. Increases were observed in 12 out of 16 sectors led by food manufacturing which increased by 18.6 percent (See Annex 2-B). Other sectors that posted double-digit increases were chemicals (17.6%), textile (25.5%), basic metals (14.3%), paper and paper products (13.5%), beverage (16.1%), rubber products (19.05), miscellaneous manufactures (19.6%), furniture and fixtures (13.8%) and tobacco (27.0%).
On the other hand, sectors that registered negative growths were wearing apparel (-12.7%), petroleum products (-3.4%), electrical machinery (-1.8%) and wood and wood products (-4.4%).
- Producer's Price Index
Producer price index (PPI) for total manufacturing increased by 9.3 percent to 158.5 in February 2001 from 145.0 in February 2000. On a month-on-month basis, PPI increased by 0.2 percent.
Double-digit increases were observed in wearing apparel (61.1%), iron and steel (29.0%), petroleum products (28.0%), fabricated metals (22.3%), glass and glass products (20.9%), pulp, paper and paperboard (13.9%), other food manufacturing (12.3%), tobacco (12.2%), printing and publishing (11.6%) and electrical machinery (11.8%).
- Capacity Utilization
About 23.6 percent of responding establishments operated at full capacity (90%-100%) compared to 20.0 percent in February 2000. Almost half or 43.2 percent of the respondents utilized at least 80 percent of their capacity. In the same period last year, only 39.4 percent were operating at this level. Those operating below 70 percent capacity utilization accounted for 40.5 percent. This proportion was higher by 3.9 percentage points compared to 36.6 percent a year ago.
Average capacity utilization rate for February 2001 for manufacturing was estimated at 76.5 percent, 2.3 percentage points lower than the 78.8 percent posted in February 2000 (See Annex 3-B). Six sectors improved in terms of capacity utilization rate as compared to the same month last year. Paper and paper products had the highest capacity utilization rate of 90.5 percent. Other sectors with more than 80 percent capacity utilization rates were rubber products (88.4%), furniture and fixtures (86.7%), petroleum products (84.6%), electrical machinery (84.3%), beverage (82.9%), wearing apparel (82.1%) and tobacco (81.9%). On the other hand, transport equipment posted the lowest capacity utilization rate of 61.4 percent.
- Response Rate
These results were based on the response of 377 sample establishments, which comprised 71.7 percent of the total number of establishments covered by the survey.
ANNEX 1-A
VALUE OF PRODUCTION INDEX, JANUARY - FEBRUARY 2001
Gainers Year-on-Year Growth (%) February Januaryr Petroleum Refineries 29.2 41.4 Wearing Apparel 39.8 5.6 Chemicals 16.8 9.0 Food Manufacturing 6.9 -6.9 Electrical Machinery 10.3 2.2 Basic Metals 7.6 4.3 Furniture & Fixtures 78.0 25.1 Beverage 20.3 2.5 Paper & Paper Products 10.9 19.1 Non-Metallic Mineral Products 10.2 22.1 Rubber Products 18.4 17.7 Miscellaneous Manufactures 18.8 72.5 Tobacco 9.2 32.1 Textile 0.1 0.8 Losers Year-on-Year Growth (%) February Januaryr Transport Equipment -34.6 4.4 Wood & Wood Products -23.9 -4.7 Gainers Month-on-Month Growth (%) February Januaryr Food Manufacturing 41.5 -19.1 Wearing Apparel 33.4 -25.9 Electrical Machinery 10.5 -32.4 Beverage 11.3 -15.3 Chemicals 2.2 5.6 Furniture & Fixtures 19.8 4.8 Textile 1.8 7.8 Basic Metals 0.6 -20.0 Tobacco 1.2 2.0 Losers Month-on-Month Growth (%) February Januaryr Transport Equipment -40.9 67.2 Petroleum Refineries -4.3 -13.4 Wood & Wood Products -11.3 -25.3 Non-Metallic Mineral Products -10.5 20.6 Paper & Paper Products -2.2 -2.6 Miscellaneous Manufactures -15.9 63.6 Rubber Products -3.2 91.0 Note: Sectors are ranked according to their contribution to the overall February 2001 growth rate.
r - revised due to updating of data from late responding establishments.
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, JANUARY - FEBRUARY 2001
Gainers Year-on-Year Growth (%) February Januaryr Chemicals 15.1 8.4 Beverage 20.3 2.9 Furniture & Fixtures 74.1 25.1 Food Manufacturing 1.4 -11.1 Rubber Products 16.9 15.8 Petroleum Refineries 0.9 6.1 Other Manufacturing Industries 12.4 61.8 Textile 0.8 1.5 Losers Year-on-Year Growth (%) February Januaryr Transport Equipment -37.7 -0.3 Wood & Wood Products -23.4 -3.4 Wearing Apparel -13.2 -32.6 Basic Metals -9.5 -9.4 Non-Metallic Mineral Products -5.2 11.3 Electrical Machinery -1.4 -7.8 Paper & Paper Products -2.6 2.8 Tobacco -2.7 17.7 Gainers Month-on-Month Growth (%) February Januaryr Food Manufacturing 41.2 -20.2 Wearing Apparel 32.8 -41.7 Electrical Machinery 10.3 -28.6 Beverage 11.3 -14.3 Textile 2.1 8.3 Furniture & Fixtures 17.2 4.8 Chemicals 0.9 9.3 Basic Metals 0.9 -31.0 Tobacco 1.2 -9.1 Losers Month-on-Month Growth (%) February Januaryr Transport Equipment -40.9 60.4 Petroleum Refineries -4.3 -9.7 Non-Metallic Mineral Products -14.3 24.0 Wood & Wood Products -11.2 -24.9 Other Manufacturing Industries -14.9 56.5 Paper & Paper Products -1.6 -7.9 Rubber Products -3.2 90.2 Note: Sectors are ranked according to their contribution to the overall February 2001 growth rate.
r - revised due to updating of data from late responding establishments.
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, JANUARY - FEBRUARY 2001
Gainers Year-on-Year Growth (%) February Januaryr Food Manufacturing 25.0 2.5 Petroleum Products 23.7 36.3 Wearing Apparel 40.7 -0.4 Chemicals 19.3 2.0 Basic Metals 22.9 -13.8 Textile 24.7 55.8 Paper & Paper Products 29.2 22.7 Electrical Machinery 9.8 4.2 Non-Metallic Mineral Products 13.9 17.7 Transport Equipment 10.9 -18.1 Beverage 16.1 -1.7 Rubber Products 20.5 -2.5 Miscellaneous Manufactures 26.3 44.3 Furniture & Fixtures 16.4 12.6 Tobacco 42.5 -29.6 Losers Year-on-Year Growth (%) February Januaryr Wood & Wood Products -5.0 63.8 Gainers Month-on-Month Growth (%) February Januaryr Food Manufacturing 25.8 -29.1 Basic Metals 54.5 -45.4 Wearing Apparel 45.9 -50.7 Chemicals 14.7 -4.4 Electrical Machinery 6.2 -10.4 Transport Equipment 10.5 1.5 Paper & Paper Products 8.3 3.7 Rubber Products 18.5 66.4 Beverage 6.1 -21.3 Tobacco 8.8 2.2 Losers Month-on-Month Growth (%) February Januaryr Petroleum Products -5.8 -4.6 Wood & Wood Products -21.9 -8.4 Textile -9.4 25.8 Non-Metallic Mineral Products -7.2 11.3 Miscellaneous Manufactures -22.4 56.7 Furniture & Fixtures -15.1 6.5 Note: Sectors are ranked according to their contribution to the overall February 2001 growth rate.
r - revised due to updating of data from late responding establishments.
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, JANUARY - FEBRUARY 2001
Gainers Year-on-Year Growth (%) February Januaryr Food Manufacturing 18.6 -2.1 Chemicals 17.6 1.4 Textile 25.5 56.8 Basic Metals 14.3 -21.1 Paper & Paper Products 13.5 5.8 Beverage 16.1 -1.4 Rubber Products 19.0 -4.0 Non-Metallic Mineral Products 7.1 10.8 Transport Equipment 5.6 -21.8 Miscellaneous Manufactures 19.6 35.3 Furniture & Fixtures 13.8 12.6 Tobacco 27.0 -37.3 Losers Year-on-Year Growth (%) February Januaryr Wearing Apparel -12.7 -36.4 Petroleum Products -3.4 2.3 Electrical Machinery -1.8 -6.0 Wood & Wood Products -4.4 66.0 Gainers Month-on-Month Growth (%) February Januaryr Food Manufacturing 25.6 -30.1 Basic Metals 55.4 -51.9 Wearing Apparel 45.2 -61.3 Chemicals 13.2 -1.2 Electrical Machinery 5.9 -5.3 Transport Equipment 10.5 -2.6 Paper & Paper Products 8.9 -2.0 Rubber Products 18.5 65.7 Beverage 6.1 -20.5 Tobacco 8.8 -8.9 Losers Month-on-Month Growth (%) February Januaryr Petroleum Products -5.8 -0.7 Wood & Wood Products -21.7 -8.0 Textile -9.2 26.3 Non-Metallic Mineral Products -7.2 7.3 Furniture & Fixtures -17.0 6.5 Miscellaneous Manufactures -21.5 49.9 Note: Sectors are ranked according to their contribution to the overall February 2001 growth rate.
r - revised due to updating of data from late responding establishments.
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
