• Value of Production Index (VaPI) registers slight gain

For February 2002, Value of Production Index (VaPI) of the manufacturing industry posted a slight gain of 1.5 percent compared to year ago figure according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). Major sources of increase were from publishing and printing, electrical machinery, chemical products, and food manufacturing (see Annex 1-A).

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

Likewise, VaPI resulted to 5.3 percent increase on a month-on-month basis. This was due to the growth of the following sectors: wood and wood products, footwear and wearing apparel, furniture and fixtures, food manufacturing, beverage, and electrical machinery (see Annex 1-A).

• Volume of Production Index (VoPI) also recovers

Volume of Production Index (VoPI) exhibited a 2.2 percent mark-up in February 2002, in contrast with the previous month's 1.3 percent year-on-year decline. Footwear and wearing apparel recorded the highest increase of 83.0 percent, followed by the other sectors which also registered double-digit increases: electrical machinery, food manufacturing, and chemical products (see Annex 1-B).

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

On a month-on-month basis, VoPI rose by 5.9 percent due to the improved performance of the following sectors: wood and wood products, footwear and wearing apparel, furniture and fixtures, transport equipment, food manufacturing, beverage, and electrical machinery (see Annex 1-B).

• Value of Net Sales drops

The growth of net sales narrowed to 1.0 percent compared to the previous month's year-on-year increase of 4.5 percent. Sectors that significantly contributed to the increase were publishing and printing, electrical machinery, chemical products, and fabricated metal products (see Annex 2-A).

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

On the other hand, value of net sales grew by 1.8 percent from a month-ago declined of 3.3 percent. The following sectors that attributed to the double-digit increases were miscellaneous manufactures, wood and wood products, and furniture and fixtures (see Annex 2-A).

• Volume of Net Sales continues to increase

Growth of net sales volume slowed down to 5.7 percent in February 2002 from previous month's year-on-year increase of 10.7 percent. Leather products reported the biggest contribution with 81.1 percent growth. Other sectors that posted double-digit increases were footwear and wearing apparel, electrical machinery, publishing and printing, and chemical products (see Annex 2B).

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

Also, monthly volume of net sales continues to gain at a slow rate of 2.1 percent over previous month's decline of 1.1 percent. Sectors that reported attributed to the increases were miscellaneous manufactures, transport equipment, furniture and fixtures, and wood and wood products (see Annex 2B).

• Producer�s Price Index (PPI) continues to decelerate

Since November 2001, PPI for total manufacturing continued to decline reflecting a decrease of 0.7 percent in February 2002. Sectors that largely contributed to the decrease were the following: leather products; footwear and wearing apparel; miscellaneous food products; rubber products; and electrical machinery (see Table 5).

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

On a monthly basis, PPI for total manufacturing likewise declined by 0.6 percent. Significant decreases were observed in the following sectors: transport equipment; glass and glass products; electrical machinery; textile; food manufacturing, and paper and paper products (see Table 5).

• Capacity Utilization

For February 2002, average capacity utilization rate for total manufacturing was estimated at 75.8 percent. Sectors that reported more than 80% capacity utilization rate were the following: publishing and printing; rubber products; tobacco; paper and paper products; machinery excluding electrical and electrical machinery (see Annex 3-A).

AVERAGE CAPACITY UTILIZATION FOR TOTAL MANUFACTURING
(In percent)

Responding establishments that operated at full capacity (90%-100%) in February 2002 accounted for 20.3 percent of the total. About 41.0 percent of the responding establishments operated at 70%-89% capacity and the remaining 38.7 percent are those establishments which operated below 70% capacity.

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

• Response Rate

The response rate for February 2002 is 87.2 percent, which corresponds to the response of 503 sample establishments (see Table 6).

ANNEX 1-A

VALUE OF PRODUCTION INDEX, JANUARY - FEBRUARY 2002
(1994 =100)

ANNEX 1-A

VALUE OF PRODUCTION INDEX, JANUARY - FEBRUARY 2002(concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based February 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, JANUARY - FEBRUARY 2002
(1994=100)

ANNEX 1-B

VOLUME OF PRODUCTION INDEX, JANUARY - FEBRUARY 2002(concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based February 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, JANUARY - FEBRUARY 2002
(1994=100)

ANNEX 2-A

VALUE OF NET SALES, JANUARY - FEBRUARY 2002 (concluded)
(1994=100)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based February 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, JANUARY - FEBRUARY 2002
(1994=100)

ANNEX 2-B

VOLUME OF NET SALES, JANUARY - FEBRUARY 2002(concluded)
(1994=100)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based February 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.

ANNEX 3-A

AVERAGE CAPACITY UTILIZATION BY MAJOR SECTOR, FEBRUARY 2002

Source: National Statistics Office
Manila, Philippines