_{·  Value of Production accelerates in February 2008}

_{Value of Production Index (VaPI) for the manufacturing industry registered a year-on-year growth of 9.5 percent in February 2008, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). The growth maybe attributed to the two-digit increases in seven (7) major sectors led by petroleum products with 77.2 percent. Other major sectors that recorded two-digit increments in value of production were the following:leather products, beverages, footwear and wearing apparel, basic metals, wood and wood products, and rubber and plastic products. Refer to Tables 1-A and 7 .}

_{VaPI, on a month-on-month basis, improved by 0.3 in February 2008 from its previous month's negative growth of 12.4 percent. This was mainly due to the increases in production value reported by the eight (8) major sectors led by footwear and wearing apparel, and basic metals, that offset the decreases observed in 12 major sectors. Refer to Tables 1-A and 7.}

_{·  Volume of Production Index also expands}

_{Volume of Production Index (VoPI), on a year-on-year basis, likewise grew by 8.6 percent in February 2008. Thirteen (13) of the 20 major sectors reported increases in production output with two-digit increments observed in the following: petroleum products, leather products, beverages, footwear and wearing apparel, and wood and wood products. Refer to Tables 1-B and 8.}

_{VoPI, on a month-on-month basis, dropped at a slower rate by 0.4 percent in February 2008 compared with the decline of 13.7 percent in January 2008. Fourteen (14) major sectors registered decline in production volume with two-digit decreases observed in the following: paper and paper products, electrical machinery, and tobacco products. Refer to Tables 1-B and 8.}

_{·  Value of Net Sales posts two-digit growth}

_{Value of Net Sales Index (VaNSI), on a year-on-year basis, recovered with 11.0 percent growth in February 2008. Improved sales performance at two-digit increases were reported by the following major sectors: petroleum products, basic metals, beverages, tobacco products, leather products, and wood and wood products. Refer to Tables 2-A and 9.}

_{VaNSI, on a month-on-month basis, recorded a decline of 0.4 percent in February 2008. Sluggish sales performances were observed in 12 major sectors, with two-digit decreases in the following: tobacco products, paper and paper products, and publishing and printing. Refer to Tables 2-A and 9.}

_{·  Volume of Net Sales improves further}

_{Volume of Net Sales Index (VoNSI) reflected a year-on-year increment of 11.1 percent in February 2008. This maybe attributed to the increases reported by 13 major sectors, with two-digit increases exhibited by the following: miscellaneous manufactures, petroleum products, beverages, tobacco products, machinery except electrical, leather products, furniture and fixtures, and wood and wood products. Refer to Tables 2-B and 10.}

_{VoNSI, on a month-on-month basis, dropped by 1.1 percent in February 2008. Significant reduction in sales volume were noted in the following major sectors: tobacco products, paper and paper products, and publishing and printing. Refer to Tables 2-B and 10.}

_{·  Capacity Utilization}

_{Average capacity utilization in February 2008 for total manufacturing was estimated at 80.1 percent. Ten (10) major sectors that registered more than 80% capacity utilization rates were the following: basic metals, footwear and wearing apparel, leather products, food manufacturing, paper and paper products, miscellaneous manufactures, petroleum products, electrical machinery, chemical products (excluding plastic products), and rubber and plastic products. Refer to Table 6.}

_{The proportion of establishments that operated at full capacity (90% to 100%) was 9.6 percent in February 2008. More than half or 58.7 percent of the establishments operated at 70% to 89% capacity while 31.7 percent of the establishments operated below 70% capacity.}

_{·  Response Rates}

_{The response rates for the February 2008 MISSI and PPS are 86.3 percent and 93.9 percent, respectively. Refer to Tables 12 and 13.}

_{·  Technical Notes}

_{The 1994 based MISSI indices and the PPI will have the December 2007 data as the last of the series. Only the 2000 based series will be continued in 2008.}

_{Starting this issue, a revised industry disaggregation of the MISSI indices and PPI will be adopted to conform to the 1994 PSIC groupings. Rubber and Plastic Products is a new major sector, consisting of two subsectors, namely: Rubber Products and Plastic Products. Rubber Products was previously a major sector while Plastic Products was one of the sub-sectors of Chemical Products.}

_{With previously seven (7) subsectors, the major sector of Chemical Products has now six (6) subsectors, namely: Basic Chemical and Industrial Gases, Fertilizers, Paints, Drugs and Medicines, Cosmetics and Toilet Preparations, and Miscellaneous Chemicals.}

_{The major sector of Machinery except Electrical has been split into two subsectors, namely: Machinery and Equipment, n.e.c. and Office, Accounting and Computing Machinery.}

_{The corresponding weights of the above major sectors and sub-sectors have been recomputed to allow for the revised computation of the indices.}

_{Thus, beginning this issue, the VaPI, VoPI, VaNSI, VoNSI and the revised PPI for Total Manufacturing for all months of 2008 are computed based on the revised industry disaggregation.}

_{Starting 2008, weights for the PPI and Capacity Utilization Rates are based from the results of the 2005 Annual Survey of Philippine Business and Industry for manufacturing establishments with average total employment of 20 and over.}

_{Data of non-responding sample establishments are estimated based on previous records and other available sources. Revisions to the preliminary estimates are done upon receipt of actual reports of late respondents.}
 

_{Notes: * - new sectors in the 2000-based series}

_{Sectors are ranked according to their contribution to the overall 2000-based February 2008 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.}

_{Notes * - new sectors in the 2000-based series}

_{Sectors are ranked according to their contribution to the overall 2000-based February 2008 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.}

_{Note: * - new sectors in the 2000-based series}

_{Sectors are ranked according to their contribution to the overall 2000-based February 2008 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.}

_{Note: * - new sectors in the 2000-based series}

_{Sectors are ranked according to their contribution to the overall 2000-based February 2008 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.}

_{Source:   National Statistics Office
                 Manila, Philippines}