• Value of Production Index (VaPI) gains further

For July 2002, Value of Production Index (VaPI) of the manufacturing industry increased by 5.7 percent compared with year ago figure, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). Significant increases were observed in the following sectors: electrical machinery, textile, beverage, tobacco, fabricated metal products, transport equipment, footwear and wearing apparel, non-metallic mineral products, and publishing and printing (see Table 1-A).

On a month-on-month basis, VaPI went down by 3.3 percent compared with previous month's growth of 2.7 percent due to closures and weak factory performance. Sectors which posted double-digit month-on-month decreases were the following: basic metals, wood and wood products and beverage (see Table 1-A).

• Volume of Production Index (VoPI) also grows

On a year-on-year basis, Volume of Production Index (VoPI) continued to increase by 6.4 percent in July 2002. This was led by electrical machinery which recorded the highest increase of 72.0 percent, followed by the following sectors which also registered double-digit increases: textile, leather products, tobacco, fabricated metal products and non-metallic mineral products (see Table 1-B).

However, VoPI month-on-month performance resulted to a 4.6 percent decline from a growth of 2.8 percent in June. Sectors that significantly contributed to the decrease were the following: basic metals, wood and wood products and beverage (see Annex 1-B).

• Value of Net Sales increases

Value of net sales exhibited a growth of 10.3 percent in July 2002 over the year ago figure. Major sources of increase were from electrical machinery, fabricated metal products, textile, beverage and furniture and fixtures (see Table 2-A).

On a monthly basis, value of net sales continued its downtrend with a decline of 1.2 percent in July 2002. Sectors that largely contributed to the decline were the following: beverage, non-metallic mineral products and rubber products (see Table 2-A).

• Volume of Net Sales rises

Growth of net sales volume slowed down to 7.2 percent compared with previous month�s year-on-year increase of 11.0 percent. Double-digit increases were exhibited by the following sectors: electrical machinery, fabricated metal products, textile, furniture and fixtures and rubber products (see Table 2-B).

Compared to the previous month, volume of net sales continued to drop by 2.2 percent. This was brought about by significant decreases in the following sectors: beverage, non-metallic mineral products and rubber products (see Table 2-B).

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

The Producer�s Price Index for total manufacturing on a year-on-year basis continued to decline, posting a 0.7 percent decrease in July 2002. Among the sectors, leather products and electrical machinery posted double-digit decreases of 14.2 percent and 13.3 percent, respectively (see Table 5).

On a month-on-month basis, PPI for total manufacturing posted an increase of 1.3 percent. Sectors that reported significant increases were miscellaneous manufactures, furniture and fixtures, food manufacturing, electrical machinery, transport equipment and footwear and wearing apparel (see Table 5).

• Capacity Utilization

Average capacity utilization in July 2002 for total manufacturing slowed down to 74.6 percent. Sectors that reported more than 80% capacity utilization rate were the following: petroleum products, paper and paper products, rubber products, and miscellaneous manufactures (see Table 6).

For July 2002, the proportion of responding establishments that operated at full capacity (90%-100%) was 19.6 percent. About 39.3 percent of the responding establishments operated at 70%-89% capacity and the remaining 41.1 percent operated below 70% capacity.

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

• Response Rate

The response rate for July 2002 is 82 percent, corresponding to the retrieval of 473 sample establishments� reports (see Table 7).

RESPONSE RATES FOR TOTAL MANUFACTURING
(In percent)

TABLE 1-A. VALUE OF PRODUCTION INDEX, JUNE - JULY 2002
(1994 =100)

TABLE 1-A. VALUE OF PRODUCTION INDEX, JUNE - JULY 2002(concluded)

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

TABLE 1-B. VOLUME OF PRODUCTION INDEX, JUNE - JULY 2002
(1994 = 100)

TABLE 1-B. VOLUME OF PRODUCTION INDEX, JUNE - JULY 2002(concluded)

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

TABLE 2-A. VALUE OF NET SALES, JUNE - JULY 2002
(1994=100)

TABLE 2-A. VALUE OF NET SALES, JUNE - JULY 2002(concluded)
(1994=100)

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

TABLE 2-B. VOLUME OF NET SALES, JUNE - JULY 2002
(1994=100)

TABLE 2-B. VOLUME OF NET SALES, JUNE - JULY 2002(concluded)
(1994=100)

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

Source: National Statistics Office
Manila, Philippines