VALUE OF PRODUCTION INDEX (VPI)
The VPI in key manufacturing enterprises decreased by -5.3 percent to 433.8 in June 1997 from 458.3 a year ago. On a month-on-month comparison, the VPI slightly increased by 0.6 percent from 431.2 last May 1997. These figures were based on the results of the Survey of Key Enterprises in Manufacturing (SKEM), a regular monthly survey of the National Statistics Office aimed to provide flash indicators on the performance of key manufacturing enterprises.
· Year-on-year
Decreases were observed in 10 out of 16 major sectors. Petroleum products declined by -9.4 percent which was equivalent to a 22.3 percent contribution to the negative effects on the year-on-year growth of VPI. Food manufacturing (-8.0% decline) contributed 19.3 percent while textile (-26.2%) and transport equipment (-19.6 %) had contributions of 16.7 percent and 10.0 percent respectively.
On the other hand, electrical machinery posted a 13.8 percent growth rate and a 50.2 percent share to the positive component on the year-on-year performance. Non-metallic mineral products (27.3% growth) contributed a share of 32.7 percent followed by beverage (14.3%) with a share of 10.6 percent .
· Month-on-month
Increases were observed in seven (7) sectors. Chemicals increased by 17.3 percent and posted the biggest share of 44.1 percent to the positive component of month-on-month growth. This was followed by basic metals (10.6% increase), food manufacturing (3.1%) and paper & paper products (9.7%) with contributions of 20.7 percent, 17.1 percent and 10.5 percent, respectively, to the positive component of VPI growth.
On the other hand, textile (-6.7 % decline), wearing apparel (-4.3%), petroleum products (-1.1%) and transport equipment (-5.2%) contributed 29.8 percent, 22.7 percent, 18.7 percent and 18.6 percent, respectively, to the negative effect on the growth rate.
VALUE OF PRODUCTION INDEX
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Non-Metallic Mineral Prods. 27.3% 32.7%
Misc. Manufactures 27.0% 4.0%
Beverage 14.3% 10.6%
Electrical Machinery 13.8% 50.2%
Furniture & Fixtures 11.5% 2.2%
Tobacco 3.8% 0.2%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Textile -26.2% -16.7%
Transport Equipment -19.6% -10.0%
Wearing Apparel -12.9% - 9.6%
Paper & Paper Products -12.8% - 6.0%
Wood & Wood Products -12.7% - 5.5%
Petroleum Products - 9.4% -22.3%
Food Manufacturing - 8.0% -19.3%
Rubber Products - 7.5% - 1.3%
Basic Metals - 6.0% - 5.0%
Chemicals - 3.9% - 4.3%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Chemicals 17.3% 44.1%
Basic Metals 10.6% 20.7%
Paper & Paper Products 9.7% 10.5%
Rubber Products 8.4% 3.5%
Food Manufacturing 3.1% 17.1%
Wood & Wood Products 2.7% 2.8%
Electrical Machinery 0.4% 1.3%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Textile - 6.7% -29.8%
Transport Equipment - 5.2% -18.6%
Tobacco - 5.2% - 0.8%
Wearing Apparel - 4.3% -22.7%
Beverage - 4.1% - 7.4%
Misc. Manufactures - 1.8% - 0.6%
Petroleum Products - 1.1% -18.7%
Furniture & Fixtures - 0.8% - 0.4%
Non-Metallic Mineral Prods - 0.3% - 0.9%
VOLUME OF PRODUCTION INDEX (VoPI)
The VoPI is derived from VPI and Producer's Price Index with 1992 as the base year. This index is a measure of change in volume, net of inflation.
· Year-on-year
In June 1997 the VoPI of 147.2 for key enterprises in manufacturing decreased by 5.1 percent. Double-digit decreases were observed in seven sectors. Petroleum refineries declined by -16.5 percent and this was equivalent to the biggest share of 33.4 percent to the year-on-year decline in VoPI. This was followed by the 29.9 percent decrease in the textile from 97.2 to 68.2 which translated to a 16.3 percent contribution to the negative component of VoPI growth. Other sectors which significantly contributed to the negative growth component were wearing apparel (-23.5% decline) with a 14.9 percent contribution and paper and paper products (-25.7%) with 10.2 percent.
Meanwhile, five sectors posted double-digit annual increases. Electrical machinery grew by 14.9 percent which represented the biggest share of 43.2 percent of the positive component of VoPI growth. Non-metallic mineral products followed with a 25.0 percent gain and a 23.8 percent contribution; beverage with a 28.2 percent increase and a 16.6 percent contribution; and food manufactures with a 2.2 percent uptick and an 11.8 percent contribution.
· Month-on-month
On a monthly basis, the VoPI increased by 0.8 percent from 146.0 in May 1997. Chemicals increased by 16.4 percent and contributed the biggest share of 39.0 percent to the rise in VoPI. Other sectors that posted gains and double-digit shares to VoPI growth were basic metals with an 11.6 percent increase and a 21.1 percent share; food manufacturing with a 3.9 percent increase and a 20.5 percent share; and paper and paper products with a 10.8 percent increase and a 10.9 percent share.
However, eight sectors registered slight month-on-month decreases. Textile decreased by
-6.6 percent which represented a 32.4 percent share to the negative component of the VoPI performance. Wearing apparel declined by -4.4 percent contributing a share of 25.2 percent. The -4.8 and -0.7 percent decreases of transport equipment and petroleum had corresponding shares of 18.6 percent and 12.1 percent.
The June 1997 SKEM covered 422 sample establishments located mostly in Metro Manila and engaged primarily in manufacturing. This report is based on a response rate of 85.5 percent.
VOLUME OF PRODUCTION INDEX
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Beverage 28.2% 16.6%
Other Mfg. Industries 25.5% 3.0%
Non-Metallic Mineral Prods. 25.0% 23.8%
Electrical Machinery 14.9% 43.2%
Furniture & Fixtures 10.4% 1.6%
Food Manufacturing 2.2% 11.8%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Textile -29.9% -16.3%
Paper & Paper Products -25.7% -10.2%
Wearing Apparel -23.5% -14.9%
Transport Equipment -17.5% - 7.6%
Petroleum -16.5% -33.4%
Tobacco -13.3% - 0.3%
Wood & Wood Products -11.7% - 4.4%
Chemicals - 7.6% - 7.1%
Basic Metals - 7.4% - 5.3%
Rubber - 3.7% - 0.6%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Chemicals 16.4% 39.0%
Basic Metals 11.6% 21.1%
Paper & Paper Products 10.8% 10.9%
Rubber Products 8.4% 3.3%
Food Manufacturing 3.9% 20.5%
Wood & Wood Products 2.6% 2.4%
Non-Metallic Mineral Prods. 1.8% 1.6%
Electrical Machinery 0.4% 1.2%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Textile - 6.6% -32.4%
Other Mfg. Industries - 5.5% - 2.2%
Tobacco - 5.2% - 0.9%
Transport Equipment - 4.8% -18.6%
Wearing Apparel - 4.4% -25.2%
Beverage - 4.1% - 8.1%
Furniture & Fixtures - 0.8% - 0.4%
Petroleum - 0.7% -12.1%
