• Value of Production Index (VaPI) continues to grow but at slower rate

For June 2002, Value of Production Index (VaPI) of the manufacturing sector grew by 4.9 percent compared with year ago figure, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). Sectors that registered double-digit increases were electrical machinery, publishing and printing, textile, fabricated metal products, wood and wood products, non-metallic mineral products and transport equipment (see Table 1-A).

On a month-on-month basis, growth of VaPI in June 2002 slowed down to 2.7 percent compared to previous month's increase of 3.1 percent. Major sources of increase were from basic metals, fabricated metal products, beverage, wood and wood products and textile (see Table 1-A).

• Volume of Production Index (VoPI) also rises

Volume of Production Index (VoPI) likewise grew at a slower rate of 5.9 percent compared with the previous month's year-on-year increase of 12.3 percent. Significant increments of 88.8 percent and 53.1 percent were brought about by footwear and wearing apparel and electrical machinery, respectively. Other sectors which also registered double-digit increases were textile, fabricated metal products, food manufacturing, non-metallic mineral products and wood and wood products (see Table 1-B).

On a monthly basis, VoPI rose by 2.6 percent due to the better performance of basic metals which posted the biggest increase of 44.1 percent. Other sectors with double-digit growth were fabricated metal products, beverage, wood and wood products and textile (see Annex 1-B).

• Value of Net Sales registers growth

In June 2002, value of net sales recorded a 12.1 percent year-on-year increase from its previous month�s growth of 18.0 percent. Sectors that significantly contributed to the increase were the following: wood and wood products, electrical machinery, publishing and printing, fabricated metal products, transport equipment, basic metals, textile and beverage (see Table 2-A).

Compared to the previous month, value of net sales posted a decrease of 0.3 percent, a turn around from the May 2002 increase of 9.8 percent. Double-digit decreases were observed in the following sectors: basic metals, non-metallic mineral products and furniture and fixtures (see Table 2-A).

• Volume of Net Sales continues to increase

Net sales volume gained by 11.9 percent in June 2002 on a year-on-year basis. Significant growth was observed in nine (9) sectors with wood and wood products posting the highest increment of 64.9 percent. Other sectors that showed double-digit increases were footwear and wearing apparel, electrical machinery, fabricated metal products, basic metals, transport equipment, leather products, textile and rubber products (see Table 2-B).

On a month-on-month basis, volume of net sales dropped by 0.3 percent in contrast to the previous month�s 9.4 percent growth. Sectors that showed double-digit decreases were the following: basic metals, footwear and wearing apparel, miscellaneous manufactures, furniture and fixtures and non-metallic mineral products (see Table 2-B).

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

The Producer�s Price Index for total manufacturing continued to decline, posting a 0.9 percent decrease in June 2002. Sectors that largely contributed to the decline were the following: leather products, footwear and wearing apparel, and electrical machinery (see Table 5).

On a month-on-month basis, PPI for total manufacturing posted a minimal increase of 0.1 percent. Sectors that posted significant increase were footwear and wearing apparel and miscellaneous manufactures (see Table 5).

• Capacity Utilization

In June 2002, average capacity utilization for total manufacturing was estimated at 75.9 percent. Sectors that posted more than 80% capacity utilization rate were the following: petroleum products, paper and paper products, beverage, rubber products, miscellaneous manufactures, fabricated metal products and tobacco (see Table 6).

Responding establishments that operated at full capacity (90%-100%) in June 2002 accounted for 20.6 percent. About 39.2 percent of the responding establishments operated at 70%-89% capacity and the remaining 40.2 percent are those establishments which operated below 70% capacity.

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

• Response Rate

For June 2002, response rate is 82.3 percent, which corresponds to the retrieval of 475 sample establishments� reports (see Table 7).

RESPONSE RATES FOR TOTAL MANUFACTURING
(In percent)

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

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

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

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

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

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

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

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

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