r-revised

·  Value of Production decelerates in March 2008

Value of Production Index (VaPI) for the manufacturing industry, after posting a year-on-year increase of 7.4 percent in February 2008, shrank by 5.0 percent in March 2008, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). This was primarily due to the sluggish performance in production observed in the following sectors: machinery except electrical, furniture and fixtures, miscellaneous manufactures, tobacco products, textiles, electrical machinery, fabricated metal products, and publishing and printing. Refer to Tables 1-A and 7.

However, VaPI, on a month-on-month basis, improved by 1.7 percent in March 2008. This was brought about by the double-digit increases in production value of non-metallic mineral products, basic metals and beverages. Refer to Tables 1-A and 7.

·  Volume of Production also contracts

Volume of Production Index (VoPI), on a year-on-year basis, dropped by 5.9 percent in March 2008. Production output of sixteen (16) major sectors contracted, with double-digit decreases observed in the following: machinery except electrical, furniture and fixtures, tobacco products, textiles, publishing and printing, miscellaneous manufactures, food manufacturing, petroleum products, fabricated metal products, and electrical machinery. Refer to Tables 1-B and 8.

VoPI, on a month-on-month basis, grew by 0.9 percent in March 2008. This was due to the two-digit increases in production output observed in non-metallic mineral products and basic metals. Refer to Tables 1-B and 8.

·  Value of Net Sales decreases in March 2008

Value of Net Sales Index (VaNSI), on a yearly comparison, dipped by 0.2 percent in March 2008. The decline was exhibited by twelve (12) major sectors, with two-digit decreases observed in the following: machinery except electrical, miscellaneous manufactures, textiles, electrical machinery, publishing and printing, furniture and fixtures, and basic metals. Refer to Tables 2-A and 9.

On a month-on-month basis, however, VaNSI, rose by 7.3 percent in March 2008. This was due to the significant sales performance of thirteen (13) major sectors, with two-digit increases observed in the following: beverages, non-metallic mineral products, footwear and wearing apparel, petroleum products, furniture and fixtures, and food manufacturing. Refer to Tables 2-A and 9.

·  Volume of Net Sales declines in March 2008

Volume of Net Sales Index (VoNSI), on a year-on-year basis, slid by 0.2 percent in March 2008. This was brought about by the significant reduction in sales volume reported by the following major sectors: machinery except electrical, textiles, publishing and printing, basic metals, electrical machinery, and leather products. Refer to Tables 2-B and 10.

VoNSI, on a month-on-month basis, expanded by 6.4 percent in March 2008. Major sources of increases were observed in the following sectors: beverages, non-metallic mineral products, and footwear and wearing apparel. Refer to Tables 2-B and 10.

·  Capacity Utilization

Average capacity utilization in March 2008 for total manufacturing was estimated at 80.2 percent. Nine (9) major sectors that registered more than 80% capacity utilization rates were the following: basic metals, 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 9.7 percent in March 2008. More than half or 59.1 percent of the establishments operated at 70% to 89% capacity while 31.2 percent of the establishments operated below 70% capacity.

·  Response Rates

The response rates for the March 2008 MISSI and PPS are 91.4 percent and 94.5 percent, respectively. Refer to Tables 12 and 13.

                        r-revised

·  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 the February 2008 issue, a revised industry disaggregation of the MISSI indices and PPI will be adopted to conform to the amended 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 March 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 March 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 March 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 March 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