VALUE OF PRODUCTION INDEX (VPI)
The value of production index (VPI) in key manufacturing enterprises slightly increased by 0.5 percent to 438.2 in May 1997 from 436.1 a year ago. On a month-on-month comparison, VPI decreased by 0.8 percent from 441.9 last April 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 (NSO) aimed to provide flash indicators on the performance of key manufacturing enterprises.
Year-on-year increases were observed in 9 out of 16 major sectors. In terms of the relative shares to the positive component of the year-on-year growth of VPI, electrical machinery contributed 54.5 percent and basic metals, 24.0 percent.
On the other hand, double-digit year-on-year decreases in VPI were posted by textile and petroleum products with 20.5 percent shares each to the negative component of the year-on-year performance. Chemicals, wearing apparel and transport equipment contributed 17.8 percent, 14.7 percent and 13.7 percent, respectively, to the downward pull on the year-on-year growth in VPI.
Double-digit month-on-month increases were observed in three (3) sectors. Basic metals posted the biggest equivalent share of 49.8 percent followed by electrical machinery and transport equipment at 24.0 percent and 16.8 percent shares, respectively, to the VPI growth.
On the other hand, chemicals, food manufacturing and petroleum products contributed 31.0 percent, 27.5 percent and 26.0 percent, respectively, to the negative component of the growth rate.
VALUE OF PRODUCTION INDEX
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Electrical Machinery 33.5% 54.5%
Basic Metals 22.3% 24.0%
Misc. Manufactures 16.0% 1.1%
Furniture & Fixtures 13.8% 1.2%
Tobacco 13.7% 0.4%
Non-Metallic Mineral Prod. 13.7% 7.3%
Beverage 4.8% 1.6%
Wood & Wood Products 3.7% 2.1%
Food Manufacturing 2.6% 7.8%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Textile -22.6% -20.5%
Transport Equipment -18.7% -13.7%
Paper & Paper Products -14.0% -9.3%
Wearing Apparel -13.8% -14.7%
Rubber Products -13.7% -3.5%
Chemicals -11.4% -17.8%
Petroleum Products -6.1% -20.5%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Basic Metals 5.8% 49.8%
Tobacco 3.9% 0.9%
Transport Equipment 3.2% 16.8%
Electrical Machinery 1.9% 24.0%
Beverage 1.8% 4.9%
Furniture & Fixtures 0.8% 0.6%
Wearing Apparel 0.4% 3.1%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted) GROWTH OVERALL GROWTH RATE
Chemicals -13.2% -31.0%
Rubber Products - 8.1% - 3.1%
Food Manufacturing - 5.3% -27.5%
Petroleum Products - 5.1% -26.0%
Non-Metallic Mineral Prod. - 4.1% - 3.7%
Paper & Paper Products - 4.1% - 4.0%
Textile - 2.4% - 3.2%
Wood & Wood Products - 1.5% - 1.4%
Misc. Manufactures - 0.4% - 0.0%
VOLUME OF PRODUCTION INDEX (VoPI)
The Volume of Production Index (VoPI) is derived from Value of Production Index (VPI) and Producer�s Price Index (PPI) with 1992 as the base year. The index is a measure of change in volume, net of inflation.
In May 1997, the VoPI of 147.4 for key manufacturing enterprises slightly decreased by 0.5 percent over the May 1996 index of 148.1. Petroleum refineries dipped by 17.3 percent and contributed the highest share of 35.0 percent to the year-on-year decrease. Other sectors that posted significant double-digit decreases and corresponding shares were paper & paper products (32.1 percent decrease and a 12.8 percent share), textile (26.3 percent decrease and a 14.3 percent share), wearing apparel (24.2 percent decrease and a 15.4 percent share), and chemicals (14.4 percent decrease and a 13.5 percent share).
On the other hand, year-on-year increases were observed in 8 sectors. Basic metals posted the biggest increase of 35.0 percent from 95.3 to 128.6 with a corresponding contribution to the overall growth rate of 25.9 percent. The electrical machinery and food manufacturing sectors contributed 38.4 percent and 23.9 percent respectively to the overall growth rate.
On a month-on-month basis, the VoPI decreased by 0.8 percent to 147.4 in May 1997 from 148.6 in April 1997. Chemicals fell by 12.3 percent and contributed the biggest share of 31.0 percent to the decline of VoPI. Other sectors that posted double digit shares to the negative component of the overall growth were petroleum refineries (28.0 percent) and food manufacturing (22.4 percent).
On the other hand, basic metals increased by 8.1 percent which represented a 59.9 percent share to the positive component of the growth. The growth of electrical machinery of 1.5 percent contributed a share of 17.2 percent. The 3.3 percent increase of transport equipment had a corresponding share of 14.7 percent.
The May 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 84.1 percent.
VOLUME OF PRODUCTION INDEX
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Basic Metals 35.0% 25.9%
Electrical Machinery 34.3% 38.4%
Beverage 17.6% 4.0%
Other Mfg. Industries 16.4% 0.7%
Furnitures & Fixtures 12.7% 0.8%
Food Manufacturing 11.3% 23.9%
Non-Metallic Mineral Products 9.7% 3.6%
Wood & Wood Products 6.9% 2.7%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Paper & Paper Products -32.1% -12.8%
Textile -26.3% -14.3%
Wearing Apparel -24.2% -15.4%
Petroleum -17.3% -35.0%
Transport Equipment -17.0% - 7.4%
Chemicals -14.4% -13.5%
Rubber Products -10.1% - 1.5%
Tobacco - 4.8% - 0.1%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Basic Metals 8.1% 59.9%
Tobacco 3.9% 0.8%
Transport Equipment 3.3% 14.7%
Beverage 1.8% 4.2%
Electrical Machinery 1.5% 17.2%
Furniture & Fixtures 0.8% 0.5%
Wearing Apparel 0.4% 2.7%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO THE
(unweighted)GROWTH OVERALL GROWTH RATE
Chemicals -12.3% -31.0%
Rubber Products - 8.1% - 3.3%
Non-Metallic Mineral Prod. - 6.3% - 6.1%
Petroleum Refineries - 5.1% -28.0%
Paper & Paper Products - 4.1% - 4.4%
Food Manufacturing - 4.0% -22.4%
Textile - 2.4% - 3.5%
Wood & Wood Products - 1.4% - 1.4%
Other Mfg. Industries - 0.4% - 0.0%
