VALUE OF PRODUCTION INDEX (VPI)
The VPI in key manufacturing enterprises went up by 23.7 percent to 524.6 in November 1997 from 424.2 a year ago. On a month-on-month comparison, the VPI also registered an increase of 7.6 percent from 487.6 in October 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
Year-on-year increases were observed in 12 out of 16 major sectors. Electrical machinery with a 95.7 percent growth continued to contribute the biggest share (47.7 %) to the positive year-on-year growth of VPI due to the gains in production of microcircuits. The other sector which had a double-digit contribution (21.8 %) to VPI growth was petroleum products with an increase of 23.5 percent.
On the other hand three sectors contributed significant downward pull on the VPI performance. Paper & paper products with a decline of -24.9 percent contributed the largest share (-44.8 %) on the year-on-year performance. This was followed by food manufacturing with a decrease of -4.2 percent (equivalent to -39.3 % share) and transport equipment with a decline of -5.7 percent (-11.2 % share).
· Month-on-month
On a month-on-month basis, double digit increases were observed in three sectors. Food manufacturing registered an increase of 11.1 percent (which corresponds to a 52.1 % share to the positive month-on-month growth). This was followed by transport equipment with an increase of 30.9 percent (and a contribution of 30.8 % to the VPI growth) and electrical machinery with a 4.4 percent growth (and a 10.9 % share).
On the other hand, three sectors significantly pulled down the month-on-month performance. These were: textile with a decline of -3.4 percent (equivalent to a -36.6 % share); beverage with a dip of -4.7 percent (and a -21.0 % share); and furniture & fixtures with a decrease of -12.3 percent (and a -14.4 % share).
VALUE OF PRODUCTION INDEX (NOVEMBER 1997)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Electrical Machinery 95.7% 47.7%
Rubber Products 50.4% 3.5%
Miscellaneous 35.9% 0.7%
Manufactures
Basic Metals 26.8% 8.8%
Beverage 25.9% 2.6%
Furniture & Fixtures 24.4% 0.7%
Petroleum Products 23.5% 21.8%
Wood & Wood Products 16.3% 2.8%
Chemicals 14.0% 6.0%
Textile 13.8% 3.4%
Tobacco 13.3% 0.1%
Wearing Apparel 6.2% 1.8%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Paper & Paper Products -24.9% -44.8%
Transport Equipment - 5.7% -11.2%
Food Manufacturing - 4.2% -39.3%
Non-Metallic Mineral - 2.9% - 4.7%
Products
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment 30.9% 30.8%
Food Manufacturing 11.1% 52.1%
Electrical Machinery 4.4% 10.9%
Wearing Apparel 0.9% 1.3%
Wood & Wood Products 0.9% 0.7%
Chemicals 0.7% 1.5%
Petroleum Products 0.6% 2.7%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Furniture & Fixtures -12.3% -14.4%
Beverage - 4.7% -21.0%
Textile - 3.4% -36.6%
Miscellaneous - 3.4% - 3.1%
Manufactures
Rubber Products - 1.8% - 5.4%
Non-Metallic Mineral - 1.3% - 9.1%
Products
Paper & Paper Products - 0.7% - 5.2%
Basic Metals - 0.4% - 5.3%
Tobacco - 0.1% - 0.1%
VOLUME OF PRODUCTION INDEX (VoPI)
The VoPI is derived from VPI and Producer's Price Index with 1992 as the base year. The index is a measure of change in volume, net of inflation.
· Year-on-year
The VoPI for key manufacturing enterprises was estimated at 170.8 in November 1997, increasing by 19.4 percent over last year. Electrical machinery significantly increased by 105.2 percent (which translated to a 63.3 % contribution to the positive year-on-year growth). The other sector which posted a positive contribution (11.4 %) was petroleum refineries with an increase of 10.2 percent.
However, three sectors registered significant decreases. Paper & paper products had a decline of -37.1 percent (and contributed a -37.5 % share to the downward pull on VoPI growth). Other sectors that contributed to the VoPI decline were wearing apparel with a decrease of -19.7 percent (-31.8 % share to the downward pull) and food manufacturing with a decline of -5.0 percent (-26.1 %).
· Month-on-month
On a month-on-month basis, the VoPI increased by 7.9 percent from 158.3 in October 1997. Food manufacturing grew by 10.7 percent (which contributed 46.3 % to the positive month-on-month growth). This was followed by 30.9 percent increase in transport equipment and 9.7 percent gain in electrical machinery (which contributed 28.4 % and 22.2 %, respectively).
On the other hand, five sectors posted significant contributions to the downward pull on the month-on-month performance of the VoPI. Textile had a dip of -3.4 percent (contributing a share of -27.6 % to the VoPI's performance). Other sectors which largely contributed shares to the downward pull on VoPI growth were: beverage (-15.9 %); wearing apparel (-13.0 %); basic metals (-10.7 %); and furniture & fixtures (-10.2 %).
The November 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 70.4 percent.
VOLUME OF PRODUCTION INDEX (NOVEMBER 1997)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Electrical Machinery 105.2% 63.3%
Rubber Products 55.7% 4.7%
Beverage 41.3% 5.1%
Other Manufacturing 29.3% 0.7%
Industries
Furniture & Fixtures 23.2% 0.7%
Textile 15.4% 4.6%
Basic Metals 13.1% 5.2%
Petroleum Refineries 10.2% 11.4%
Chemicals 6.4% 3.3%
Non-Metallic Mineral 2.8% 0.5%
Products
Wood & Wood Products 2.2% 0.4%
LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Paper & Paper Products -37.1% -37.5%
Wearing Apparel -19.7% -31.8%
Transport Equipment - 4.0% - 4.4%
Tobacco - 5.1% - 0.2%
Food Manufacturing - 5.0% -26.1%
GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Transport Equipment 30.9% 28.4%
Food Manufacturing 10.7% 46.3%
Electrical Machinery 9.7% 22.2%
Wood & Wood Products 0.9% 0.7%
Petroleum Refineries 0.6% 2.4%
LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO
(unweighted) THE OVERALL
GROWTH GROWTH RATE
Furniture & Fixtures -11.6% -10.2%
Beverage - 4.7% -15.9%
Textile - 3.4% -27.6%
Other Manufacturing - 3.4% - 2.3%
Industries
Rubber Products - 1.8% - 4.1%
Wearing Apparel - 1.4% -13.0%
Non-Metallic Mineral - 1.4% - 7.4%
Products
Basic Metals - 1.0% -10.7%
Paper & Paper Products - 0.7% - 4.4%
Chemicals - 0.3% - 4.4%
Tobacco - 0.1% - 0.4%
