·  Value of Production Index (VaPI) gains little headway in the 1994-based series

The Value of Production Index (VaPI) of the manufacturing industry in November 2001 gained 1.0 percent in the 1994-based series while the 1985-based series slowed down by 4.3 percent, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI).

YEAR-ON-YEAR GROWTH RATES OF VaPI
TOTAL MANUFACTURING

The VaPI in both the 1994 and 1985-based series depicted the same trend from November 2000 to November 2001 (see Figure 1).

Sectors that continued to post double-digit increases on year-on-year growth rates both in 1994 and 1985-based series were food manufacturing, transport equipment, tobacco and rubber products (see Annex 1-A).

Volume of Production Index (VoPI) continues its downtrend

For three consecutive months since September 2001, the VoPI for both the 1994 and 1992-based series continued to decline, registering 10.4 percent and 5.0 percent decreases, respectively, in November 2001. Double-digit decreases for 1994-based series were observed in the following sectors: leather products, electrical machinery, paper and paper products and basic metals. While in the 1992-based series, sectors that contributed most to the slowdown were miscellaneous manufactures, paper and paper products, non-metallic mineral products and petroleum products (see Annex 1-B).

YEAR-ON-YEAR GROWTH RATES OF VoPI
TOTAL MANUFACTURING

Generally, the VoPI showed the same trend for both series from November 2000 to November 2001 (see Figure 3).

Value of Net Sales registers slight increases

The value of net sales in November 2001 grew by 1.5 percent and 4.5 percent in the 1994 and 1985-based series, respectively. Food manufacturing, transport equipment, non-metallic mineral products and beverage posted double-digit increases in their value of net sales in both series (see Annex 2-A).

YEAR-ON-YEAR GROWTH RATES OF VALUE OF NET SALES TOTAL MANUFACTURING

Volume of Net Sales continues to decline in the 1994-based series

Since September 2001, the volume of net sales continued to fall registering 3.9 percent decrease in November 2001 in the 1994-based series. Sectors that contributed most to the slowdown were basic metals, electrical machinery, paper & paper products, machinery excluding electrical and furniture & fixtures. For 1992-based series, volume of net sales showed a reverse trend, posting a 3.2 percent increase (see Figure 6). For both series, only food manufacturing registered double-digit increase in its year-on-year growth rate. On the other hand, sectors that posted double-digit increases on the month-on-month growth rate in both series were transport equipment and tobacco (see Annex 2-B).

YEAR-ON-YEAR GROWTH RATES OF VOLUME OF NET SALES
TOTAL MANUFACTURING

·  Producer's Price Index continues to show increases

Producer's price index (PPI) for total manufacturing increased by 12.7 percent and 0.7 percent in the 1994 and 1992-based series, respectively. Double-digit year-on-year increases for both series were observed in the following sectors: tobacco and cement (see Table 5).

YEAR-ON-YEAR GROWTH RATES OF PRODUCER'S PRICE INDEX
TOTAL MANUFACTURING

·  Capacity Utilization

The proportions of responding establishments that operated at full capacity (90%-100%) in November 2001 were 21.2 percent and 20.1 percent in the 1994 and 1985-based series, respectively. About 38.3 percent of the responding establishments operated at 70% - 89% capacity in the 1994-based series, lower by 1.1 percentage point in the 1985-based series at 39.4 percent. Responding establishments operating below 70% capacity accounted for 40.5 percent in the 1994-based series, which is about equal to that of the 1985-based series.

DISTRIBUTION OF KEY MANUFACTURING ESTABLISHMENTS BY CAPACITY UTILIZATION
TOTAL MANUFACTURING, NOVEMBER 2001
(In percent)

Average capacity utilization rate for November 2001 for total manufacturing was estimated at 76.6 percent in the 1994-based, 0.9 percentage point lower than the 77.5 percent registered in the 1985-based series. Sectors that posted more than 80% capacity utilization rates for both series were tobacco, wood & wood products, rubber products, petroleum products and miscellaneous manufacture(see Annex 3-A).

AVERAGE CAPACITY UTILIZATION FOR TOTAL MANUFACTURING
(In percent)

·  Response Rates

The response rates for November 2001 in the 1994-based and 1985-based series are 78.3 percent and 79.3 percent, respectively. These are based from the responses of 452 and 405 sample establishments, of the respective series (see Table 6).

RESPONSE RATES FOR TOTAL MANUFACTURING
(In percent)

ANNEX 1-A

VALUE OF PRODUCTION INDEX, NOVEMBER 2001

ANNEX 1-A

VALUE OF PRODUCTION INDEX, NOVEMBER 2001(concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based September 2001 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.

ANNEX 1-B

VOLUME OF PRODUCTION INDEX, NOVEMBER 2001

ANNEX 1-B

VOLUME OF PRODUCTION INDEX, NOVEMBER 2001 (concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based September 2001 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.

ANNEX 2-A

VALUE OF NET SALES, NOVEMBER 2001

ANNEX 2-A

VALUE OF NET SALES, NOVEMBER 2001 (concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based September 2001 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.

ANNEX 2-B

VOLUME OF NET SALES, NOVEMBER 2001

ANNEX 2-B

VOLUME OF NET SALES, NOVEMBER 2001 (concluded)

Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based September 2001 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.

ANNEX 3-A

AVERAGE CAPACITY UTILIZATION BY MAJOR SECTOR, NOVEMBER 2001