VALUE OF PRODUCTION INDEX (VPI)
The VPI in key manufacturing enterprises went up by 3.5 percent to 467.0 in September 1997 from 451.0 a year ago. On a month-on-month comparison, the VPI decreased by 4.1 percent from 487.0 in August. 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
Annual increases were observed in 11 out of the 16 major sectors. Electrical machinery with a 27.3 percent gain continued to have the biggest contribution to the positive component of the annual growth of VPI, with a 38.4 percent share. The increase in the said sector continued to be attributed to the gains in production of microcircuits. It was followed by wearing apparel, 27.6 percent, basic metals, 16.5 percent, and chemicals, 8.2 percent, ranked on the basis of their positive contributions to the year-on-year growth.
However, five sectors posted double-digit year-on-year relative decreases in VPI. Food manufacturing posted a decrease of -5.7 percent equivalent to the largest contribution of -27.2 percent to the negative component of the year-on-year performance. This was followed by declines in petroleum products of -4.9 percent; paper & paper products, -21.5 percent; textile, -12.1 percent; and transport equipment, -13.7 percent, in the order of magnitude of their negative contributions to the year-on-year performance.
· Month-on-month
Food manufacturing increased by 2.9 percent over August 1997 and contributed the biggest share of 30.3 percent to the positive component of the month-on-month performance. This was followed by wearing apparel gaining 6.1 percent and basic metals up by 3.6 percent.
On the other hand, petroleum products (which dipped by -15.5 percent) had the biggest downward pull of 81.1 percent to the negative component of VPI, followed by transport equipment (which declined by -13.9 percent).
VALUE OF PRODUCTION INDEX (SEPTEMBER 1997)
GAINERS over Last YEAR Year-on-Year Contribution to
(unweighted) the Overall
Growth Growth Rate
Miscellaneous 31.5% 1.8%
Manufactures
Wearing Apparel 27.6% 22.7%
Electrical Machinery 27.3% 38.4%
Furniture & Fixtures 25.8% 1.9%
Tobacco 21.2% 0.5%
Basic Metals 16.5% 15.4%
Beverage 15.7% 4.5%
Chemicals 8.2% 9.9%
Wood & Wood Products 6.0% 2.9%
Rubber Products 3.3% 0.6%
Non-Metallic Mineral 2.9% 1.3%
Products
LOSERS over Last YEAR Year-on-Year Contribution to
(unweighted) the Overall
Growth Growth Rate
Paper & Paper Products -21.5% -20.1%
Transport Equipment -13.7% -14.1%
Textile -12.1% -15.5%
Food Manufacturing - 5.7% -27.2%
Petroleum Products - 4.9% -23.2%
GAINERS over Last MONTH Month-on-Month Contribution to
(unweighted) the Overall
Growth Growth Rate
Furniture & Fixtures 14.0% 4.2%
Beverage 6.1% 6.9%
Wearing Apparel 6.1% 19.7%
Tobacco 5.9% 0.6%
Wood & Wood Products 4.9% 9.3%
Basic Metals 3.6% 13.2%
Miscellaneous 3.6% 0.8%
Manufactures
Food Manufacturing 2.9% 30.3%
Textile 2.6% 7.1%
Rubber Products 1.1% 0.9%
Chemicals 0.7% 3.3%
Electrical Machinery 0.6% 3.3%
Non-Metallic Mineral 0.2% 0.4%
Products
LOSERS over Last MONTH Month-on-Month Contribution to
(unweighted) the Overall
Growth Growth Rate
Petroleum Products -15.5% -81.1%
Transport Equipment -13.9% -15.7%
Paper & Paper Products - 3.1% - 3.2%
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 increased to 154.9 in September 1997 registering a growth of 1.0 percent over last year. Electrical machinery posted the biggest increase of 30.6 percent which also contributed the highest share of 50.9 percent to the positive component of the annual growth. Food manufacturing, basic metals, and beverage followed with growth increments of 7.8 percent, 9.3 percent, and 29.8 percent, respectively, in the order of their positive contributions to growth.
However, five sectors registered significant double-digit year-on-year decreases. Wearing apparel had a decline of -31.1 percent which was equivalent to a 28.3 percent share to the downward pull on VoPI growth. Other sectors that pulled down the performance of VoPI were: textile with a -22.8 percent decrease; petroleum, -5.5 percent; chemicals, -10.1 percent; and paper and paper products, -21.6 percent.
· Month-on-month
On a monthly basis, the VoPI decreased by 4.8 percent from 162.7 in August 1997. The food manufacturing sector posted the biggest share of 63.8 percent to the positive component of the month-on-month performance of the VoPI. Basic metals and beverage increased by 2.0 percent and 6.1 percent, contributing shares of 15.2 percent and 14.3 percent, respectively.
On the other hand, transport equipment had the biggest decline of -13.7 percent which represented 75.0 percent of the negative component of the month-on-month growth. The other sector that significantly contributed to the negative effects was non-metallic mineral products with a decline of -4.7 percent.
September 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 82.0 percent.
VOLUME OF PRODUCTION INDEX (SEPTEMBER 1997)
GAINERS over Last YEAR Year-on-Year Contribution to
(unweighted) the Overall
Growth Growth Rate
Electrical Machinery 30.6% 50.9%
Beverage 29.8% 10.0%
Other Manufacturing 17.3% 1.2%
Industries
Furniture & Fixtures 9.5% 0.8%
Basic Metals 9.3% 10.2%
Food Manufacturing 7.8% 24.4%
Rubber Products 3.3% 0.8%
Non-Metallic Mineral 2.9% 1.6%
Products
LOSERS over Last YEAR Year-on-Year Contribution to
(unweighted) the Overall
Growth Growth Rate
Wearing Apparel -31.1% -28.3%
Textile -22.8% -17.7%
Paper & Paper Products -21.6% -12.3%
Transport Equipment -12.0% - 7.5%
Chemicals -10.1% -13.5%
Wood & Wood Products - 8.6% - 4.6%
Petroleum Refineries - 5.5% -16.0%
Tobacco - 4.4% - 0.1%
GAINERS over Last MONTH Month-on-Month Contribution to
(unweighted) the Overall
Growth Growth Rate
Beverage 6.1% 14.3%
Food Manufacturing 3.0% 63.8%
Basic Metals 2.0% 15.2%
Electrical Machinery 0.6% 6.8%
LOSERS OVER LAST MONTH Month-on-Month Contribution to
(unweighted) the Overall
Growth Growth Rate
Transport Equipment -13.7% -75.0%
Other Mfg. Industries - 7.3% - 4.1%
Non-Metallic Mineral - 4.7% -20.9%
Products
