Table A Year-on-Year and Month-on-Month Growth Rates of Producer Price Index: March 2014 and February 2014 |
||
---|---|---|
TOTAL MANUFACTURING |
March
2014
|
February
2014
|
Producer Price Index (2000=100) |
153.0 |
152.8 r |
Year-on-Year Growth |
0.3 |
-0.7 r |
Month-on-Month Growth |
0.1 |
0.5 |
r - revised
- Producer Price Index accelerates in March 2014
Producer Price Index (PPI, 2000=100) for manufacturing picked up to 0.3 percent in March 2014 and negative 0.7 percent in February 2014, the first time after 20 months of posting negative rates since June 2012. The positive performance of PPI can be mainly attributed to the significant increase of the heavily weighted petroleum products (10.0%). Moreover, increases were also noted in two major sectors with large weights namely: electrical machinery (6.3%) and food manufacturing (4.7%). On the other hand, seven sectors reflected decreases led by furniture and fixtures (-15.2%). Refer to Tables 1 and A-1.
On a month-on-month basis, PPI eases to 0.1 percent in March 2014 and 0.5 percent in February 2014. Miscellaneous manufactures (2.5%) led the sectors that pulled-up the PPI. On the other hand, five sectors posted flat growths while four sectors posted decrements. Refer to Tables 1 and A-2
TABLE A-1 Producer Price Index, February 2014 – March 2014
(2000 = 100)
Gainers |
Year-on-Year Growth (percent) |
|
---|---|---|
March 2014 |
February 2014
(revised)
|
|
Electrical Machinery |
6.3 |
6.1 |
Petroleum Products |
10.0 |
5.3 |
Food Manufacturing |
4.7 |
4.2 |
Non-Metallic Mineral Products |
2.1 |
2.3 |
Rubber and Plastic Products |
1.9 |
0.6 |
Paper and Paper Products |
2.7 |
1.9 |
Miscellaneous Manufactures |
2.1 |
0.5 |
Wood & Wood Products |
3.3 |
2.7 |
Beverages |
0.5 |
0.8 |
Leather Products |
3.3 |
3.5 |
Footwear and Wearing Apparel |
0.5 |
0.4 |
Textile |
0.3 |
-0.5 |
Printing |
0.0 |
0.0 |
Losers |
Year-on-Year Growth (percent) |
|
---|---|---|
March 2014 |
February 2014
(revised)
|
|
Machinery Except Electrical |
-9.9 |
-10.2 |
Basic Metals |
-8.5 |
-12.6 |
Fabricated Metal Products |
-5.0 |
-4.0 |
Furniture and fixtures |
-15.2 |
-23.7 |
Transport Equipment |
-0.7 |
-0.8 |
Chemical Products |
-0.5 |
0.3 |
Tobacco Products |
-0.2 |
-0.2 |
TABLE A-2 Producer Price Index, February 2014 – March 2014
(2000 = 100)
Gainers |
Month-on-Month Growth (percent) |
|
---|---|---|
March 2014 |
February 2014
(revised)
|
|
Electrical Machinery |
0.8 |
-0.5 |
Transport Equipment |
1.2 |
1.6 |
Food Manufacturing |
0.5 |
1.2 |
Chemical Products |
1.1 |
0.7 |
Machinery Except Electrical |
0.6 |
-0.9 |
Rubber and Plastic Products |
1.4 |
-0.2 |
Miscellaneous Manufactures |
2.5 |
-7.9 |
Non-Metallic Mineral Products |
0.7 |
-1.8 |
Footwear and Wearing Apparel |
0.6 |
-3.6 |
Paper and paper products |
0.1 |
2.4 |
Wood & Wood Products |
0.1 |
1.4 |
Textiles |
0.0 |
0.0 |
Leather Products |
0.0 |
-0.1 |
Beverages |
0.0 |
0.0 |
Printing |
0.0 |
0.0 |
Tobacco |
0.0 |
0.0 |
Losers |
Month-on-Month Growth (percent) |
|
---|---|---|
March 2014 |
February 2014
(revised)
|
|
Furniture & Fixtures |
-9.4 |
9.1 |
Petroleum Products |
-0.3 |
-0.2 |
Basic Metals |
-0.4 |
2.7 |
Fabricated Metal Products |
-1.1 |
-0.5 |
Notes:
Technical Notes
- Introduction
The National Statistics Office generates various price indices, one of these is the Producer Price Index (PPI). The PPI, a designated statistics, is generated through the results of the Producer Price Survey (PPS) conducted nationwide. The survey gathers monthly producer prices of selected products of establishments included in the market basket.
The PPI is used as a deflator of the Monthly Integrated Survey of Selected Industries (MISSI) to derive indicators for the Volume of Production Index (VoPI) and Volume of Net Sales (VoNSI).
- Method of Index Computation
PPI utilizes the Paasche-type method of index computation. The weights are computed from the value of production to derive concentration ratios from the Census of Philippine Business and Industry (CPBI) or Annual Survey of Philippine Business and Industry (ASPBI). The weights are updated as soon as new results of the ASPBI or CPBI are available and applied at the beginning of each survey year.
For the 2013 PPI, the weights of the major sectors and sub-sectors were computed from the results of the 2010 ASPBI for Manufacturing Establishments with total employment of 20 and over, which is the latest survey results.
The formulas in the computation of the PPI are as follows:
- Industry Coverage
Starting with January 2014 reference month, the PPI utilizes the 2009 Philippine Standard Industrial Classification (PSIC) to classify sectors and industries. Selected industry classes of the 2009 PSIC were grouped to form the 20 industry groupings of the 2014 PPS. These are presented in the table below.
2009 PSIC CODE |
INDUSTRY DESCRIPTION |
---|---|
C10 |
Food manufacturing * |
C11 |
Beverages |
C12 |
Tobacco products |
C13 |
Textiles* |
C14,C152 |
Footwear and wearing apparel |
C151 |
Leather products |
C16 |
Wood and wood products* |
C17 |
Paper and paper products |
C18 |
Printing and reproduction of recorded media |
C19 |
Petroleum products* |
C20,C21 |
Chemical products* |
C22 |
Rubber and plastic products* |
C23 |
Non-metallic mineral products* |
C24 |
Basic Metals* |
C25 |
Fabricated metal products |
C262,C275,C28,C263,C268 |
Machinery except electrical* |
C261,C264,C27,C29301 |
Electrical machinery* |
C29 except C29301,C30 |
Transport equipment |
C31 |
Furniture and fixtures |
C265,C266,C267,C32 |
Miscellaneous manufactures |
Note: * - Major sectors categorized into sub-sectors |
- Response Rate
The response rate for March 2014 is 90.0 percent, which corresponds to the retrieval of 323 establishments’ reports out of the 359 samples for the survey. Refer to Table B.
Table B Response Rates For Total Manufacturing (In Percent) |
|
---|---|
March 2014 |
February 2014
(revised)
|
90.0 |
94.2r |
Missing prices for products of sample establishments are estimated using the short-term relative change of all available prices within the same industry class. Revisions to the preliminary estimates are done upon receipt of actual reports from late respondents.