PRODUCTION

Value of Production Index exhibited an upward trend

The Value of Production Index (VaPI) continued to register a two-digit year-on-year increment of 10.0 percent in September 2022, slower than the August 2022 annual growth of 11.8 percent. In September 2021, the VaPI accelerated with an annual growth rate of 124.6 percent.  (Tables A and 1)

Contributory to the increase of VaPI were the annual growths exhibited by 15 out of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 86.3 percent in September 2022. On the other hand, the remaining seven industry divisions posted decrements in their production with manufacture of electrical equipment registering the fastest annual decline of -53.5 percent.  (Tables B.1 and 1)

Volume of Production Index slightly grew

The Volume of Production Index (VoPI) continued its positive annual growth of 2.4 percent in September 2022, compared with the previous month’s annual rate of 4.4 percent. In September 2021, VoPI expanded at an annual growth rate of 124.3 percent.  (Tables A and 2)

Out of the 22 industry divisions, 13 reported positive annual growths which was led by manufacture of machinery and equipment except electrical with 90.0 percent annual growth rate. On the contrary, nine industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of -54.7 percent.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index continued to accelerate

The Value of Net Sales Index (VaNSI) increased in September 2022 with an annual growth rate of 23.0 percent. This rate was slower than the annual increase of 26.6 percent in the previous month. In September 2021, VaNSI grew at a slower annual rate of 8.9 percent.  (Tables A and 3)

The increase in VaNSI for September 2022 was contributed by the expansions in sales of 18 out of the 22 industry divisions.  Among these, the fastest annual growth was noted in manufacture of beverages with a two-digit annual growth rate of 87.8 percent. In contrast, four industry divisions exhibited downturns during the period with manufacture of furniture recording the highest annual drop of -33.9 percent.  (Tables C.1 and 3)

Volume of Net Sales Index gained further

The Volume of Net Sales Index (VoNSI) posted an annual growth of 14.6 percent in September 2022, slower than the August 2022 annual rate of 18.2 percent. In September 2021, VoNSI recorded an annual increase of 8.8 percent.  (Tables A and 4)                        

The annual growth in VoNSI for September 2022 was attributed to the annual growths in sales of 16 out of the 22 industry divisions. Among these, the fastest annual increase was observed in manufacture of beverages with 77.5 percent annual growth rate. Meanwhile, the remaining six industry divisions registered annual decreases in their sales with manufacture of furniture registering the fastest annual drop of -35.1 percent.  (Tables C.2 and 4)

MANUFACTURE OF FOOD PRODUCTS

Value and volume of production for manufacture of food products expanded

The VaPI and VoPI for manufacture of food products exhibited annual increases of 17.0 percent and 7.6 percent, respectively, in September 2022.

The expansion in September 2022 VaPI was attributed by the annual increases in the VaPI of seven out of the eight industry groups under the manufacture of food products. Moreover, double-digit upturns were registered in four industry groups led by manufacture of grain mill products, starches and starch products with an annual increment of 52.4 percent.  (Tables 1 and 1a)

Contributory to the increment of the September 2022 VoPI were the annual upturns recorded by six industry groups under the manufacture of food products. Of the six industry groups, four posted two-digit annual growth rates led by manufacture of dairy products with an annual growth rate of 30.9 percent. (Tables 2 and 2a)

Value of net sales for manufacture of food products increased but exhibited decline in terms of volume

In September 2022, the VaNSI for manufacture of food products registered an annual upturn of 8.3 percent, however, its VoNSI posted an annual drop of -0.4 percent. (Tables 3a and 4a)

Out of the eight industry groups under the manufacture of food products, six recorded annual increments in their VaNSI in September 2022. Moreover, five industry groups posted double-digit annual increases led by manufacture of grain mill products, starches and starch products with an annual growth rate of 48.7 percent.  (Tables 3 and 3a)

Meanwhile, the decrease in the September 2022 VoNSI for the manufacture of food products was attributed by the annual declines in the following: processing and preserving of fish, crustaceans and mollusks (-16.6%), manufacture of vegetable and animal oils and fats (-9.2%), and manufacture of dairy products (-2.7%).  (Tables 4 and 4a)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing slightly increased

Based on responding establishments, the average capacity utilization rate for manufacturing sector in September 2022 was reported at 71.5 percent, from 71.4 percent in the previous month.

There were 20 out of 22 industry divisions with more than 60 percent average capacity utilization rate, led by manufacture of wearing apparel (80.9%), manufacture of furniture (80.3%), and manufacture of computer, electronic, and optical products (80.0%).  (Table 6)

More than one-fifth of responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 22.0 percent of the total number of responding establishments. Meanwhile, 39.1 percent operated at 70 to 89 percent capacity, while 38.9 percent operated below 70 percent capacity.  (Table D)