PRODUCTION

Value of Production Index continued to accelerate

The Value of Production Index (VaPI) continued to register a two-digit year-on-year increment of 12.7 percent in October 2022, faster than the September 2022 annual growth of 12.0 percent. In October 2021, VaPI also accelerated at an annual growth rate of 27.8 percent.  (Tables A and 1)

Contributory to the increase of VaPI were the annual growths exhibited by 17 out of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 76.4 percent in October 2022. On the other hand, the remaining five industry divisions posted decrements in their production with manufacture of electrical equipment registering the fastest annual decline of -55.8 percent.  (Tables B.1 and 1)

Volume of Production Index sustained a positive growth

The Volume of Production Index (VoPI) recorded a year-on-year increase of 5.1 percent in October 2022. This rate is faster than the annual increase of 4.1 percent in the previous month. In October 2021, VoPI expanded at an annual growth rate of 27.0 percent.  (Tables A and 2)

Out of the 22 industry divisions, 14 reported positive annual growths which was led by manufacture of machinery and equipment except electrical with 81.8 percent annual growth rate. On the contrary, eight industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of -56.9 percent.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index further increased

The Value of Net Sales Index (VaNSI) grew further in October 2022 posting an annual expansion of 29.6 percent. This rate is faster than the annual increase of 24.5 percent in the previous month. In October 2021, VaNSI grew at a slower annual rate of 11.5 percent.  (Tables A and 3)

The upturn in VaNSI for October 2022 was contributed by the increments in sales of 16 out of the 22 industry divisions.  Among these, the fastest annual growth was exhibited by manufacture of beverages with a three-digit annual growth rate of 132.1 percent. In contrast, six industry divisions showed downturns during the period with manufacture of furniture recording the highest annual drop of -44.0 percent.  (Tables C.1 and 3)

Volume of Net Sales Index likewise accelerated

The Volume of Net Sales Index (VoNSI) accelerated at a faster rate of 20.9 percent in October 2022 compared with its 15.7 percent annual growth in September 2022. In October 2021, VoNSI recorded an annual increase of 10.7 percent.  (Tables A and 4)                        

The annual growth in VoNSI for October 2022 was attributed to the annual growths in sales of 12 of the 22 industry divisions. Among these, the fastest annual increase was observed in manufacture of beverages with 120.9 percent annual growth rate. Meanwhile, the remaining 10 industry divisions registered annual decreases in their sales with manufacture of furniture registering the fastest annual drop of -44.8 percent.  (Tables C.2 and 4)

MANUFACTURE OF FOOD PRODUCTS

Value of production for manufacture of food products sustained growth but exhibited decline in terms of volume

In October 2022, the VaPI for manufacture of food products registered an annual increment of 3.8 percent, however, its VoPI posted an annual drop of -5.3 percent.

Out of the eight industry groups under the manufacture of food products, six recorded annual increments in their VaPI in October 2022. Moreover, three industry groups posted double-digit annual increases led by manufacture of grain mill products, starches and starch products with an annual growth rate of 50.3 percent.  (Tables 1 and 1a)

Meanwhile, the decrease in the October 2022 VoPI for the manufacture of food products was attributed by the two-digit annual declines in the following: manufacture of prepared animal feeds (-21.3%) and manufacture of dairy products (-20.6%). (Tables 2 and 2a)

Likewise, the value of net sales for manufacture of food products increased but dropped in terms of volume

In October 2022, the VaNSI for manufacture of food products slightly went up to 3.7 percent, however, its VoNSI posted an annual drop of -5.4 percent.

Out of the eight industry groups under the manufacture of food products, seven recorded annual increments in their VaNSI in October 2022. Moreover, four industry groups posted double-digit annual increases led by manufacture of grain mill products, starches and starch products with an annual growth rate of 51.6 percent.  (Tables 3 and 3a)

Meanwhile, the decrease in the October 2022 VoNSI for the manufacture of food products was attributed by the annual declines in the following: manufacture of dairy products (-14.2%), processing and preserving of fish, crustaceans and mollusks (-12.8%), manufacture of prepared animal feeds (-9.6%), and manufacture of other food products (-6.4%).  (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 October 2022 was reported at 72.4 percent, from 71.5 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 computer, electronic, and optical products (80.3%), manufacture of machinery and equipment except electrical (80.1%), and manufacture of wearing apparel (79.3%).  (Table 6)

Almost one-fifth of responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 19.9 percent of the total number of responding establishments. Meanwhile, 40.4 percent operated at 70 to 89 percent capacity, while 39.7 percent operated below 70 percent capacity.  (Table D)