PRODUCTION

Value of Production Index increased at a slower pace

The Value of Production Index (VaPI) continued to register a two-digit year-on-year increment of 12.7 percent in November 2022, slower than the October 2022 annual growth of 13.0 percent. In November 2021, the VaPI accelerated annually at a rate of 30.0 percent.  (Tables A and 1)

Contributory to the annual increase of VaPI were the positive growth rates exhibited by 17 of the 22 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth rate of 67.9 percent in November 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 -53.6 percent.  (Tables B.1 and 1)

Volume of Production Index continued to expand

The Volume of Production Index (VoPI) recorded a year-on-year increase of 5.9 percent in November 2022. This rate was faster than the annual increase of 5.3 percent in the previous month. In November 2021, VoPI expanded at an annual growth rate of 28.6 percent.  (Tables A and 2)

Out of the 22 industry divisions, 15 reported positive annual growth rates, which was led by manufacture of machinery and equipment except electrical with 68.5 percent annual growth rate. On the contrary, seven industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of -54.5 percent.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index posted slower increment

The Value of Net Sales Index (VaNSI) maintained a double-digit annual growth rate in November 2022, however, at a slower rate of 19.7 percent compared with the annual increase in October 2022 of 29.4 percent. In November 2021, VaNSI also recorded an annual growth of 29.6 percent.  (Tables A and 3)

The increase in VaNSI for November 2022 was contributed by the expansion in the sales of 13 out of the 22 industry divisions.  Among these, the fastest annual growth was exhibited by manufacture of beverages registering a two-digit annual increment of 93.4 percent. In contrast, nine industry divisions showed downturns during the period with manufacture of furniture recording the fastest annual drop of -40.2 percent.  (Tables C.1 and 3)

Volume of Net Sales Index also slowed down in growth

The Volume of Net Sales Index (VoNSI) likewise posted an annual growth but a slower rate of 12.5 percent in November 2022 compared with its 20.6 percent annual upturn in October 2022. In November 2021, VoNSI recorded an annual increase of 28.2 percent.  (Tables A and 4)                        

The annual increment in VoNSI for November 2022 was attributed to the annual growths in sales of half of the 22 industry divisions. Among these, the fastest annual increase was observed in manufacture of beverages with 84.2 percent annual growth rate. Meanwhile, the remaining half of the 22 industry divisions registered annual decreases in their sales with manufacture of furniture registering the fastest annual decline of -41.1 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 November 2022, the VaPI for manufacture of food products registered an annual increment of 7.6 percent, however, its VoPI posted an annual downturn of -0.4 percent.  (Tables 1 and 2)

All industry groups under the manufacture of food products recorded annual increments in their VaPI in November 2022, except for manufacture of prepared animal feeds which posted an annual rate of -16.5 percent. Four of the seven industry groups that exhibited upturns during this period posted double-digit annual increases led by manufacture of grain mill products, starches and starch products with an annual growth rate of 59.4 percent.  (Table 1a)

Meanwhile, the decrease in the November 2022 VoPI for the manufacture of food products was attributed by the annual declines in the following: manufacture of prepared animal feeds (-27.7%), processing and preserving of fish, crustaceans and mollusks (-11.9%), and manufacture of other food products (e.g., bakery products, sugar, candies, etc.) (-4.0%). (Table 2a)

The value and volume of net sales for manufacture of food products dropped

The VaNSI and VoNSI for manufacture of food products both exhibited annual decreases of -2.1 percent and -9.4 percent, respectively, in November 2022.  (Tables 3 and 4)

The reduction in November 2022 VaNSI was attributed by the annual decrements in the following: manufacture of dairy products (-8.6%), manufacture of other food products (e.g., bakery products, sugar, candies, etc.) (-3.4%), and manufacture of vegetable and animal oils and fats (-3.0%).  (Table 3a)

Contributory to the downturn of the November 2022 VoNSI for the manufacture of food products were the annual drops recorded by five industry groups. Of these five industry groups, three posted double-digit annual declines led by manufacture of dairy products with an annual decrease of -12.9 percent.  (Table 4a)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing slightly increased

Based on responding establishments, the average capacity utilization rate for manufacturing sector in November 2022 was reported at 72.5 percent, from 72.4 percent in the previous month.

Almost all the industry divisions reported capacity utilization rates of more than 60 percent, except for manufacture of paper and paper products (56.8%).  The top three industry divisions in terms of reported capacity utilization rate were manufacture of computer, electronic, and optical products (80.6%), manufacture of machinery and equipment except electrical (80.0%), and manufacture of furniture (79.0%).  (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 18.7 percent of the total number of responding establishments. Meanwhile, 44.6 percent operated at 70 to 89 percent capacity, while 36.7 percent operated below 70 percent capacity.  (Table D)