PRODUCTION

Value of Production bounced back

The Value of Production Index (VaPI) for manufacturing rebounded in April 2021 as it posted an annual increase of 154.3 percent, from a -74.2 percent annual drop in the previous month. The year-on-year growth rate in April 2021 was the first positive growth since April 2019 and the highest annual increase in the 2018-based data series. In April 2020, VaPI dropped at an annual rate of -66.6 percent.  (Tables A and 1)

The increment in VaPI was brought about by the positive growth rates of 20 industry divisions, 14 of which posted three-digit annual growth rates with manufacture of basic metals as the highest at 729.1 percent. On the other hand, the remaining two industry divisions, namely, manufacture of coke and refined petroleum products and manufacture of basic pharmaceutical products and pharmaceutical preparations recorded double-digit decrements of -24.5 percent and -19.4 percent, respectively.  (Tables 1-A and 1)

Volume of Production likewise expanded

The Volume of Production Index (VoPI) went up by 162.1 percent in April 2021, recovering from a negative -73.3 percent annual decline in the previous month. In April 2020, the annual decrease of VoPI was recorded at -64.8 percent.  (Tables A and 2)

Of the 22 industry divisions, 20 exhibited positive growths, 15 of which recorded 3-digit annual increases. The fastest growth rate was registered in manufacture of basic metals at 687.5 percent. Meanwhile, only two industry divisions showed decreases during the period, which were manufacture of coke and refined petroleum products (-32.3%) and manufacture of basic pharmaceutical products and pharmaceutical preparations (-18.9%).  (Tables 1-B and 2)

NET SALES

Value of Net Sales Index registered a three-digit growth

The Value of Net Sales Index (VaNSI) surged at an annual rate of 196.4 percent in April 2021. This was the highest annual growth rate in the 2018-based data series. In the previous month, year-on-year growth rate for net sales was slower at 17.1 percent.  (Tables A and 3)

The upward trend in VaNSI for manufacturing sector in April 2021 was brought about by the sharp increases of the majority of the industry divisions. Among these, the top contributor was manufacture of electrical equipment with 838.8 percent annual growth. On the other hand, only two industry divisions recorded annual decreases, namely, manufacture of basic pharmaceutical products and pharmaceutical preparations (-8.5%) and manufacture of coke and refined petroleum products (-3.6%).  (Tables 2-A and 3)

Volume of Net Sales Index grew further

The Volume of Net Sales Index (VoNSI) likewise picked up as it registered a three-digit annual growth rate of 205.4 percent in April 2021. This increment was faster than the 21.2 percent increase registered in the previous month. In contrast, the annual rate for VoNSI in April 2020 decreased by -68.8 percent.  (Tables A and 4)

Expansion in VaNSI for manufacturing sector in April 2021 were observed in 20 out of 22 industry divisions. The fastest growth was registered in manufacture of electrical equipment at 841.4 percent.  On the contrary, two industry divisions exhibited downturn in VoNSI, and these were manufacture of coke and refined petroleum products (-13.6%) and manufacture of basic pharmaceutical products and pharmaceutical preparations (-7.9%).  (Tables 2-B and 4)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing increased

Based on responding establishments, the average capacity utilization rate for the manufacturing sector in April 2021 rose to 63.6 percent from 63.0 percent in the previous month.

Eighteen (18) of the 22 industry divisions had at least 50 percent average capacity utilization rate which was led by manufacture of furniture (81.3%), manufacture of other non-metallic mineral products (80.9%), and manufacture of electrical equipment (75.2%).  (Table 6)

About one-fourth of the responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 22.2 percent of the total number of responding establishments. Meanwhile, 36.1 percent operated at 70 to 89 percent capacity, while 41.7 percent operated below 70 percent capacity.  (Table B)

TABLE 1-B.   Year-on-Year Growth Rate (%) of Volume of Production Index
by Industry Division: March 2021^r and April 2021^p
(2018 = 100)

 

TABLE 2-A.   Year-on-Year Growth Rate (%) of Value of Net Sales Index
by Industry Division: March 2021^r and April 2021^p
(2018 = 100)

 

TABLE 2-B.   Year-on-Year Growth Rate (%) of Volume of Net Sales Index
by Industry Division: March 2021^r and April 2021^p
(2018 = 100)

 

 

 

DENNIS S. MAPA, Ph. D.
Undersecretary
National Statistician and Civil Registrar General

 

 

See more at the Monthly Integrated Survey of Selected Industries (MISSI) landing page.