PRODUCTION

Value of Production exhibited an upward trend

The Value of Production Index (VaPI) further increased with an annual growth rate 92.4 percent in February 2022, from a slower annual rate of 21.8 percent in January 2022. In contrast, the annual growth rate for VaPI in February 2021 was recorded at -47.0 percent.  (Tables A and 1)

Of the 22 industry divisions, 19 reported positive growths led by manufacture of coke and refined petroleum products which registered a three-digit annual growth of 874.9 percent. Meanwhile, three industry divisions showed downturns in February 2022 with manufacture of electrical equipment registering the fastest decline of -26.2 percent.  (Tables B.1 and 1)

Volume of Production Index also expanded

The Volume of Production Index (VoPI) continued to grow at an annual rate of 84.3 percent in February 2022, from its previous month’s annual growth of 17.1 percent. In February 2021, VoPI dropped at an annual rate of -43.9 percent.  (Tables A and 2)

The surge in VoPI was brought about by the positive growth rates of 19 industry divisions. Of these, manufacture of coke and refined petroleum products was the major contributing factor with 748.9 percent growth rate.  On the contrary, the remaining three industry divisions recorded decreases which was led by manufacture of electrical equipment with -28.8 percent annual rate.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index continued to accelerate

The Value of Net Sales Index (VaNSI) maintained to exhibit an upward trend, registering an annual increment of 20.7 percent in February 2022. This annual rate was faster than the 17.6 percent increase in the previous month. In February 2021, VaNSI dropped at an annual rate of -17.5 percent.  (Tables A and 3)

The growth in VaNSI for February 2022 was contributed by the upturns in 17 of the 22 industry divisions. Among these, the top contributor was manufacture of coke and refined petroleum products with 75.3 percent annual growth rate. On the other hand, the remaining five industry divisions recorded decreases with manufacture of fabricated metal products, except machinery and equipment registering the fastest annual decline of -20.8 percent.  (Tables C.1 and 3)

Volume of Net Sales Index grew further

The Volume of Net Sales Index (VoNSI) remained to record a double-digit  year-on-year increase of 15.7 percent in February 2022, from an annual rate of 13.0 percent in January 2022. In February 2021, VoNSI dropped by -12.6 percent.  (Tables A and 4)

The increase in VoNSI was brought about by the positive growth rates of 15 industry divisions led by manufacture of coke and refined petroleum products with 52.6 percent annual growth. On the contrary, seven industry divisions exhibited declines during the period with manufacture of fabricated metal products, except machinery and equipment registering the fastest annual decline at -22.5 percent.  (Tables C.2 and 4)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing increased

Based on responding establishments, the average capacity utilization rate for manufacturing sector in February 2022 was reported at 69.0 percent, from 68.3 percent in the previous month.

Almost all the industry divisions reported capacity utilization rates of more than 50 percent except for manufacture of wood, bamboo, cane, rattan articles, and related products (48.7%). Among these, the top three industry divisions were manufacture of furniture (84.1%), manufacture of other non-metallic mineral products (80.5%), and manufacture of electrical equipment (76.8%).  (Table 6)

One-fifth of the responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 20.0 percent of the total number of responding establishments. Meanwhile, 36.8 percent operated at 70 to 89 percent capacity, while 43.2 percent operated below 70 percent capacity.  (Table D)