PRODUCTION

Value of Production maintained a double-digit growth

The Value of Production Index (VaPI) for manufacturing posted a year-on-year increase of 21.3 percent in January 2022, from a slightly faster annual growth rate of 22.1 percent in the previous month. In contrast, the annual growth rate for VaPI in January 2021 was recorded at -19.5 percent.  (Tables A and 1)

The growth in VaPI for January 2022 was contributed by the upturns in 19 of the 22 industry divisions. Among these, the top contributor was manufacture of tobacco with 88.1 percent annual growth rate. On the other hand, the remaining three industry divisions recorded decreases with manufacture of wearing apparel registering the fastest annual decline of -22.4 percent.  (Tables B.1 and 1)

Volume of Production Index likewise accelerated

The Volume of Production Index (VoPI) continued to accelerate, but at a slower annual rate of 16.5 percent in January 2022 compared with the 21.3 percent annual increase registered in the previous month. In January 2021, VoPI dropped at an annual rate of -14.5 percent.  (Tables A and 2)

The expansion in VoPI was brought about by the positive growth rates of 16 industry divisions. Of these, manufacture of tobacco products; and manufacture of wood, bamboo, cane, rattan articles and related products were the major contributing factors with growth rates of 88.4 and 86.8 percent, respectively.  On the contrary, the remaining six industry divisions recorded downturns which was led by manufacture of wearing apparel with -24.2 percent annual rate.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index grew at a slower pace

The Value of Net Sales Index (VaNSI) registered an annual increment of 14.2 percent in January 2022. This annual rate was slower than the 21.5 percent expansion in the previous month. In January 2021, VaNSI was at a downward trend with an annual rate of -16.9 percent.  (Tables A and 3)

Of the 22 industry divisions, 17 reported positive growthrates led by manufacture of basic pharmaceutical products and pharmaceutical preparations which registered an annual increase of 87.9 percent. Meanwhile, five industry divisions showed contractions in January 2022 with manufacture of wood, bamboo, cane, rattan articles and related products registering the lowest annual rate of -47.5 percent.  (Tables C.1 and 3)

Volume of Net Sales Index also increased

The Volume of Net Sales Index (VoNSI) recorded a year-on-year rate of 9.8 percent in January 2022, from a double-digit growth of 20.8 percent in the previous month. In January 2021, VoNSI dropped by -11.7 percent.  (Tables A and 4)

The increase in VoNSI was brought about by the positive growth rates of 16 industry divisions led by manufacture of basic pharmaceutical products and pharmaceutical preparations with 94.8 percent annual growth rate. In contrast, six industry divisions exhibited decreases during the period which was led by manufacture of wood, bamboo, cane, rattan articles, and related products at -42.7 percent.  (Tables C.2 and 4)

CAPACITY UTILIZATION

Average capacity utilization rate for manufacturing slightly increased

Based on responding establishments, the average capacity utilization rate for manufacturing sector in January 2022 was reported at 67.9 percent, from 67.4 percent in the previous month.

There were 20 out of 22 industry divisions with more than 50 percent average capacity utilization rate, led by manufacture of other non-metallic mineral products (84.2%), manufacture of basic pharmaceutical products and pharmaceutical preparations (79.0%), and manufacture of furniture (78.8%).  (Table 6)

Responding establishments that operated at full capacity was 17.8 percent

The proportion of establishments that operated at full capacity (90% to 100%) was 17.8 percent of the total number of responding establishments. Meanwhile, 34.3 percent operated at 70 to 89 percent capacity, while 47.9 percent operated below 70 percent capacity.  (Table D)