PRODUCTION

Value of Production Index exhibited a double-digit increment

The Value of Production Index (VaPI) sustained its upward trend, recording a double-digit annual increment of 10.6 percent in July 2022. This increase is faster than the previous month’s annual rate of 8.3 percent. In July 2021, the VaPI accelerated with an annual growth rate of 529.9 percent.  (Tables A and 1)

Contributory to the upturn 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 32.1 percent in July 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 -51.2 percent.  (Tables B.1 and 1)

Volume of Production Index further accelerated

The Volume of Production Index (VoPI) recorded a faster year-on-year growth rate of 2.5 percent in July 2022, from its previous month’s annual rate of 0.7 percent. In July 2021, VoPI upsurged at an annual rate of 534.4 percent.  (Tables A and 2)

Out of the 22 industry divisions, 14 reported positive annual growths which was led by manufacture of fabricated metal products, except machinery and equipment with 30.3 percent annual growth rate. On the contrary, eight industry divisions posted annual decreases with manufacture of electrical equipment exhibiting the fastest annual drop of -52.7 percent.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index maintained a two-digit annual growth rate

The Value of Net Sales Index (VaNSI) maintained its double-digit annual growth rate of 23.1 percent in July 2022, from an annual rate of 21.8 percent in the previous month. In July 2021, VaNSI grew at a slower annual rate of 2.8 percent.  (Tables A and 3)

The increase in VaNSI for July 2022 was contributed by the expansions in sales of 15 of the 22 industry divisions.  Among these, the fastest annual growth was noted in manufacture of beverages with a three-digit annual growth rate of 100.6 percent. In contrast, seven industry divisions exhibited downturns during the period with manufacture of furniture recording the highest annual drop of -30.4 percent.  (Tables C.1 and 3)

Volume of Net Sales Index likewise grew

The Volume of Net Sales Index (VoNSI), likewise, continued to register a two-digit year-on-year increment of 14.1 percent in July 2022, faster than the June 2022 annual growth of 13.3 percent. In July 2021, VoNSI increased with an annual rate of 3.5 percent.  (Tables A and 4)                        

The annual growth in VoNSI for July 2022 was attributed to the annual increases in sales of 12 of the 22 industry divisions. Among these, the fastest annual growth was seen in manufacture of beverages with 90.1 percent annual growth rate. Meanwhile, the remaining 10 industry divisions registered annual decreases in their sales with manufacture of furniture posting the fastest annual drop of -31.2 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 July 2022 was reported at 71.3 percent, from 71.2 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 furniture (80.7%), manufacture of computer, electronic, and optical products (80.2%), and manufacture of wearing apparel (80.0%).  (Table 6)

More than one-fourth of responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 26.2 percent of the total number of responding establishments. Meanwhile, 37.4 percent operated at 70 to 89 percent capacity, while 36.5 percent operated below 70 percent capacity.  (Table D)