A. Year-on-year Growth for July 2024
1. Value of Production Index (VaPI)
The VaPI for the manufacturing section registered a faster annual increase at 4.7 percent in July 2024 from its annual increase of 3.3 percent in June 2024. This brings the average growth rate of VaPI for manufacturing from January to July 2024 to 1.3 percent. The VaPI for manufacturing recorded an annual increase of 3.5 percent in July 2023. (Figure 2, and Tables A and 1)
The acceleration in the year-on-year growth rate of VaPI for manufacturing in July 2024 was mainly attributed to the double-digit annual growth rate of the manufacture of computer, electronic and optical products industry division at 14.4 percent during the month from an annual increment of 5.6 percent in June 2024. The manufacture of computer, electronic and optical products contributed 34.4 percent to the uptrend of VaPI for the manufacturing section in July 2024. Out of the 22 industry divisions for the manufacturing section, manufacture of computer, electronic and optical products was the second industry division with highest weight in the computation of VaPI for manufacturing.
Other primary contributors to the higher year-on-year increase of VaPI for manufacturing in July 2024 were the annual increase noted in the manufacture of transport equipment industry division at 2.9 percent from an annual decrease of 5.5 percent in the previous month, and the faster annual increase in the VaPI of manufacture of food products at 14.6 percent during the month from its 12.0 percent annual increase in June 2024.
Of the remaining 19 industry divisions, 11 exhibited annual increases in their VaPI during the period. Meanwhile, eight industry divisions posted annual declines in July 2024. The highest year-on-year decrease was noted in the manufacture of basic metals industry division at 19.1 percent during the period (Tables C and 1)
The top three industry divisions contributing to the overall year-on-year growth of VaPI for manufacturing in July 2024 were the following:
a. Manufacture of food products;
b. Manufacture of computer, electronic and optical products; and
c. Manufacture of coke and refined petroleum products.
For manufacture of food products, the VaPI registered a faster year-on-year increment of 14.6 percent in July 2024 from an annual growth rate of 12.0 percent in June 2024. In July 2023, the VaPI for manufacture of food products posted an annual decline of 5.1 percent.
(Figure 3, and Tables 1 and 1a)
The faster annual increment of VaPI for manufacture of food products in July 2024 was brought about by the faster annual increase in the manufacture of other food products industry group at 34.3 percent in July 2024 from 21.6 percent in the previous month. The manufacture of other food products industry group includes bakery products, sugar, and condiments, among others.
Other primary contributors to the uptrend in the year-on-year increase of VaPI for manufacture of food products were the double-digit annual increase in the VaPI of processing and preserving of fruits and vegetables at 17.5 percent from an annual decrement of 6.5 percent in the previous month, and the faster annual increase observed in the VaPI of processing and preserving of fish, crustaceans and mollusks at 11.9 percent from an annual increment of 3.5 percent in the previous month. (Table 1a)
2. Volume of Production Index (VoPI)
In July 2024, the VoPI for the manufacturing section registered a year-on-year growth rate of 5.3 percent from an annual increase of 3.6 percent in June 2024. This brings the average growth rate of VoPI for manufacturing from January to July 2024 to 2.1 percent. In July 2023, the VoPI for manufacturing also recorded an annual increase of 3.6 percent. (Figure 2, and Tables A and 2)
The uptrend in the year-on-year growth rate of VoPI for manufacturing in July 2024 was primarily driven by the same top three industry divisions that contributed to the faster annual increase of VaPI for manufacturing during the period. These were the following:
a. Manufacture of computer, electronic and optical products, 12.5 percent annual increase from 1.9 percent annual increment in June 2024;
b. Manufacture of transport equipment, 0.4 percent annual increment from 8.1 percent annual decrease in the previous month; and
c. Manufacture of food products, 14.0 percent annual increment from 11.4 percent annual increase in June 2024.
Of the remaining 19 industry divisions, 11 exhibited annual increases during the period. Meanwhile, eight industry divisions posted annual declines in July 2024. (Tables D and 1)
The top three industry divisions contributing to the overall year-on-year growth rate of VoPI for manufacturing in July 2024 were the following:
a. Manufacture of food products;
b. Manufacture of computer, electronic and optical products; and
c. Manufacture of coke and refined petroleum products.
For manufacture of food products, the VoPI registered a faster year-on-year growth rate of 14.0 percent in July 2024 from an annual increase of 11.4 percent in June 2024. In July 2023, VoPI for manufacture of food products posted an annual decline of 6.4 percent. (Figure 3, and Tables 2 and 2a)
The uptrend in the annual growth rate of VoPI for manufacture of food products in July 2024 was mainly brought about by the same top three industry groups that contributed to the year-on-year growth rate of VaPI for manufacture of food products. These were the following:
a. Manufacture of other food products;
b. Processing and preserving of fruits and vegetables; and
c. Processing and preserving of fish, crustaceans and mollusks. (Table 2a)
3. Value of Net Sales Index (VaNSI)
The VaNSI for the manufacturing section registered an annual increase of 4.3 percent in July 2024, faster than its annual increment of 2.4 percent in June 2024. This brings the average growth rate of VaNSI for manufacturing from January to July 2024 to 0.6 percent. In July 2023, the VaNSI for manufacturing recorded an annual drop of 3.8 percent. (Figure 5, and Tables A and 3).
The faster annual increase of VaNSI for manufacturing in July 2024 was mainly attributed to the annual increase in the manufacture of transport equipment at 2.4 percent in July 2024 from an annual decrease of 3.9 percent in the previous month. The manufacture of transport equipment contributed 20.8 percent to the higher annual increment of VaNSI for the manufacturing section in July 2024.
Other main contributors to the uptrend in the annual growth rate of VaNSI for manufacturing in July 2024 were the double-digit year-on-year increment in the manufacture of beverages at 15.6 percent in July 2024 from an annual growth rate of 8.1 percent in the previous month, and the annual increment in the manufacture of electrical equipment at 3.5 percent in July 2024 from a double-digit annual decline of 13.9 percent in June 2024.
Furthermore, 14 out of the 19 remaining industry divisions exhibited annual increases during the period. Meanwhile, five industry divisions posted annual decreases in July 2024. The manufacture of basic metals posted the highest annual decrement of 19.1 percent during the period. (Tables E and 3)
The top three industry divisions contributing to the overall year-on-year growth rate of VaNSI for manufacturing in July 2024 were the following:
a. Manufacture of computer, electronic and optical products;
b. Manufacture of food products; and
c. Manufacture of chemical and chemical products. (Table 3a)
For manufacture of food products, the VaNSI registered a year-on-year growth rate of 5.7 percent in July 2024. This was faster compared with its annual increase of 4.3 percent in June 2024. In July 2023, VaNSI for manufacture of food products posted an annual increase of 0.2 percent. (Figure 6, and Tables 3 and 3a)
The faster annual increase of VaNSI for manufacture of food products in July 2024 was primarily driven by the acceleration in the annual growth of manufacture of other food products at 7.4 percent during the month from an annual increase of 0.8 percent in the previous month. The manufacture of other food products industry group includes bakery products, sugar, and condiments, among others.
Other primary contributors to the higher annual growth rate of VaNSI for manufacture of food products were the annual increases observed in the manufacture of grain mill products, starches and starch products industry group at 5.5 percent during the month from an annual drop of 4.1 percent in the previous month, and slower decline in the processing and preserving of fish, crustaceans and mollusks at 0.2 percent during the month from an annual decrease of 9.7 percent in June 2024. (Table 3a)
4. Volume of Net Sales Index (VoNSI)
The VoNSI for the manufacturing section registered an annual growth rate of 4.8 percent in July 2024 from an annual increase of 2.5 percent in June 2024. This brings the average growth rate of VoNSI for manufacturing from January to July 2024 to 1.4 percent. The VoNSI for manufacturing recorded an annual decrease of 3.6 percent in July 2023. (Figure 5, and Tables A and 4)
The uptrend in the annual growth rate of VoNSI in July 2024 was mainly brought about by the same top three industry divisions that contributed to the faster annual increase of VaNSI during the period. These were the following:
a. Manufacture of transport equipment, 0.1 percent annual drop from 6.6 percent annual decline in the previous month;
b. Manufacture of beverages, 12.7 percent annual increase from 5.4 percent annual increment in the previous month; and
c. Manufacture of electrical equipment, 4.5 percent annual increment from a double-digit annual decline of 13.4 percent in June 2024.
Furthermore, 14 out of the 19 remaining industry divisions exhibited annual increments during the period. Meanwhile, five industry divisions posted annual decreases in July 2024. (Tables F and 4)
The top three industry divisions contributing to the overall year-on-year growth of VoNSI for manufacturing in July 2024 were the following:
a. Manufacture of computer, electronic and optical products;
b. Manufacture of chemical and chemical products; and
c. Manufacture of food products.
For manufacture of food products, the VoNSI registered a year-on-year growth rate of 5.0 percent in July 2024. This was faster compared with its annual increase of 3.7 percent in June 2024. In July 2023, VaNSI for manufacture of food products posted an annual decline of 1.1 percent. (Figure 6, and Tables 4 and 4a)
The uptrend in the year-on-year growth rate of VoNSI for manufacture of food products in July 2024 was primarily driven by the same top three industry groups that contributed to the year-on-year growth rate of VaNSI for manufacture of food products. These were the following:
a. Manufacture of other food products;
b. Manufacture of grain mill products, starches and starch products; and
c. Processing and preserving of fish, crustaceans and mollusks. (Table 4a)
B. Average Capacity Utilization Rate
Based on responding establishments, the average capacity utilization rate for the manufacturing section in July 2024 was reported at 75.6 percent from the 75.3 percent capacity utilization rate in the previous month. In July 2023, the average capacity utilization rate was recorded at 73.6 percent.
All industry divisions reported capacity utilization rates of more than 60.0 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of manufacture of machinery and equipment except electrical (83.6%), other non-metallic mineral products (81.4%), and manufacture of textiles (80.4%). (Table 6)
The proportion of establishments that operated at full capacity (90% to 100%) was 30.2 percent of the total number of responding establishments. Meanwhile, 41.4 percent operated at 70 to 89 percent capacity, and 28.4 percent operated below 70 percent capacity. (Table B)
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
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