PRODUCTION

Value of Production Index continued to increase

The Value of Production Index (VaPI) maintained its upward trend with a year-on-year increment of 9.8 percent in June 2022, from an annual growth rate of 8.0 percent in the previous month. In June 2021, the VaPI accelerated with an annual rate of 440.5 percent.  (Tables A and 1)

The annual growth in VaPI was attributed to the positive growth rates of 16 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth with 51.8 percent in June 2022. On the other hand, the remaining six industry divisions recorded decrements in their production with printing and reproduction of recorded media registering the fastest annual decline of -25.1 percent.  (Tables B.1 and 1)

Volume of Production Index likewise accelerated

The Volume of Production Index (VoPI) posted a faster year-on-year growth rate of 2.4 percent in June 2022, from its previous month’s annual rate of 0.9 percent. In June 2021, VoPI upsurged at an annual rate of 448.2 percent.  (Tables A and 2)

Thirteen (13) industry divisions contributed to the positive growth of VoPI in June 2022, of which the fastest growth was reported in manufacture of machinery and equipment except electrical at 45.3 percent. On the contrary, nine industry divisions recorded decreases with printing and reproduction of recorded media registering the fastest annual decline of -25.1 percent.  (Tables B.2 and 2)

NET SALES

Value of Net Sales Index continued to exhibit growth

The Value of Net Sales Index (VaNSI) continued to register a double-digit annual increment in June 2022 with an annual rate of 20.4 percent, faster than the annual increase of 19.0 percent in the previous month. In June 2021, VaNSI grew at an annual rate of 15.2 percent.  (Tables A and 3)

The increase in VaNSI for June 2022 was contributed by the upturns in sales of 15 of the 22 industry divisions.  Among these, the top contributor was manufacture of coke and refined petroleum products with three-digit annual growth rate of 102.2 percent. In contrast, seven industry divisions exhibited declines during the period with manufacture of furniture registering the highest annual drop of -25.8 percent.  (Tables C.1 and 3)

Volume of Net Sales Index gained further

The Volume of Net Sales Index (VoNSI), likewise, remained to record a two-digit year-on-year upturn in June 2022 with an annual rate of 12.4 percent, slightly faster than the May 2022 annual rate of 11.2 percent. In June 2021, VoNSI accelerated with an annual rate of 16.9 percent.  (Tables A and 4)                        

Half of the 22 industry divisions reported positive growths which was led by manufacture of beverages and manufacture of coke and refined petroleum products with 68.7 percent and 65.7 percent annual growth rates, respectively. Meanwhile, the remaining half recorded annual decreases in their sales with manufacture of furniture posting the fastest annual decline of -27.9 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 June 2022 was reported at 71.1 percent, from 70.9 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 fabricated metal products, except machinery and equipment (81.4%), manufacture of furniture (80.0%), and manufacture of wearing apparel (78.9%).  (Table 6)

One-fourth of responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 25.7 percent of the total number of responding establishments. Meanwhile, 34.8 percent operated at 70 to 89 percent capacity, while 39.5 percent operated below 70 percent capacity.  (Table D)