A. Year-on-year Growth for June 2024
1. Value of Production Index (VaPI)
The VaPI for the manufacturing section registered a slower year-on-year increment of 2.2 percent in June 2024 relative to its annual increase of 2.3 percent in May 2024. This brings the average growth rate of VaPI for manufacturing from January to June 2024 to 0.5 percent. In June 2023, VaPI for manufacturing recorded an annual increase of 2.7 percent. (Figure 2, and Tables A and 1)
The slower annual increase of VaPI for manufacturing in June 2024 was mainly attributed to the faster annual decline of manufacture of basic metals to 17.5 percent during the month from an annual decrease of 3.1 percent in May 2024. The manufacture of basic metals contributed 28.5 percent to the downtrend of VaPI for the manufacturing section in June 2024. Out of the 22 industry divisions for the manufacturing section, manufacture of basic metals was the industry division with the fifth highest weight in the computation of VaPI for manufacturing.
Other primary contributors to the slower increase of VaPI for manufacturing in June 2024 were the annual decrease in the manufacture of transport equipment at 6.2 percent from an annual increase of 0.4 percent in the previous month, and the slower annual increase in the manufacture of coke and refined petroleum products at 44.5 percent during the month from 51.0 percent annual increase in May 2024.
Of the remaining 19 industry divisions, six exhibited annual declines in their VaPI during the period. Meanwhile, 13 industry divisions posted annual increases in June 2024. (Tables C and 1)
The top three industry divisions contributing to the overall year-on-year growth of VaPI for manufacturing in June 2024 were the following:
a. Manufacture of coke and refined petroleum products;
b. Manufacture of food products; and
c. Manufacture of computer, electronic and optical products.
For manufacture of food products, VaPI registered a year-on-year increment of 9.8 percent in June 2024 from an annual drop of 0.1 percent in May 2024. In June 2023, VaPI for manufacture of food products posted a double-digit annual decline of 10.4 percent.
(Figure 3, and Tables 1 and 1a)
The annual increment of VaPI for manufacture of food products in June 2024 from an annual decline in May 2024 was brought about by the faster annual increase in the manufacture of other food products industry group at 16.7 percent in June 2024 from 1.7 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 faster annual increase observed in the manufacture of dairy products at 41.4 percent during the month from an annual increase of 8.4 percent in the previous month, and the annual increase in the processing and preserving of meat at 8.5 percent from an annual decrement of 0.4 percent in the previous month. (Table 1a)
2. Volume of Production Index (VoPI)
In June 2024, the VoPI for the manufacturing section registered an annual increment of 2.5 percent, slower than its annual increase of 3.2 percent in May 2024. This brings the average growth rate of VoPI for manufacturing from January to June 2024 to 1.3 percent. In June 2023, VoPI for manufacturing recorded an annual increase of 2.1 percent. (Figure 2, and Tables A and 2)
The downtrend in the year-on-year growth rate of VoPI for manufacturing in June 2024 was primarily driven by the same top three industry divisions that contributed to the slower annual increase of VaPI for manufacturing during the period. These were the following:
a. Manufacture of basic metals, 17.7 percent annual decline from an annual decrease of 2.8 percent in May 2024;
b. Manufacture of transport equipment, 8.8 percent annual decrement from an annual decrease of 1.2 percent in the previous month; and
c. Manufacture of coke and refined petroleum products, 46.0 percent annual increment from 52.7 percent annual increase in May 2024.
Of the remaining 19 industry divisions, eight exhibited annual declines during the period. Meanwhile, 11 industry divisions posted annual increases in June 2024. (Tables D and 1)
The top three industry divisions contributing to the overall year-on-year growth rate of VoPI for manufacturing in June 2024 were the following:
a. Manufacture of coke and refined petroleum products;
b. Manufacture of food products; and
c. Manufacture of fabricated metal products, except machinery and equipment.
For manufacture of food products, VoPI registered a year-on-year growth rate of 8.8 percent in June 2024 from an annual drop of 0.9 percent in May 2024. In June 2023, VoPI for manufacture of food products posted a double-digit annual decline of 12.4 percent. (Figure 3, and Tables 2 and 2a)
The uptrend in the annual growth rate of VoPI for manufacture of food products in June 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. Manufacture of dairy products; and
c. Processing and preserving of meat. (Table 2a)
3. Value of Net Sales Index (VaNSI)
The VaNSI for the manufacturing section registered an annual increase of 1.1 percent in June 2024 from an annual decrement of 1.1 percent in May 2024. This brings the average growth rate of VaNSI for manufacturing from January to June 2024 to -0.8 percent. In June 2023, VaNSI for manufacturing recorded an annual drop of 5.2 percent. (Figure 5, and Tables A and 3).
The annual increase of VaNSI for manufacturing in June 2024 from an annual drop in May 2024 was mainly attributed to the faster annual increase in the manufacture of computer, electronic and optical products at 17.8 percent in June 2024 from 9.1 percent in the previous month. The manufacture of computer, electronic and optical products contributed 34.3 percent to the uptrend of VaNSI for the manufacturing section in June 2024.
Other main contributors to the uptrend in the annual growth rate of VaNSI for manufacturing in June 2024 were the year-on-year increment in the manufacture of food products at 4.0 percent in June 2024 from an annual decline of 0.5 percent in the previous month, and the double-digit annual increment in the manufacture of coke and refined petroleum products at 17.8 percent in June 2024 from an annual growth rate of 7.5 percent in the previous month.
Furthermore, 11 out of the 19 remaining industry divisions exhibited annual increases during the period. Meanwhile, eight industry divisions posted annual decreases in June 2024. The manufacture of other non-metallic mineral products posted the highest annual decrement of 20.5 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 June 2024 were the following:
a. Manufacture of computer, electronic and optical products;
b. Manufacture of coke and refined petroleum products; and
c. Manufacture of chemical and chemical products.
For manufacture of food products, VaNSI registered a year-on-year growth rate of 4.0 percent in June 2024 from an annual drop of 0.5 percent in May 2024. In June 2023, VaNSI for manufacture of food products posted an annual decline of 3.3 percent. (Figure 6, and Tables 3 and 3a)
The annual increase of VaNSI for manufacture of food products in June 2024 was primarily driven by the acceleration in the annual growth rate of manufacture of vegetable and animal oils and fats at 37.5 percent during the month from an annual increase of 17.8 percent in the previous month.
Other primary contributors to the uptrend in the annual growth rate of VaNSI for manufacture of food products were the slower annual decline observed in manufacture of other food products at 0.02 percent during the month from an annual drop of 4.4 percent in the previous month, and the double-digit annual increase of manufacture of dairy products at 12.6 percent during the month from an annual increase of 4.2 percent in the previous month. (Table 3a)
4. Volume of Net Sales Index (VoNSI)
The VoNSI for the manufacturing section registered an annual growth rate of 1.3 percent during the month after exhibiting an annual decrement of 0.5 percent in May 2024. This brings the average growth rate of VoNSI for manufacturing from January to June 2024 to -0.1 percent. VoNSI for manufacturing recorded an annual decrease of 5.7 percent in June 2023. (Figure 5, and Tables A and 4)
The uptrend in the annual growth rate of VoNSI in June 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 computer, electronic and optical products, 13.7 percent
annual increment from 6.9 percent annual increase in the previous month;
b. Manufacture of food products, 2.9 percent annual increase from an annual
decline of 1.5 percent in the previous month; and
c. Manufacture of coke and refined petroleum products, 19.0 percent annual
increment from 8.5 percent annual increase in May 2024.
Furthermore, 11 out of the 19 remaining industry divisions exhibited annual increments during the period. Meanwhile, eight industry divisions posted annual decreases in June 2024, in which the manufacture of other non-metallic mineral products posted the highest annual decrement of 18.7 percent. (Tables F and 4)
The top three industry divisions contributing to the overall year-on-year growth of VoNSI for manufacturing in June 2024 were the following:
a. Manufacture of computer, electronic and optical products;
b. Manufacture of coke and refined petroleum products; and
c. Manufacture of chemical and chemical products.
For manufacture of food products, VoNSI registered a year-on-year growth rate of 2.9 percent in June 2024 from an annual drop of 1.5 percent in May 2024. In June 2023, VaNSI for manufacture of food products posted an annual decline of 5.4 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 June 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 vegetable and animal oils and fats;
b. Manufacture of other food products; and
c. Manufacture of dairy products. (Table 4a)
B. Average Capacity Utilization Rate
Based on responding establishments, the average capacity utilization rate for the manufacturing section in June 2024 was reported at 75.3 percent from the 75.6 percent capacity utilization in the previous month. In June 2023, the average capacity utilization rate was recorded at 73.3 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 other non-metallic mineral products (81.7%), manufacture of machinery and equipment except electrical (81.6%), and manufacture of furniture (81.0%). (Table 6)
The proportion of establishments that operated at full capacity (90% to 100%) was 30.3 percent of the total number of responding establishments. Meanwhile, 38.2 percent operated at 70 to 89 percent capacity, and 31.5 percent operated below 70 percent capacity. (Table B)
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
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