Value of Production at upward trend
The Value of Production Index (VaPI) recorded a faster year-on-year increase of 358.2 percent in March 2022, from an annual growth rate of 82.9 percent in the previous month. In contrast, the annual growth rate for VaPI in March 2021 was recorded at -74.1 percent. (Tables A and 1)
The surge in VaPI was brought about by the expansion in production of 17 industry divisions. Of these, manufacture of coke and refined petroleum products was the major contributing factor with 2,583.3 percent annual growth rate.
Meanwhile, five industry divisions showed downturns in March 2022 with manufacture of electrical equipment registering the highest annual decrease of -34.4 percent. (Tables B.1 and 1)
Volume of Production Index also increased
The Volume of Production Index (VoPI) likewise expanded, as it posted an annual rate of 336.3 percent in March 2022, from its previous month’s slower annual growth of 75.5 percent. In March 2021, VoPI dropped at an annual rate of -73.3 percent. (Tables A and 2)
Of the 22 industry divisions, 15 reported positive growths which was led by manufacture of coke and refined petroleum products with 2,175.6 percent annual growth rate. On the contrary, the remaining seven industry divisions recorded annual decreases in their production. The manufacture of electrical equipment had the fastest annual decline of -36.5 percent. (Tables B.2 and 2)
Value of Net Sales Index continued to increase
The Value of Net Sales Index (VaNSI) sustained a double-digit year-on-year increase of 11.3 percent in March 2022. This annual rate was slower than the 16.4 percent upturn in the previous month. In March 2021, VaNSI grew at an annual rate of 16.1 percent. (Tables A and 3)
The expansion in VaNSI was attributed to the positive growth rates of 12 industry divisions. The heavily weighted manufacture of coke and refined petroleum products exhibited the highest annual growth with 140.9 percent in March 2022. On the other hand, the remaining 10 industry divisions recorded decreases in their sales with manufacture of tobacco products registering the fastest annual decline of -54.2 percent. (Tables C.1 and 3)
Volume of Net Sales Index accelerated
The Volume of Net Sales Index (VoNSI) posted a slower year-on-year increment of 6.0 percent in March 2022, from an annual rate of 11.7 percent in February 2022. In March 2021, VoNSI accelerated with an annual rate of 20.0 percent. (Tables A and 4)
The growth in VoNSI for March 2022 was contributed by the increases in sales of 11 of the 22 industry divisions. Among these, the top contributor was manufacture of coke and refined petroleum products with 104.3 percent annual growth rate. On the contrary, 11 industry divisions exhibited declines during the period. The manufacture of tobacco products had the lowest annual rate of -54.9 percent. (Tables C.2 and 4)
Average capacity utilization rate for manufacturing increased
Based on responding establishments, the average capacity utilization rate for manufacturing sector in March 2022 was reported at 70.4 percent, from 69.7 percent in the previous month.
Almost all the industry divisions reported capacity utilization rates of more than 50 percent except for manufacture of leather and related products, including footwear (40.8%). The top three industry divisions in terms of reported capacity utilization rate were manufacture of furniture (85.0%), manufacture of other non-metallic mineral products (79.1%), and manufacture of machinery and equipment except electrical (76.4%). (Table 6)
More than one-fifth of responding establishments operated at full capacity
The proportion of establishments that operated at full capacity (90% to 100%) was 22.7 percent of the total number of responding establishments. Meanwhile, 36.3 percent operated at 70 to 89 percent capacity, while 41.0 percent operated below 70 percent capacity. (Table D)
DENNIS S. MAPA, Ph. D.
National Statistician and Civil Registrar General
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