PRODUCTION

Value of Production Index accelerated further

The Value of Production Index (VaPI) continued to exhibit a faster year-on-year growth rate of 8.9 percent in May 2022, from an annual growth rate of  7.6 percent in the previous month. In May 2021, the VaPI upsurged with an annual rate of 256.1 percent. (Tables A and 1)

The annual growth in VaPI was attributed to the positive growth rates of 15 industry divisions. Among these, manufacture of machinery and equipment except electrical posted the highest annual growth of 60.8 percent in May 2022. On the other hand, the remaining seven industry divisions recorded decrements in their production with manufacture of electrical equipment registering the fastest annual decline of -16.4 percent. (Tables B.1 and 1)

Volume of Production Index likewise grew

The Volume of Production Index (VoPI) gained at an annual rate of 1.9 percent in May 2022. In the previous month, VoPI grew annually by 1.2 percent and in May 2021, by 267.2 percent. (Tables A and 2)

Fourteen (14) industry divisions contributed to the positive growth of VoPI in May 2022, of which the fastest growth was reported in manufacture of machinery and equipment except electrical at 50.7 percent. On the contrary, eight industry divisions recorded decrements with manufacture of electrical equipment registering the fastest annual decline of -19.7 percent. (Tables B.2 and 2)

NET SALES

Value of Net Sales Index continued to accelerate at a slower rate

The Value of Net Sales Index (VaNSI) sustained a double-digit year-on-year increase of 18.8 percent in May 2022, from an annual increment of 25.9 percent in the previous month. In May 2021, VaNSI grew at an annual rate of 59.7 percent. (Tables A and 3)

The increase in VaNSI for May 2022 was contributed by the upturns in the sales of 12 of the 22 industry divisions.  Among these, the top contributor was manufacture of coke and refined petroleum products with 86.7 percent annual growth rate. In contrast, 10 industry divisions exhibited declines during the period with manufacture of furniture registering the highest annual drop of -78.5 percent. (Tables C.1 and 3)

Volume of Net Sales Index also posted increments

The Volume of Net Sales Index (VoNSI), likewise, maintained its upward trend with an annual growth of 11.1 percent in May 2022. This was slower than the 18.5 percent annual rate in April 2022.  In May 2021, VoNSI accelerated with an annual growth rate of 64.7 percent. (Tables A and 4)                        

Half of the 22 industry divisions reported positive growths which was led by manufacture of beverages with 71.1 percent annual rate. Meanwhile, the remaining half recorded annual decreases in their sales with manufacture of furniture posting the fastest annual drop of -78.7 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 May 2022 was reported at 70.7 percent, from 69.4 percent in the previous month.

There were 20 out of 22 industry divisions with more than 60 percent average capacity utilization rate and this was led by manufacture of furniture (81.4%), manufacture of wearing apparel (79.2%), and manufacture of other non-metallic mineral products (78.6%). (Table 6)

Almost one-fourth of responding establishments operated at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was 24.3 percent of the total number of responding establishments. Meanwhile, 38.9 percent operated at 70 to 89 percent capacity, while 36.8 percent operated below 70 percent capacity. (Table D)